According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 1.98% per year. Prices in 2018 are 1722.4% higher than prices in 1870.

In other words, $1,000,000 in the year 1870 is equivalent in purchasing power to $18,224,442.68 in 2018, a difference of $17,224,442.68 over 148 years.

The
current inflation rate
in 2018 is 1.26%^{1}. If this number holds, $1,000,000 today will be equivalent to $1,012,586.50 next year.

Cumulative price change | 1722.44% |

Average inflation rate | 1.98% |

Price difference ($1,000,000 base) | $17,224,442.68 |

CPI in 2018 | 247.867 |

Politics and news often influence economic performance. Here's what was happening at the time:

- New York begins building the Brooklyn Bridge (the bridge is completed in 1883).
- Austria inaugurates Wiener Musikverein, also known as the Great Hall, in Vienna.
- The Carson City mint, in Nevada, starts issuing coins.

Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “$1,000,000 in 1870 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Feb. 2018, http://www.in2013dollars.com/1870-dollars?amount=1000000.