According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 3.99% per year. Prices in 2017 are 504.0% higher than prices in 1971.
In other words, $1 in the year 1971 is equivalent in purchasing power to $6.04 in 2017, a difference of $5.04 over 46 years.
The inflation rate in 2017 was 1.99%.
|Cumulative price change||504.00%|
|Average inflation rate||3.99%|
|Price difference ($1 base)||$5.04|
|CPI in 1971||40.5|
|CPI in 2017||244.786|
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 in 1971 → 2017 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 22 Apr. 2018, http://www.in2013dollars.com/1971-dollars-in-2017?amount=1.