According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 3.59% per year. Prices in 2018 are 824.9% higher than prices in 1955.
In other words, $1,000,000 in the year 1955 is equivalent in purchasing power to $9,248,768.66 in 2018, a difference of $8,248,768.66 over 63 years.
|Cumulative price change||824.88%|
|Average inflation rate||3.59%|
|Price difference ($1,000,000 base)||$8,248,768.66|
|CPI in 1955||26.8|
|CPI in 2018||247.867|
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 1955 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 24 Feb. 2018, http://www.in2013dollars.com/1955-dollars?amount=1000000.