According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.45% per year. Prices in 2018 are 2387.0% higher than prices in 1885.
In other words, $3,000,000 in the year 1885 is equivalent in purchasing power to $74,610,006.29 in 2018, a difference of $71,610,006.29 over 133 years.
|Cumulative price change||2387.00%|
|Average inflation rate||2.45%|
|Price difference ($3,000,000 base)||$71,610,006.29|
|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: “$3,000,000 in 1885 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 24 Apr. 2018, http://www.in2013dollars.com/1885-dollars-in-2018?amount=3000000.