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View $1 in 1904 → 2018
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U.S. Inflation Rate, $1 in 1904 to 2017
According to the Bureau of Labor Statistics consumer price index, prices in 2017 are 2,654.16% higher than prices in 1904. The dollar experienced an average inflation rate of 2.98% per year during this period.
In other words, $1 in 1904 is equivalent in purchasing power to $27.54 in 2017, a difference of $26.54 over 113 years.
The 1904 inflation rate was 1.14%. The inflation rate in 2017 was 2.13%. The 2017 inflation rate is lower compared to the average inflation rate of 2.82% per year between 2017 and 2018.
Contents
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| Cumulative price change | 2,654.16% |
| Average inflation rate | 2.98% |
| Converted amount ($1 base) | $27.54 |
| Price difference ($1 base) | $26.54 |
| CPI in 1904 | 8.900 |
| CPI in 2017 | 245.120 |
| Inflation in 1904 | 1.14% |
| Inflation in 2017 | 2.13% |
Buying power of $1 since 1904
This chart shows calculations of buying power equivalence over time for $1 in 1904 (price index tracking began in 1635).
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:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1904 | $1.00 | 1.14% |
| 1905 | $0.99 | -1.12% |
| 1906 | $1.01 | 2.27% |
| 1907 | $1.06 | 4.44% |
| 1908 | $1.03 | -2.13% |
| 1909 | $1.02 | -1.09% |
| 1910 | $1.07 | 4.40% |
| 1911 | $1.07 | 0.00% |
| 1912 | $1.09 | 2.11% |
| 1913 | $1.11 | 2.06% |
| 1914 | $1.12 | 1.01% |
| 1915 | $1.13 | 1.00% |
| 1916 | $1.22 | 7.92% |
| 1917 | $1.44 | 17.43% |
| 1918 | $1.70 | 17.97% |
| 1919 | $1.94 | 14.57% |
| 1920 | $2.25 | 15.61% |
| 1921 | $2.01 | -10.50% |
| 1922 | $1.89 | -6.15% |
| 1923 | $1.92 | 1.79% |
| 1924 | $1.92 | 0.00% |
| 1925 | $1.97 | 2.34% |
| 1926 | $1.99 | 1.14% |
| 1927 | $1.96 | -1.69% |
| 1928 | $1.92 | -1.72% |
| 1929 | $1.92 | 0.00% |
| 1930 | $1.88 | -2.34% |
| 1931 | $1.71 | -8.98% |
| 1932 | $1.54 | -9.87% |
| 1933 | $1.46 | -5.11% |
| 1934 | $1.51 | 3.08% |
| 1935 | $1.54 | 2.24% |
| 1936 | $1.56 | 1.46% |
| 1937 | $1.62 | 3.60% |
| 1938 | $1.58 | -2.08% |
| 1939 | $1.56 | -1.42% |
| 1940 | $1.57 | 0.72% |
| 1941 | $1.65 | 5.00% |
| 1942 | $1.83 | 10.88% |
| 1943 | $1.94 | 6.13% |
| 1944 | $1.98 | 1.73% |
| 1945 | $2.02 | 2.27% |
| 1946 | $2.19 | 8.33% |
| 1947 | $2.51 | 14.36% |
| 1948 | $2.71 | 8.07% |
| 1949 | $2.67 | -1.24% |
| 1950 | $2.71 | 1.26% |
| 1951 | $2.92 | 7.88% |
| 1952 | $2.98 | 1.92% |
| 1953 | $3.00 | 0.75% |
| 1954 | $3.02 | 0.75% |
| 1955 | $3.01 | -0.37% |
| 1956 | $3.06 | 1.49% |
| 1957 | $3.16 | 3.31% |
| 1958 | $3.25 | 2.85% |
| 1959 | $3.27 | 0.69% |
| 1960 | $3.33 | 1.72% |
| 1961 | $3.36 | 1.01% |
| 1962 | $3.39 | 1.00% |
| 1963 | $3.44 | 1.32% |
| 1964 | $3.48 | 1.31% |
| 1965 | $3.54 | 1.61% |
| 1966 | $3.64 | 2.86% |
| 1967 | $3.75 | 3.09% |
| 1968 | $3.91 | 4.19% |
| 1969 | $4.12 | 5.46% |
| 1970 | $4.36 | 5.72% |
| 1971 | $4.55 | 4.38% |
| 1972 | $4.70 | 3.21% |
| 1973 | $4.99 | 6.22% |
| 1974 | $5.54 | 11.04% |
| 1975 | $6.04 | 9.13% |
| 1976 | $6.39 | 5.76% |
| 1977 | $6.81 | 6.50% |
| 1978 | $7.33 | 7.59% |
| 1979 | $8.16 | 11.35% |
| 1980 | $9.26 | 13.50% |
| 1981 | $10.21 | 10.32% |
| 1982 | $10.84 | 6.16% |
| 1983 | $11.19 | 3.21% |
| 1984 | $11.67 | 4.32% |
| 1985 | $12.09 | 3.56% |
| 1986 | $12.31 | 1.86% |
| 1987 | $12.76 | 3.65% |
| 1988 | $13.29 | 4.14% |
| 1989 | $13.93 | 4.82% |
| 1990 | $14.69 | 5.40% |
| 1991 | $15.30 | 4.21% |
| 1992 | $15.76 | 3.01% |
| 1993 | $16.24 | 2.99% |
| 1994 | $16.65 | 2.56% |
| 1995 | $17.12 | 2.83% |
| 1996 | $17.63 | 2.95% |
| 1997 | $18.03 | 2.29% |
| 1998 | $18.31 | 1.56% |
| 1999 | $18.72 | 2.21% |
| 2000 | $19.35 | 3.36% |
| 2001 | $19.90 | 2.85% |
| 2002 | $20.21 | 1.58% |
| 2003 | $20.67 | 2.28% |
| 2004 | $21.22 | 2.66% |
