Inflation Conversion Factors for
Dollars 1774 to Estimated 2019
by Robert Sahr
Updated June 4, 2009 to reflect the
final 2008 Consumer Price Index and updated spring 2009 inflation estimates
2009 to 2019 by the Office of Management and Budget (OMB) and the Congressional
Budget Office (CBO). All tables have been revised,
but most graphs have not yet been revised.
Consumer Price Index (CPI) conversion factors to
determine the value of dollars of 1774 to estimated 2019 in dollars of 2009
(estimated), 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998,
1997, 1996, 1995, CPI (1982-84), and two special CPI measures, CPI-U-X1
(starting 1950), and CPI-U-RS (starting 1947).
To ease understanding of the value of dollar
figures over time, the materials on this page “re-base” the official CPI from
its current base (1982-84 average = 1.000) to dollars of more recent years (for
example, 2008 = 1.000).
The
average CPI for 2008, 2.15303 (alternately expressed as 215.303), was used to
produce conversion factors to dollars of 2008.
All
inflation conversion factors use year-to-year
inflation, not December-to-December inflation. Final 2008 price level data are from Table 1A
in the Bureau of Labor Statistics publication Consumer
Price Index: December 2008,
available from the BLS web site (http://stats.bls.gov/cpi/).
Inflation assumptions: These assumptions are the average for each year
of inflation estimates by the OMB and the CBO, as of late spring 2009. (Note:
These inflation estimates differ from those published early in 2009
because the CBO revised its earlier inflation estimates in March 2009.)
Inflation conversion factors
for 2009 and later years assume inflation of -0.65% in 2009 (slight deflation), 1.50% in
2010 and 2011; 1.60% in 2012; and 1.65% each year 2013 to 2019. The OMB and CBO will provide updated
inflation estimates about February 2010.
Some comments about this page, forthcoming
changes, and discussions of differences between early and final inflation
estimates are located near the end, below.
Download Conversion Factors.
Excel file with
column-format conversion factors 1774 to estimated 2019 (revised to reflect
final 2008 CPI): CPI (1982-84 Dollars), 1995, 1996, 1997,
1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008 (final),
estimated 2009, CPI-U-X1 (2008 dollars), and CPI-U-RS (an experimental measure,
using 2008 dollars, and updated CPI-U-RS data from the Bureau of Labor
Statistics). This file provides both
conversion factors for each of those inflation measures and also inflation
rates using CPI-U for years starting 1774, CPI-U-RS for years starting 1947,
and CPI-U-X1 for years starting 1950.
For ease of printing, the Excel file is
available also in pdf format: Conversion factors 1774 to estimated 2019 (pdf format) (revised to reflect final 2008 CPI).
Data prior to 1913 are estimates; data for 1913
to the present involve data from the Bureau of Labor Statistics, though the
specific methods of data collection have changed during that period. Use special caution concerning data prior
to 1913.
I strongly recommended that all dollar figures
using these conversion factors for years prior to 1913 be rounded, e.g., $14,663 becomes $14,700,
and preferably—especially for early years—to $15,000. Similarly, round dollars derived for years
1913 to the present to, for example, $14,660.
Stating dollar figure conversions in dollars
and cents nearly always suggests more precision than the data allow.
Individual Year
Conversion Factor Tables (all have been revised to reflect final 2008 CPI
data and early 2009 inflation estimates from the OMB and CBO)
Conversion factor tables are available as
Portable Document Format (pdf) files and also in Excel format, for direct use
in conversion. The tables of conversion
factors below cover the period 1774 to estimated 2019.
I base 2008 conversion factors on the final 2008 CPI. suggestion: Use 2008
(final) conversion factors unless 2009 estimates are essential. As noted below,
final conversion factors in recent years have differed significantly from
estimated conversion factors early in the year.
Reminder. All the following have been
revised to reflect final 2008 CPI.
Conversion Factors in estimated
2009 Dollars for 1774 to estimated 2019
(Reminder: I recommend using final
2008 conversion factors rather than estimated conversion factors for 2009
unless 2009 dollars are essential.)
