diff --git a/idaes/core/base/costing_base.py b/idaes/core/base/costing_base.py
index 1215694835..3c6ef2cfa9 100644
--- a/idaes/core/base/costing_base.py
+++ b/idaes/core/base/costing_base.py
@@ -93,6 +93,7 @@ def register_idaes_currency_units():
                 "USD_2020 = 500/596.2 * USD_CE500",
                 "USD_2021 = 500/708.0 * USD_CE500",
                 "USD_2022 = 500/816.0 * USD_CE500",
+                "USD_2023 = 500/797.9 * USD_CE500",
             ]
         )
 
diff --git a/idaes/core/base/tests/test_costing_base.py b/idaes/core/base/tests/test_costing_base.py
index 0b1e72651e..d3471fd1da 100644
--- a/idaes/core/base/tests/test_costing_base.py
+++ b/idaes/core/base/tests/test_costing_base.py
@@ -73,6 +73,7 @@ def test_register_idaes_currency_units():
         "USD_2020": 596.2,
         "USD_2021": 708.0,
         "USD_2022": 816.0,
+        "USD_2023": 797.9,
     }
 
     for c, conv in CEI.items():