Detroit, Michigan prices: $430 in 2005 → $655.89 in 2024

Inflation in Michigan

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Prices in Detroit, 2005-2024 ($430)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 52.53% higher in 2024 versus 2005 (a $225.89 difference in value).

Between 2005 and 2024: Detroit experienced an average inflation rate of 2.25% per year. This rate of change indicates significant inflation. In other words, $430 in Detroit in the year 2005 would cost $655.89 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.51% during this same period, inflation in Detroit was lower.

In the year 2005: Pricing changed by 2.86%, which is above the average yearly change in Detroit during the 2005-2024 time period. Compared to inflation for all items in 2005 (3.39%), inflation in Detroit was lower.

Price Inflation in Detroit, Michigan since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1920 (21.92%), 1918 (21.89%), and 1919 (21.46%).
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Buying power of $430.00 since 2005

Below are calculations of equivalent buying power in Detroit, over time, for $430 beginning in 2005. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2005$430.002.86%
2006$443.183.07%
2007$451.241.82%
2008$462.242.44%
2009$458.64-0.78%
2010$462.550.85%
2011$477.183.16%
2012$487.312.12%
2013$495.111.60%
2014$500.481.08%
2015$493.88-1.32%
2016$501.091.46%
2017$511.282.03%
2018$523.842.46%
2019$530.781.32%
2020$536.181.02%
2021$558.364.14%
2022$604.188.21%
2023$637.065.44%
2024$655.892.96%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Detroit, Michigan:

Year191419151916191719181919192019211922192319241925192619271928192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI9.7009.73310.23311.91714.52517.64221.50819.51717.44217.95818.05018.15818.46718.15817.52517.50817.21715.18313.25011.91712.59213.26713.82514.60814.53314.03314.11715.00016.65817.56717.80018.27519.86722.64224.46724.15024.55026.47527.14227.62527.72527.67528.19229.01729.41729.40829.65029.81729.90830.20030.45031.15032.53333.62535.07537.20839.50840.95042.46745.23350.13353.86756.79260.69265.30073.60085.30093.21796.99299.758103.250106.842108.333111.617115.858122.008128.283132.967135.758139.425143.825148.367152.383156.150159.608163.767169.525174.333178.683182.467185.267190.558196.400199.972204.845203.252204.981211.465215.956219.414221.791218.868222.063226.578232.145235.218237.613247.441267.749282.320290.663

Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2005 * 2005 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 190.558 in the year 2005 and 290.663 in 2024:

290.663 / 190.558 * $430 = $655.89

Therefore, according to U.S. Bureau of Labor Statistics, $430 in 2005 has the same "purchasing power" as $655.89 in 2024 (in the CPI category of Detroit, Michigan).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Detroit, Michigan in 1914. In addition to Detroit, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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