According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.30% per year. Prices in 2018 are 2212.5% higher than prices in 1880.
In other words, $1,000,000 in the year 1880 is equivalent in purchasing power to $23,124,738.79 in 2018, a difference of $22,124,738.79 over 138 years.
|Cumulative price change||2212.47%|
|Average inflation rate||2.30%|
|Price difference ($1,000,000 base)||$22,124,738.79|
|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: “$1,000,000 in 1880 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Apr. 2018, http://www.in2013dollars.com/1880-dollars?amount=1000000.