Conversion Factors in final
2008 Dollars for 1774 to estimated 2019
Conversion Factors in 2008 Dollars, Using CPI-U-X1 for
1950 to estimated 2019 (CPI-U-X1 applies the post-1982 CPI to the period
1950 to 1982), with comparisons of inflation 1950 to 1982 using both CPI-U and
CPI-U-X1 measures
Conversion Factors in 2008 Dollars, Using CPI-U-RS for
1947 to 2008 (CPI-U-RS is “Research Series,” with 1977 = 100,
extended to 1947 by the Census Bureau), re-based here to 2007 = 1.000. Note that unlike other CPI measures, the
CPI-U-RS data can be revised each year even for earlier years rather than just
for the most recent year. For that
reason, no estimated CPI-U-RS conversion factors are supplied for any year
after 2007.
Conversion Factors in 2008 Dollars, Using both CPI-U-X1 and CPI-U-RS
for 1947 to estimated 2019 (combines
the previous two tables, but omits inflation comparison 1950-1982; also the
CPI-U-RS conversion factors are included only through 2007, for reasons stated
immediately above)
Conversion Factors in 2007 Dollars for 1774 to estimated 2019
Conversion Factors in 2006 Dollars for 1774 to estimated 2019
Conversion Factors in 2005 Dollars for 1774 to estimated 2019
Conversion Factors in 2004 Dollars for 1774 to estimated 2019
Conversion Factors in 2003 Dollars for 1774 to estimated 2019
Conversion Factors in 2002 Dollars for 1774 to estimated 2019
Conversion Factors in 2001 Dollars for 1774 to estimated 2019
Conversion Factors in 2000 Dollars for 1774 to estimated 2019
Conversion Factors in 1999 Dollars for 1774 to estimated 2019
Conversion Factors in 1998 Dollars for 1774 to estimated 2019
Conversion Factors in 1997 Dollars for 1774 to estimated 2019
Conversion Factors in 1996 Dollars for 1774 to estimated 2019
Conversion Factors in 1995 Dollars for 1774 to estimated 2019
Conversion Factors in CPI [1982-84] Dollars for 1774 to estimated 2019
Original data for the CPI-U-RS are available from the Bureau of Labor Statistics
Reminder: Conversion factors for
years prior to 1913 should be considered to be estimates. In addition, CPI
measures have changed over time, so data for the entire period are not
precisely comparable. Note that conversion factors that apply the post-1982 CPI
to the period 1950 to 1982 are available above as the CPI-U-X1, in 2007
dollars.
From the main Bureau of Labor Statistics CPI page, many data are available,
including a complete table of monthly CPI-U data with semi-annual and annual
changes from 1913 to the present.
graphs (except as
specifically noted, these have NOT yet been revised to reflect final 2008 CPI
data. Those that have been revised are
labeled “[revised (and year)]”)
Except as noted, these graphs print best in
“landscape” (horizontal, wide) print format.
note: For some of the charts, users of Firefox and
other non-Internet Explorer web browsers might have to use the “open link
target in IE” option or equivalent. I
will work to correct this difficulty in the next revision. The “summary pdf” files that contains all
subsection charts, located at the end of each sub-section, should operate
properly for all browers.
The charts on the following topics are available either by scrolling down
or by selecting the appropriate link:
Price levels
and the US economy
Millionaires
Then and Now
Pay
of Presidents and Members of Congress
Presidential Election Costs 1860 to 2000
National
Government Budget: Outlays (Spending), Revenue,
Deficits or Surpluses, and National Debt
Selected
Commodity Prices (gasoline and gold) [gasoline revised June 2009, using June 2009
price data and estimated 2009 dollar conversion factors]
Movies
Budget
Details
All the graphs in each set of graphs have been
assembled into pdf files to facilitate saving and printing. Each is located at the end of its respective
set.
