Purchasing power increased by 9.30% in 1702 compared to 1701. On average, you would have to spend 9.30% less money in 1702 than in 1701 for the same item. This is an example of deflation.
In other words, $1 in 1701 is equivalent in purchasing power to about $0.91 in 1702.
The 1701 inflation rate was 4.88%. The inflation rate in 1702 was -9.30%. The 1702 inflation rate is lower compared to the average inflation rate of 1.33% per year between 1702 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1702 was 3.90. It was 4.30 in the previous year, 1701. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation. Because the 1702 CPI is less than 1701 CPI, negative inflation (also known as deflation) has occurred.
|Average inflation rate||-9.30%|
|Converted amount ($1 base)||$0.91|
|Price difference ($1 base)||$-0.09|
|CPI in 1701||4.300|
|CPI in 1702||3.900|
|Inflation in 1701||4.88%|
|Inflation in 1702||-9.30%|
CPI is the weighted combination of many categories of spending that are tracked by the government. This chart shows the average rate of inflation for select CPI categories between 1701 and 1702.
Compare these values to the overall average of -9.30% per year:
|Category||Avg Inflation (%)||Total Inflation (%)||$1 in 1701 → 1702|
|Used cars and trucks||0.00||0.00||1.00|
|Medical care services||0.00||0.00||1.00|
|Medical care commodities||0.00||0.00||1.00|
It's important to note that not all categories may be tracked since 1701. This table and visualization use the earliest available data for each category.
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The U.S. CPI was 4.3 in the year 1701 and 3.9 in 1702:
$1 in 1701 has the same "purchasing power" or "buying power" as $0.91 in 1702.
To get the total inflation rate for the 1 years between 1701 and 1702, we use the following formula:
Plugging in the values to this equation, we get:
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: “Inflation Rate in 1702 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 Apr. 2019, https://www.officialdata.org/inflation-rate-in-1702.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.