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 1730.7% higher than prices in 1870.
In other words, $10,000,000 in the year 1870 is equivalent in purchasing power to $183,070,848.77 in 2018, a difference of $173,070,848.77 over 148 years.
|Cumulative price change||1730.71%|
|Average inflation rate||1.98%|
|Price difference ($10,000,000 base)||$173,070,848.77|
|CPI in 2018||248.991|
Politics and news often influence economic performance. Here's what was happening at the time:
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: “$10,000,000 in 1870 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 20 Mar. 2018, http://www.in2013dollars.com/1870-dollars?amount=10000000.