Price Levels and the US Economy
Price
levels 1665 to 2005, with 2005 = 100
Price
levels 1665 to 2005, with 2005 = 100 (logarithmic scale to show rate of change)
Price
levels 1665 to 1914, with 2005 = 100
Price
levels 1915 to estimated 2014with 2003 = 100
Yearly
price changes (inflation and deflation) 1665 to 1914 (yearly change, in
percent)
US
gross domestic product (size of economy) 1789 to 2005, in current and constant
(2005) dollars
Regarding the size of the US economy, see also Economic History Net
Summary pdf file with all charts in this price level
and economy section
Millionaires Then and Now
Dollars
Needed Each Year 1850 to 2003 to Equal in Value $1 Million in Dollars of the
Year 2002
Value
in Dollars of the Year 2002 of $1 Million Each Year 1850 to 2003
Net
Worth of Selected Wealthy Americans 1831 to 1996 in Inflation-adjusted (2002)
Dollars
Summary
pdf file with all charts in this millionaire section
Pay of Presidents and Members of Congress
Presidential
Pay 1789 to 2005, in Current and Constant (2004) Dollars
Average Pay of Each President George Washington to
George W. Bush, in Current and Constant (2004) Dollars [Note: prints best in portrait format]
Ranked
Average Pay of Each President George Washington to George W. Bush, in Constant
(2004) Dollars [Note:
prints best in portrait format]
Pay
of Members of Congress 1789 to 2005, in Current and Constant (2004) Dollars
Ratio
of the Pay of Members of Congress to Median Family Income, 1947 to 2003
Presidential and Vice Presidential Salaries 1789 to the present, from
Congressional Quarterly’s Guide to the
Presidency, are available here
Summary
pdf file with all charts in this pay of presidents and members of Congress
section
Selected US National Government-Related Items
Stamp Prices 1863 to
2003, in Current and Constant Cents
Minimum Wage 1938 to
2003, in Current and Constant (2002) Dollars
Mean and Median Family
Income 1947 to 2001, in Current and Constant (2002) Dollars
Inflation-adjusted Mean
and Median Family Income 1948 to 2000, actual and extrapolated as if 1947-1972
trends had continued to 2000, in Constant (2000) Dollars (Census Bureau Data)
Summary pdf file with
all charts in this selected government-related items section
Presidential Election Costs in Current and
Constant (2002) dollars, 1860 to 2000 and Value of 1974 Contribution Limits
Inflation-adjusted
Value of 1974 Campaign Contribution Limits Each Year 1975 to 2003
National Government Budget: Outlays (Spending), Revenue, Deficits or
Surpluses, and National Debt
Note that the inflation conversion factors are based on calendar year
rather than national government budget year (fiscal year, often abbreviated
FY). Because this applies to all years,
no distortions should result from the minor divergence. The national government budget year begins
October 1 and is named after the calendar year in which it ends. Until 1976 the national government budget
year began July 1. (The period July 1 to
September 30, 1976 is called the “transitional quarter,” generally abbreviated
TQ.)
Yearly
Inflation-adjusted Change in Discretionary Outlays, 1962 to estimated 2004, in
Percent
Composition
of Mandatory Spending, by Percent, 1964 to estimated 2008, in Percent
Composition
of Discretionary Spending, by Percent, 1964 to estimated 2008, in Percent
Inflation-adjusted
Change in Outlays for Selected Categories of National Government Spending per
Person, by Presidential Term Johnson to George W. Bush, in percent (this examines inflation-adjusted spending per person, that is, total
spending divided by US population, not per recipient; the changes are
examined in more detail at the bottom of this page, or via this link)
Summary
pdf file with all charts in this national government budget section
Detailed examination of National Government Budget Outlays for “Big Five”
and other items is available at the bottom of this page, or via this link
Selected Commodity Prices
Price
of Gasoline 1950 to 2008, in Current and Constant (2008) Cents [pdf file] Revised June 2009,
using June 1, 2009 price data and estimated 2009 dollar conversion
factors. As noted in the graph, in order
to pass the 1981 price per gallon peak, the average gasoline price for 2009
must exceed $3.26 (assuming slight deflation [-0.8%] in 2009). Inflation might be higher in 2009 than early
2009 estimates, which would require a somewhat higher yearly average gasoline
price in 2009 to exceed the 1981 inflation-adjusted price.
