The consumer price index (CPI) in 1971 was 40.5. the Bureau of Labor Statistics uses this CPI value to track inflation on a monthly basis.
According to the Bureau of Labor Statistics, the dollar experienced an average inflation rate of 3.99% per year. Prices in 2017 are 504.0% higher than prices in 1971.
In other words, $1 in the year 1971 is equivalent to $6.04 in 2017, a difference of $5.04 over 46 years.
|Cumulative price change||504.00%|
|Average inflation rate||3.99%|
|Price difference ($1 base)||$5.04|
|CPI in 1971||40.5|
|CPI in 2017||244.786|
Politics and news often play an important role in economic performance.
Inflation Data Source: 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.