Purchasing power decreased by 30.19% in 1778 compared to 1777. On average, you would have to spend 30.19% more money in 1778 than in 1777 for the same item.
In other words, $1 in 1777 is equivalent in purchasing power to about $1.30 in 1778.
The 1777 inflation rate was 21.84%. The inflation rate in 1778 was 30.19%. The 1778 inflation rate is higher compared to the average inflation rate of 1.22% per year between 1778 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1778 was 13.80. It was 10.60 in the previous year, 1777. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
|Average inflation rate||30.19%|
|Converted amount ($1 base)||$1.30|
|Price difference ($1 base)||$0.30|
|CPI in 1777||10.600|
|CPI in 1778||13.800|
|Inflation in 1777||21.84%|
|Inflation in 1778||30.19%|
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1777 would be equivalent to £1.03 in 1778, an absolute change of £0.03 and a cumulative change of 2.90%.
Compare these numbers to the US's overall absolute change of $0.30 and total percent change of 30.19%.
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 1777 and 1778.
Compare these values to the overall average of 30.19% per year:
|Category||Avg Inflation (%)||Total Inflation (%)||$1 in 1777 → 1778|
|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 1777. 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 10.6 in the year 1777 and 13.8 in 1778:
$1 in 1777 has the same "purchasing power" or "buying power" as $1.30 in 1778.
To get the total inflation rate for the 1 years between 1777 and 1778, we use the following formula:
Plugging in the values to this equation, we get:
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: “Inflation Rate in 1778 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 Apr. 2019, https://www.officialdata.org/inflation-rate-in-1778.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.