Price
of Gold 1786 to 2005, in Current and Constant (2004) Dollars
Regarding
the price of gold, several series, starting 1257, see also the Economic
History Net
Movies
Movie ticket prices for
selected years 1948-2008 (from the National
Association of Theatre Owners)
Box office receipts for various movies in current and constant dollars
can be obtained from several sites:
The
following site discusses difficulties of calculating movie box office receipts
in inflation-adjusted dollars:
Budget Details
The following sections show national government spending for the
“Big 5” items (Social Security, defense, net interest, Medicare, and Medicaid)
and selected other components of the national government budget in the
following details: (1) Outlays in current and constant
(2002) dollars 1940 to estimated 2008; (2)
Year-by-year changes in outlays in constant (2002) dollars and, in most
instances, as percent of outlays and as percent of mandatory or discretionary
outlays (the division of national government outlays into “mandatory” and
“discretionary” categories began with the 1962 budget year; discretionary
spending is that part of the budget controlled through yearly appropriation
bills of president and Congress); and (3)
changes in outlays by presidential term, 1940 to estimated 2004. The current-dollar (non-inflation-adjusted)
data for most of these tables are drawn from Budget
of the United States Historical Tables, which is available here. (Data from the 2010 Budget are available here and will be used in revising these
graphs.) The Congressional Budget Office
Budget and Economic Outlook also will be used, available at the CBO web site.
Social Security and Medicare (trust fund items,
paid by “contributions,” which are “pigeon-holed” for these programs); in
recent years Social Security is the largest category of national government
spending and Medicare usually is the third largest
Summary
pdf file with all charts in this Social Security and Medicare section
National Defense (the largest general fund—also
called “federal fund”—budget category, paid from general revenues, not trust
funds); in recent years it is the second largest category (after Social
Security) of national government spending; with additional spending added in
future years, national defense might again become the largest category
National
Defense: Yearly inflation-adjusted
Change and as Percent of Outlays, 1952 to estimated 2004
Summary
pdf file with all charts in this national defense section
Net Interest and Medicaid (both are federal
fund budget items, paid from general revenues, not trust funds); in recent
years net interest is the fourth or fifth largest category of national
government spending, alternating with Medicaid
Medicaid: Yearly inflation-adjusted Change and as Percent
of Outlays, 1960 to estimated 2004
Summary
pdf file with all charts in this net interest and Medicaid section
Health Care (includes both trust funds
[Medicare] and Federal Funds [Medicaid and others])
Summary
pdf file with all charts in this health care section
Social Insurance and Public Assistance
(includes both trust fund and federal fund items)
Aid to Families with Dependent Children (AFDC),
changed to Temporary Assistance for Needy Families (TANF) by 1996 legislation,
and Food Stamps (both are federal fund items, paid from federal funds; each is
about 1 percent of national government outlays); AFDC-TANF usually is labeled
as the main national government “welfare” program
Summary
pdf file with all charts in this social insurance and public assistance section
Change in Various Categories of National
Government Spending—total outlays, defense, net interest, means-tested social
spending, non-means-tested social spending, and other—adjusted for inflation
and population (spending for each divided
by total US population, not spending per recipient), 1962 to
estimated 2004. This follows the
suggestion of candidate George W. Bush, who said during the 2000 election
campaign that state, and presumably national, government spending over time
should be adjusted both for inflation and population growth. The current-dollar data are from the
Congressional Budget Office (the report is available at the CBO web site) and begins with the 1962
budget year; change is from final year of previous term to final year of
current term.
Inflation-adjusted
Means-tested Social Spending (Outlays) per Person, Each Year1962 to estimated
2004, in Constant (2002) dollars (the largest means-tested social program is Medicaid)
Inflation-adjusted
Non-means-tested Social Spending (Outlays) per Person, Each Year1962 to
estimated 2004, in Constant (2002) dollars (the largest non-means-tested social programs are Social Security and
Medicare)
Inflation-adjusted
“Other” Spending (Outlays) per Person, Each Year1962 to estimated 2004, in
Constant (2002) dollars (this is a
residual category, and includes all national government spending not included
in defense, net interest, means-tested social, and non-means-tested social
categories; most of the items in this category are in the discretionary
spending category)
Summary
pdf file with all charts in this Per Capita Government Spending section
Additional comments about planned changes to
this page, inflation conversion factors, and related topics
Planned changes
Beginning summer 2009 I will revise graphs that use these conversion
factors (available in the GRAPHS section above),
using the final 2008 CPI. I also will
update budget trend graphs to include final 2008 budget data. However, unlike some previous versions of
this page, estimates for years after the current budget year will not be included.
