U.S. inflation rate in 1998: 1.56%

Inflation Calculator


U.S. Inflation Rate, 1998-2018 ($1)

The consumer price index (CPI) in 1998 was 163. 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 2.15% per year. Prices in 2018 are 53.0% higher than prices in 1998.

In other words, $1 in the year 1998 is equivalent in purchasing power to $1.53 in 2018, a difference of $0.53 over 20 years.

The current inflation rate in 2018 is 1.72%1. If this number holds, $1 today will be equivalent to $1.02 next year.

Inflation from 1998 to 2018
Cumulative price change 53.00%
Average inflation rate 2.15%
Price difference ($1 base) $0.53
CPI in 1998 163
CPI in 2018 248.991

U.S. inflation from 1913 to 2017

Inflation rates for specific categories

New trucks · Milk · Baby food · More

Inflation-adjusted measures

S&P 500 price · S&P 500 earnings · Shiller P/E

How to calculate the inflation rate for $1 since 1998

Start with the inflation rate formula:

CPI in 2018 / CPI in 1998 * 1998 USD value = 2018 USD value

Then plug in historical CPI values. The U.S. CPI was 163 in the year 1998 and 248.991 in 2018:

248.991 / 163 * $1 = $1.53

$1 in 1998 has the same "purchasing power" as $1.53 in 2018.

News headlines from 1998

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

  • Osama Bin Laden declares a Jihad against Jews and Crusaders.
  • The Good Friday Agreement is accepted in a referendum in Northern Ireland.
  • President of the US Bill Clinton admits that he had an "improper physical relationship" with an intern and then denied it in the same day. The event has come to be known as the Monica Lewinsky scandal.

Inflation Data Source

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 1998 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 22 Apr. 2018, http://www.in2013dollars.com/inflation-rate-in-1998.

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