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 474.2% higher than prices in 1972.
In other words, $7,000,000 in the year 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%|
|Price difference ($7,000,000 base)||$33,192,559.81|
|CPI in 1972||41.8|
|CPI in 2016||240.007|
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: “$7,000,000 in 1972 → 2016 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 14 Mar. 2018, http://www.in2013dollars.com/1972-dollars-in-2016?amount=7000000.