Beginning with the 2008 revision, I have used a new set of
underlying price-level data to produce inflation conversion factors for years
prior to 1913. Conversion factors for
years before 1913 now are re-based from data from the Historical
Statistics of the United States Millennial Edition (Cambridge
University Press, 2006). As part of this
change, the conversion factors begin 1774 instead of 1665, as with the earlier
underlying price level data.
Note to users of Firefox and other non-Internet-Explorer web
browsers: In forthcoming revisions, I will
attempt to make all graphs accessible to users of non-Internet-Explorer
browsers. In the interim, users of
Firefox and other browsers who have difficulty viewing items on this page can
open pages using the “view this item in IE” or similar.
The Excel and pdf files on this page should be accessible to users of all
web browsers.
Differences between early-year and final inflation estimates for recent
years:
In contrast to some earlier years, inflation in both 2008 and 2007
differed significantly from estimates earlier in those years. That is, the final conversion factors for
those years differ significantly from those estimated early in 2007 and 2008,
based on the average of OMB and CBO inflation early in each year.
The estimated conversion factors for
2008, produced in February that year, assumed 2008 inflation of 2.8%. Actual 2008 inflation was 3.8%. The estimated conversion factors for 2007,
produced in February of that year, assumed 2.0 percent inflation. Actual 2007 inflation was 2.85 percent.
In contrast to those two years,
inflation in 2006 was almost exactly what had been estimated early 2006 using
the average of OMB and CBO early-2006 estimates. Inflation for 2006 estimated February 2006
was 3.2 percent. The actual (final) 2006
inflation was 3.23%, which rounds to 3.2 percent inflation, which is the degree
of rounding used to produce these conversion factors. As a result, the final conversion factors
differed insignificantly from those estimated early in 2006. This contrasts with early 2005 estimates of
inflation for that year to be 2.4%, much lower than the actual 3.4%. The same occurred in 2004. The average of OMB and CBO estimates of 2004
inflation early in 2004 was 1.5%. Actual
2004 inflation was 2.7%.
As noted above, the Congressional
Budget Office (CBO) changed its 2009 inflation estimate between January and
March 2009, from 0.1% (very slight inflation) in January to -0.70% (modest
deflation) in March.
Additional information about the data on this page:
Instructions about how to produce
conversion factors for any base year are available here. This might be useful for anyone who needs to
produce dollars for a base year not shown here, for example, dollars of 1928
(that is, 1928 = 1.000). The calculation
process to produce conversion factors using the year 1928 as the base is shown here .
Conversion
factors for the years 1913 and later use CPI-U data from the US Bureau of Labor
Statistics. Prior to the 2008 revision,
conversion factors used price-level data from John J. McCusker and colleagues
for the period 1665 to 1912. McCusker's
offprint How Much Is That In Real Money?,
revised 2001 (ISBN 1-929545-01-1) is available from the American Antiquarian
Society for $15 plus shipping and handling through their web site.
A comparison of
price level and inflation estimates prior to 1913 using the Historical
Statistics and McCusker price series is available here .
A journal article that uses
these conversion factors is available here.
An interesting discussion that
denominates prices of selected items over time in terms of number of hours,
days, or similar worked to purchase is available from the Federal Reserve Bank
of Dallas, at http://www.dallasfed.org/fed/annual/1999p/ar97.pdf
A brief bibliography of books
and other materials about cost of living and related concerns during various
periods of American history is available in pdf format here.
Additional information about the Consumer Price Index, including recent
and proposed changes, can be obtained from the U.S. Bureau of Labor Statistics
at Consumer Price Indexes Home Page, which includes a link to their “inflation calculator” that calculates
inflation-adjusted dollar figures by simply entering several numbers.
Two additional sources of data are the Statistical
Abstract of the United States and Statistical
Resources on the Web (from the
University of Michigan), both excellent starting points for statistics on a
very wide range of topics.
The Economic History Net site also contains other sets of data, available here.
Adobe Acrobat Reader is needed to read items in pdf format.
