# \$7,000,000 in 1972 → \$40,192,559.81 in 2016

## Inflation Calculator

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👉 You may be interested in \$7,000,000 in 1972 → 2018

### U.S. Inflation Rate, \$7,000,000 in 1972 to 2016

According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 4.05% per year. Prices in 2016 are 474.18% higher than prices in 1972.

In other words, \$7,000,000 in 1972 is equivalent in purchasing power to \$40,192,559.81 in 2016, a difference of \$33,192,559.81 over 44 years.

The inflation rate in 2016 was 1.26%.

 Cumulative price change 474.18% Average inflation rate 4.05% Converted amount (\$7,000,000 base) \$40,192,559.81 Price difference (\$7,000,000 base) \$33,192,559.81 CPI in 1972 41.8 CPI in 2016 240.007

The above data describe the CPI for all items. Also of note is the Core CPI, which measures inflation for all items except for the more volatile categories of food and energy. Core inflation averaged 3.90% per year between 1972 and 2016 (vs all-CPI inflation of 4.05%).

When using the core inflation measurement, \$7,000,000 in 1972 is equivalent in buying power to \$581.98 in 2016, a difference of \$481.98. Recall that for All Items, the converted amount is \$40,192,559.81 with a difference of \$33,192,559.81.

In 1972, core inflation was 3.06%.

CPI is the weighted combination of many categories. This chart shows the average rate of inflation for select CPI categories between 1972 and 2016.

Compare these values to the overall average of 4.05% per year:

Category Avg Inflation (%) \$7,000,000 in 1972 → 2016
Food 4.11 41,231,253.65
Shelter 4.67 52,165,731.90
Energy 4.51 48,676,030.58
Apparel 1.61 14,150,164.08
New vehicles 1.14 11,510,397.08
Used cars and trucks 0.76 9,781,064.76
Transportation services 3.34 29,648,405.72
Medical care services 6.14 96,369,188.78
Medical care commodities 4.76 54,184,247.27

It's important to note that not all categories may be tracked since 1972. This table and visualization use the earliest available data for each category.

#### Inflation rates for specific categories

Indoor plants and flowers · Medical care · Women's apparel · More

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

### How to calculate the inflation rate for \$7,000,000, 1972 to 2016

This inflation calculator uses the following inflation rate formula:

CPI in 2016 / CPI in 1972 * 1972 USD value = 2016 USD value

Then plug in historical CPI values. The U.S. CPI was 41.8 in the year 1972 and 240.007 in 2016:

240.007 / 41.8 * \$7,000,000 = \$40,192,559.81

\$7,000,000 in 1972 has the same "purchasing power" or "buying power" as \$40,192,559.81 in 2016.

### Buying power of \$7,000,000 since 1972

This chart shows calculations of buying power equivalence over time for \$7,000,000 in 1972 (price index tracking began in 1913).

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
1972 \$7,000,000.00 3.21%
1973 \$7,435,406.70 6.22%
1974 \$8,255,980.86 11.04%
1975 \$9,009,569.38 9.13%
1976 \$9,528,708.13 5.76%
1977 \$10,148,325.36 6.50%
1978 \$10,918,660.29 7.59%
1979 \$12,157,894.74 11.35%
1980 \$13,799,043.06 13.50%
1981 \$15,222,488.04 10.32%
1982 \$16,160,287.08 6.16%
1983 \$16,679,425.84 3.21%
1984 \$17,399,521.53 4.32%
1985 \$18,019,138.76 3.56%
1986 \$18,354,066.99 1.86%
1987 \$19,023,923.44 3.65%
1988 \$19,811,004.78 4.14%
1989 \$20,765,550.24 4.82%
1990 \$21,887,559.81 5.40%
1991 \$22,808,612.44 4.21%
1992 \$23,495,215.31 3.01%
1993 \$24,198,564.59 2.99%
1994 \$24,818,181.82 2.56%
1995 \$25,521,531.10 2.83%
1996 \$26,275,119.62 2.95%
1997 \$26,877,990.43 2.29%
1998 \$27,296,650.72 1.56%
1999 \$27,899,521.53 2.21%
2000 \$28,837,320.57 3.36%
2001 \$29,657,894.74 2.85%
2002 \$30,126,794.26 1.58%
2003 \$30,813,397.13 2.28%
2004 \$31,633,971.29 2.66%
2005 \$32,705,741.63 3.39%
2006 \$33,760,765.55 3.23%
2007 \$34,722,344.50 2.85%
2008 \$36,055,526.32 3.84%
2009 \$35,927,248.80 -0.36%
2010 \$36,516,555.02 1.64%
2011 \$37,669,210.53 3.16%
2012 \$38,448,755.98 2.07%
2013 \$39,011,937.80 1.46%
2014 \$39,644,784.69 1.62%
2015 \$39,691,842.11 0.12%
2016 \$40,192,559.81 1.26%*
* Not final. See inflation summary for latest details.

Politics and news often influence economic performance. Here's what was happening at the time:

• The US's costliest natural disaster, Hurricane Agnes, causes 119 deaths and \$3 billion damage.
• The US Senate,ratifies the first Anti-Ballistic Missile Treaty.
• A member of the terrorist group Black September kills eleven Israeli athletes at the Munich Olympics.
• Pong, the first commercially successful video game is released by the co-founder of Atari.

Inflation can vary widely by country. For comparison, in the UK £7,000,000.00 in 1972 would be equivalent to £84,730,221.70 in 2016, an absolute change of £77,730,221.70 and a cumulative change of 1,210.43%.

In Canada, CA\$7,000,000.00 in 1972 would be equivalent to CA\$40,125,000.00 in 2016, an absolute change of CA\$33,125,000.00 and a cumulative change of 573.21%.

Compare these numbers to the US's absolute change of \$33,192,559.81 and percent change of 474.18%.

### Data Source & Citation

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: “\$7,000,000 in 1972 → 2016 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jul. 2018, https://www.officialdata.org/1972-dollars-in-2016?amount=7000000.

in2013dollars.com is a reference website maintained by the Official Data Foundation.