Purchasing power increased by 11.59% in 1779 compared to the previous year, 1778. On average, you would have to spend 11.59% less money in 1779 than in 1778 for the same item. This is an example of deflation.
In other words, $1 in 1778 is equivalent in purchasing power to $0.88 in 1779.
The 1778 inflation rate was 30.19%. The inflation rate in 1779 was -11.59%. The 1779 inflation rate is lower compared to the average inflation rate of 1.28% per year between 1779 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1779 was 12.2. It was 13.8 in the previous year, 1778. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation. Because the 1779 CPI is less than 1778 CPI, negative inflation (also known as deflation) has occurred.
|Average inflation rate||-11.59%|
|Converted amount ($1 base)||$0.88|
|Price difference ($1 base)||$-0.12|
|CPI in 1778||13.800|
|CPI in 1779||12.200|
|Inflation in 1778||30.19%|
|Inflation in 1779||-11.59%|
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1778 would be equivalent to £0.92 in 1779, an absolute change of £-0.08 and a cumulative change of -8.45%.
Compare these numbers to the US's overall absolute change of $-0.12 and total percent change of -11.59%.
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 1778 and 1779.
Compare these values to the overall average of -11.59% per year:
|Category||Avg Inflation (%)||Total Inflation (%)||$1 in 1778 → 1779|
|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 1778. 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 13.8 in the year 1778 and 12.2 in 1779:
$1 in 1778 has the same "purchasing power" or "buying power" as $0.88 in 1779.
To get the total inflation rate for the 1 years between 1778 and 1779, 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 1779 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Dec. 2018, https://www.officialdata.org/inflation-rate-in-1779.
in2013dollars.com is a reference website maintained by the Official Data Foundation.