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 consumer price index, the dollar experienced an average inflation rate of 3.94% per year. Prices in 2018 are 515.0% higher than prices in 1971.
In other words, $1 in the year 1971 is equivalent in purchasing power to $6.15 in 2018, a difference of $5.15 over 47 years.
|Cumulative price change||515.00%|
|Average inflation rate||3.94%|
|Price difference ($1 base)||$5.15|
|CPI in 1971||40.5|
|CPI in 2018||248.991|
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 1971 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Apr. 2018, http://www.in2013dollars.com/inflation-rate-in-1971.