Purchasing power decreased by 1.72% in 1960 compared to the previous year, 1959. On average, you would have to spend 1.72% more money in 1960 than in 1959 for the same item.
In other words, $100 in 1959 is equivalent in purchasing power to $101.72 in 1960.
The 1959 inflation rate was 0.69%. The inflation rate in 1960 was 1.72%. The 1960 inflation rate is lower compared to the average inflation rate of 3.76% per year between 1960 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1960 was 29.6. It was 29.1 in the previous year, 1959. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
|Average inflation rate||1.72%|
|Converted amount ($100 base)||$101.72|
|Price difference ($100 base)||$1.72|
|CPI in 1959||29.1|
|CPI in 1960||29.6|
|Inflation in 1959||0.69%|
|Inflation in 1960||1.72%|
Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1959 to 1960 (figures shown are purchasing power equivalents of $100):
San Francisco, California experienced the highest rate of inflation during the 1 years between 1959 and 1960 (2.06%).
Detroit, Michigan experienced the lowest rate of inflation during the 1 years between 1959 and 1960 (0.82%).
Inflation can also vary widely by country. For comparison, in the UK £100.00 in 1959 would be equivalent to £101.03 in 1960, an absolute change of £1.03 and a cumulative change of 1.03%.
In Canada, CA$100.00 in 1959 would be equivalent to CA$101.29 in 1960, an absolute change of CA$1.29 and a cumulative change of 1.29%.
Compare these numbers to the US's overall absolute change of $1.72 and total percent change of 1.72%.
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 1959 and 1960.
Compare these values to the overall average of 1.72% per year:
|Category||Avg Inflation (%)||Total Inflation (%)||$100 in 1959 → 1960|
|Used cars and trucks||0.00||0.00||100.00|
|Medical care services||4.11||4.11||104.11|
|Medical care commodities||0.00||0.00||100.00|
It's important to note that not all categories may be tracked since 1959. 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 29.1 in the year 1959 and 29.6 in 1960:
$100 in 1959 has the same "purchasing power" or "buying power" as $101.72 in 1960.
To get the total inflation rate for the 1 years between 1959 and 1960, we use the following formula:
Plugging in the values to this equation, we get:
The above data describe the CPI for all items. Also of note is the Core CPI, which measures inflation for all items except for the more volatile categories of food and energy. Core inflation averaged 1.55% per year between 1959 and 1960 (vs all-CPI inflation of 1.72%), for an inflation total of 1.55%.
When using the core inflation measurement, $100 in 1959 is equivalent in buying power to $101.55 in 1960, a difference of $1.55. Recall that for All Items, the converted amount is $101.72 with a difference of $1.72.
In 1959, core inflation was 1.97%.
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 1960 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 20 Sep. 2018, https://www.officialdata.org/inflation-rate-in-1960.
in2013dollars.com is a reference website maintained by the Official Data Foundation.