U.S. inflation rate in 1864: 24.60%

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Inflation in 1864 and Its Effect on Dollar Value

Purchasing power decreased by 24.60% in 1864 compared to the previous year, 1863. On average, you would have to spend 24.60% more money in 1864 than in 1863 for the same item.

In other words, $1 in 1863 is equivalent in purchasing power to $1.25 in 1864.

The 1863 inflation rate was 24.75%. The inflation rate in 1864 was 24.60%. The 1864 inflation rate is higher compared to the average inflation rate of 1.82% per year between 1864 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1864 was 15.7. It was 12.6 in the previous year, 1863. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.


Inflation from 1863 to 1864
Average inflation rate 24.60%
Converted amount ($1 base) $1.25
Price difference ($1 base) $0.25
CPI in 1863 12.600
CPI in 1864 15.700
Inflation in 1863 24.75%
Inflation in 1864 24.60%


U.S. inflation chart since 1665


Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1863 would be equivalent to £0.99 in 1864, an absolute change of £-0.01 and a cumulative change of -1.11%.

Compare these numbers to the US's overall absolute change of $0.25 and total percent change of 24.60%.


Inflation by Spending Category

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 1863 and 1864.

Compare these values to the overall average of 24.60% per year:

Category Avg Inflation (%) Total Inflation (%) $1 in 1863 → 1864
Food 0.00 0.00 1.00
Shelter 0.00 0.00 1.00
Energy 0.00 0.00 1.00
Apparel 0.00 0.00 1.00
New vehicles 0.00 0.00 1.00
Used cars and trucks 0.00 0.00 1.00
Transportation services 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 1863. This table and visualization use the earliest available data for each category.



How to Calculate Inflation Rate for $1, 1863 to 1864

This inflation calculator uses the following inflation rate formula:

CPI in 1864CPI in 1863
×
1863 USD value
=
1864 USD value

Then plug in historical CPI values. The U.S. CPI was 12.6 in the year 1863 and 15.7 in 1864:

15.712.6
×
$1
=
$1.25

$1 in 1863 has the same "purchasing power" or "buying power" as $1.25 in 1864.

To get the total inflation rate for the 1 years between 1863 and 1864, we use the following formula:

CPI in 1864 - CPI in 1863CPI in 1863
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

15.7 - 12.612.6
×
100
=
25%

News headlines from 1863

Politics and news often influence economic performance. Here's what was happening at the time:

  • Slavery ends in the Unites States, after President Lincoln issues Emancipation Proclamation, setting all slaves free.
  • Bahá'u'lláh, founder of the Bahá'í Faith, enters gardens of Rivden and makes the declaration of aha'u'llah during the short time he spent there
  • The Union wins a major victory in the Battle of Gettysburg, the largest of the Civil War.

Data Source & Citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (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 1864 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 13 Dec. 2018, https://www.officialdata.org/inflation-rate-in-1864.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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