US inflation has hit its highest point in 17 years with a rise of 5.6% over the past year according to the Bureau of Labor Statistics. The 1913-2008 Inflation Calculator and rate charts show inflation’s jump using the government’s latest Consumer Price Index (CPI) figures.
By entering any two dates from 1913-2008 and then a dollar amount, the CoinNews Inflation Calculator measures the change in the buying power of the dollar over time. At the same time, it charts plot historical annual averages for rate of inflation, and rates of inflation.
Inflation rates climb in July
Consumer prices jumped 0.8 percent in July, which was twice the level economists had expected. The rise compares to an increase of 1.1 percent in June followed by a 0.6 percent rise in May. Over the last year, the inflation rate has hit its highest point in 17 years.
The core CPI, which excludes volatile food and energy costs, rose by 0.3 percent. The food index rose 0.9 percent in July after rising 0.8 percent in June.
What’s the real world meaning of these figures? The CoinNews Inflation Calculator can provide some insights.
Inflation Calculator examples
Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:
- An item purchased in 1913 for $1 would now cost $22.22 (up 12 cents from June numbers)
- An item purchased in 1950 for $10 would now cost $91.27 (up 48 cents from June numbers)
- An item purchased for $20 in 1985 would now cost $40.89 (up 22 cents from June numbers)
Mixed dates may also be used with the Inflation Calculator. As examples:
- An item purchased today for $100 would have cost $24.46 in 1975
- An item purchased for $50 in 1980 would have cost $79.31 in 1990
Of course, not all "goods and services" rise or fall in tandem with inflation rates. For example, many computers when adjusted for inflation are actually less expensive today (and do more) compared to years ago .
Latest Charts on Inflation Rates
The CoinNews inflation page also includes two updated charts indicating the:
- Annual Averages for Rate of Inflation
- Annual Percent Changes for Rate of Inflation
While the Inflation Calculator is more of a general financial interest tool, specific numismatic calculators and tools may be found via the CoinNews menu: "COIN PRICING & COLLECTOR TOOLS".