- About Us
- Academic Programs
This site provides Inflation Conversion Factors for dollars of years 1774 to estimated 2028, based in dollars of recent years.
Included on these pages are Consumer Price Index (CPI) conversion factors to determine the value of dollars of 1774 to estimated 2028 in dollars of estimated 2018 and final 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998, 1997, 1996, 1995, CPI (1982-84), and three special CPI measures, CPI-U-X1 (starting 1950), CPI-U-RS (starting 1947), and "chain-weighted" CPI for recent years.
by Robert Sahr
Inflation conversion factor tables for 2017 have been revised to reflect final 2016 CPI (2.45120). Conversion factors in estimated dollars of 2018 have also been added. The tables have been revised to provide estimated inflation and price levels for 2018 through 2028, based on the average of inflation estimates by the Office of Management and Budget (OMB) in January 2018 and the Congressional Budget Office (CBO) in May 2018. In addition, revised tables for CPI for the CPI base period (1982-84) have been posted. These pages are available in the "individual year section."
This site was revised to August 14, 2018 (delayed partly because of changes in the University web structure).
Note that tables of conversion factors for individual years prior to 2017 have NOT been revised in the individual year section. Use the Excel or pdf files discussed in the second bullet below to locate updated conversion factors for years prior to 2017.
Many people are unclear or misinformed about the composition of the national government budget. The best-known example is that nearly everyone vastly over-estimates foreign aid as percent of the national government budget. The following tables show the composition of national government spending as percent of the budget and percent of the national economy (gross domestic product, GDP). The following two items examine the composition of national government in specific years and also over time. Note: These have not been revised to reflect recent-year data but the illustrations should be useful even if the data are not current.
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, 2017 = 1.000).
All inflation conversion factors use year-to-year inflation, not December-to-December inflation.
Final 2017 CPI is from Bureau of Labor Statistics, https://www.bls.gov/cpi/data.htm, "All Urban Consumers (Current Series)," January 2018.
INFLATION ASSUMPTIONS: Inflation conversion factors for 2018 and later assume 2.05% inflation in 2018, 2.15% in 2019, 2.30% in 2020, 2.40% in 2021 and 2022, and 2.35% each year 2023 through 2028. These are averages of OMB and CBO inflation estimates as of January (CBO) and May (OMB) 2018.
CAUTION: These use CPI year to year average data rather than December to December.
Note also that these are calendar year CPI data. In the tables that use these data to calculate inflation-adjusted budget data, the difference between calendar year and federal budget year (October 1 to September 30 starting budget year 1976, July 1 to June 30 in earlier budget years) will slightly affect the results. However, because these slight offsets are the same for all recent years, the effects probably will be minimal.
However, these differences suggest that inflation-adjusted budget and economic data from other sources (for example, the Bureau of Economic Analysis) might not match these data directly.
Conversion Factor Tables
Conversion Factor Tables
|Graphs: Visual Displays|