| 2005 | $21.94 | 3.39% |
| 2006 | $22.65 | 3.23% |
| 2007 | $23.30 | 2.85% |
| 2008 | $24.19 | 3.84% |
| 2009 | $24.11 | -0.36% |
| 2010 | $24.50 | 1.64% |
| 2011 | $25.27 | 3.16% |
| 2012 | $25.80 | 2.07% |
| 2013 | $26.17 | 1.46% |
| 2014 | $26.60 | 1.62% |
| 2015 | $26.63 | 0.12% |
| 2016 | $26.97 | 1.26% |
| 2017 | $27.54 | 2.13% |
| 2018 | $28.32 | 2.82%* |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1904 would be equivalent to £115.55 in 2017, an absolute change of £114.55 and a cumulative change of 11,455.16%.
Compare these numbers to the US's overall absolute change of $26.54 and total percent change of 2,654.16%.
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. This chart shows the average rate of inflation for select CPI categories between 1904 and 2017.
Compare these values to the overall average of 2.98% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1904 → 2017 |
|---|---|---|---|
| Food | 3.15 | 3,231.82 | 33.32 |
| Shelter | 4.12 | 9,470.50 | 95.70 |
| Energy | 3.83 | 6,886.27 | 69.86 |
| Apparel | 2.07 | 913.83 | 10.14 |
| New vehicles | 1.09 | 242.14 | 3.42 |
| Used cars and trucks | 0.63 | 102.59 | 2.03 |
| Transportation services | 3.34 | 3,996.49 | 40.96 |
| Medical care services | 5.15 | 28,918.36 | 290.18 |
| Medical care commodities | 4.35 | 12,161.77 | 122.62 |
It's important to note that not all categories may be tracked since 1904. This table and visualization use the earliest available data for each category.
Inflation rates for specific categories
Rent of primary residence · Fresh fruits · Women's apparel · MoreHow to Calculate Inflation Rate for $1, 1904 to 2017
This inflation calculator uses the following inflation rate formula:
CPI in 2017CPI in 1904
×
1904 USD value
=
2017 USD value
Then plug in historical CPI values. The U.S. CPI was 8.9 in the year 1904 and 245.12 in 2017:
245.128.9
×
$1
=
$27.54
$1 in 1904 has the same "purchasing power" or "buying power" as $27.54 in 2017.
To get the total inflation rate for the 113 years between 1904 and 2017, we use the following formula:
CPI in 2017 - CPI in 1904CPI in 1904
×
100
=
Cumulative inflation rate (113 years)
Plugging in the values to this equation, we get:
245.12 - 8.98.9
×
100
=
2,654%
Comparison to S&P 500 Index
The average inflation rate of 2.98% has a compounding effect between 1904 and 2017. As noted above, this yearly inflation rate compounds to produce an overall price difference of 2,654.16% over 113 years.
To help put this inflation into perspective, if we had invested $1 in the S&P 500 index in 1904, our investment would be nominally worth approximately $46,312.51 in 2017. This is a return on investment of 4,631,150.97%, with an absolute return of $46,311.51.
These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.
The compounding effect of inflation would account for 96.37% of returns ($44,630.00) during this period. This means the inflation-adjusted real return of our $1 investment is $1,681.51.
| Original Amount | Final Amount | Change | |
|---|---|---|---|
| Nominal | $1 | $46,312.51 | 4,631,150.97% |
| Real Inflation Adjusted |
$1 | $1,681.51 | 168,151.29% |
News headlines from 1904
Politics and news often influence economic performance. Here's what was happening at the time:
- Japanese troops land at Chemulpo in Korea in order to advance toward the border of Manchuria.
- US gains control of the Panama Canal Zone for a total of $10 million.
- The St Louis Police force use fingerprints as an investigative method for the first time.
Data Source & Citation
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 in 1904 → 2017 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 14 Dec. 2018, https://www.officialdata.org/1904-dollars-in-2017?amount=1.
in2013dollars.com is a reference website maintained by the Official Data Foundation.