$24,000 in 1980 → $71,296.89 in 2017

Inflation Calculator

$

U.S. Inflation Rate, 1980-2017 ($24,000)

According to the Bureau of Labor Statistics, the dollar experienced an average inflation rate of 2.99% per year. Prices in 2017 are 197.1% higher than prices in 1980.

In other words, $24,000 in the year 1980 is equivalent to $71,296.89 in 2017, a difference of $47,296.89 over 37 years.

The current inflation rate in 2017 is 1.99%1. If this number holds, $24,000 today will be equivalent to $24,477.89 next year.

Inflation from 1980 to 2017
Cumulative price change 197.07%
Average inflation rate 2.99%
Price difference ($24,000 base) $47,296.89
CPI in 1980 82.4
CPI in 2017 244.786


U.S. inflation from 1913 to 2017


Inflation rates for specific categories

Airline fares · Legal services · Wireless telephone services · More

Inflation-adjusted measures

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

How to calculate the inflation rate for $24,000 since 1980

Start with the inflation rate formula:

CPI in 2017 / CPI in 1980 * 1980 USD value = 2017 USD value

Then plug in historical CPI values. The U.S. CPI was 82.4 in the year 1980 and 244.786 in 2017:

244.786 / 82.4 * $24,000 = $71,296.89

$24,000 in 1980 has the same "purchasing power" as $71,296.89 in 2017.


News headlines from 1980

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

  • Princess Victoria is crowned Princess of Sweden.
  • Iranian protesters storm the Russian embassy in Iran.
  • Abdou Diouf is elected president of Senegal after being Prime Minister for ten years.
  • Cable News Network (CNN) is transmitted for the first time.
  • Saddam Hussein, President of Iraq, declares a holy war on Iran.

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: “$24,000 in 1980 → 2017 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Education, 12 Dec. 2017, http://www.in2013dollars.com/1980-dollars-in-2017?amount=24000.


» Read more about inflation.