Purchasing power decreased by 12.99% in 1776 compared to the previous year, 1775. On average, you would have to spend 12.99% more money in 1776 than in 1775 for the same item.
In other words, $1 in 1775 is equivalent in purchasing power to $1.13 in 1776.
The 1775 inflation rate was -4.94%. The inflation rate in 1776 was 12.99%. The 1776 inflation rate is higher compared to the average inflation rate of 1.40% per year between 1776 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1776 was 8.7. It was 7.7 in the previous year, 1775. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
|Average inflation rate||12.99%|
|Converted amount ($1 base)||$1.13|
|Price difference ($1 base)||$0.13|
|CPI in 1775||7.700|
|CPI in 1776||8.700|
|Inflation in 1775||-4.94%|
|Inflation in 1776||12.99%|
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1775 would be equivalent to £0.99 in 1776, an absolute change of £-0.01 and a cumulative change of -1.43%.
Compare these numbers to the US's overall absolute change of $0.13 and total percent change of 12.99%.
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 1775 and 1776.
Compare these values to the overall average of 12.99% per year:
|Category||Avg Inflation (%)||Total Inflation (%)||$1 in 1775 → 1776|
|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 1775. 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 7.7 in the year 1775 and 8.7 in 1776:
$1 in 1775 has the same "purchasing power" or "buying power" as $1.13 in 1776.
To get the total inflation rate for the 1 years between 1775 and 1776, 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 1776 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 16 Dec. 2018, https://www.officialdata.org/inflation-rate-in-1776.
in2013dollars.com is a reference website maintained by the Official Data Foundation.