$1,000,000 in 1940 → $17,704,785.71 in 2018

U.S. Inflation Rate, 1940-2018 ($1,000,000)

According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 3.75% per year. Prices in 2018 are 1670.5% higher than prices in 1940.

In other words, $1,000,000 in the year 1940 is equivalent in purchasing power to $17,704,785.71 in 2018, a difference of $16,704,785.71 over 78 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.

Inflation from 1940 to 2018
Cumulative price change 1670.48%
Average inflation rate 3.75%
Price difference ($1,000,000 base) $16,704,785.71
CPI in 1940 14
CPI in 2018 247.867


U.S. inflation from 1913 to 2017


Inflation rates for specific categories

Housing · Bread · Alcoholic beverages · More

Inflation-adjusted measures

S&P 500 price · S&P 500 earnings · Shiller P/E

How to calculate the inflation rate for $1,000,000 since 1940

Start with the inflation rate formula:

CPI in 2018 / CPI in 1940 * 1940 USD value = 2018 USD value

Then plug in historical CPI values. The U.S. CPI was 14 in the year 1940 and 247.867 in 2018:

247.867 / 14 * $1,000,000 = $17,704,785.71

$1,000,000 in 1940 has the same "purchasing power" as $17,704,785.71 in 2018.


Inflation Data Source

Raw data for these calculations comes from the Bureau of Labor Statistics' (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 1940 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 24 Feb. 2018, http://www.in2013dollars.com/1940-dollars?amount=1000000.


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