Us dollar value converter by year

White label accounts can distribute our data. We Are Hiring. Trading Economics welcomes candidates from around the world. Current job openings:. Exxon Mobil. Crude Oil. Natural gas. Heating Oil. Iron Ore. This effect explains how inflation erodes the value of a dollar over time. According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:.

This conversion table shows various other amounts in today's dollars, based on the 2, Inflation can also vary widely by country. CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:.

For all these visualizations, it's important to note that not all categories may have been tracked since This table and charts use the earliest available data for each category. Our calculations use the following inflation rate formula to calculate the change in value between and today:. Then plug in historical CPI values. International Inflation rate of the European Union , by country. Economy Forecasted inflation rate in Italy Economy Inflation rate in Italy International Monthly inflation rate in Euro area countries July Aaron O'Neill.

Research expert covering historical data. Profit from additional features with an Employee Account. Please create an employee account to be able to mark statistics as favorites. Then you can access your favorite statistics via the star in the header.

Profit from additional features by authenticating your Admin account. Then you will be able to mark statistics as favourites and use personal statistics alerts. Please log in to access our additional functions. Yes, let me download! This measure indicates the opportunity cost in terms of the total output of the economy. It can be interpreted as the importance of the item to society as a whole.

This measure uses the share of GDP. Has the remuneration improved? It would, however, be many times more than any elected official in this country is paid today. This waterway is regarded as one of the most important investments in the nineteenth century as it opened the Midwest to trade and migration. How does its cost compare to what its cost would be today?

From a historical point of view, this may be the best measure as most of the cost of building the canal was probably unskilled labor. As a comparison the current budget of the U. This is a good example of how "approximate" these comparisons are.

Slavery in the United States was an institution that had a large impact on the economic, political and social fabric of the country. For a discussion of these issues, see Measuring Slavery in Dollars. How do we compare these values? At this point the Ford was a luxury for most everyone.

By then, the ford was an automobile affordable by all. In , the average consumer unit spends about 32 times in dollars more than it spent 82 years earlier. The relative cost of labor is 48 times unskilled and 63 times manufacturing production workers higher in than in So if we wanted to compare his wage to what someone selling hot dogs would earn, we could say his "relative wage" is four to five million.

How much would that be today? Using the consumer bundle would not be relevant either. How has the relative cost of buying gas changed over the last 90 years? Presented here are two tables computing the annual "real" cost using our seven indexes, one in dollars , and the other in dollars. While the two tables show the same trends, they do give a different perspective. Using the table and the CPI and the GDP deflator, we see that gasoline was quite expensive in and it was the cheapest in The other table tells the story in a different way.

Let us look at relative cost to a worker to fill up using dollars. That year the 21 cents it cost for a gallon of gas, took a certain share of the worker's wage.

The interesting question is, has the cost as a share or percent of the worker's wage increased or decreased over time? The table shows that for the two wage rates and price of gasoline in other years, this cost has fallen. Since wages have increased faster than the price of gasoline, by an unskilled worker spends less than one-fifth as much, as a percent of wages, for a gallon of gasoline than the worker. For a production worker it is a little more than a quarter. When we use the GDP per capita, the cost has fallen faster.

Looking at the table shows that a gallon of gasoline today costs around 3 cents a gallon in prices if measured as a "share" of the GDP per capita. This is because in , 21 cents was 0. Finally, comparing its cost as a share of GDP, we see that for in prices , it is about 1 cent.

This means that a gallon of gasoline was over 21 times larger as a share of output in than it is today. Samuel H. Please let us know if and how this discussion has assisted you in using our comparators. All rights reserved. This work may be used for non-profit educational purposes if proper credit is given. For other permission, please Contact Us.