According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 1,518.30% higher in 2024 versus 1924 (a $8,350,624.65 difference in value).
Between 1924 and 2024: Chicago experienced an average inflation rate of 2.82% per year. This rate of change indicates significant inflation. In other words, $550,000 in Chicago in the year 1924 would cost $8,900,624.65 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.94% during this same period, inflation in Chicago was lower.
In the year 1924: Pricing changed by 1.97%, which is below the average yearly change in Chicago during the 1924-2024 time period. Compared to inflation for all items in 1924 (0.41%), inflation in Chicago was higher.
Below are calculations of equivalent buying power in Chicago, over time, for $550,000 beginning in 1924. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1924 | $550,000.00 | 1.97% |
1925 | $562,158.98 | 2.21% |
1926 | $571,989.65 | 1.75% |
1927 | $566,815.62 | -0.90% |
1928 | $549,223.89 | -3.10% |
1929 | $547,930.39 | -0.24% |
1930 | $541,980.24 | -1.09% |
1931 | $495,413.92 | -8.59% |
1932 | $437,206.02 | -11.75% |
1933 | $392,191.91 | -10.30% |
1934 | $394,778.93 | 0.66% |
1935 | $411,853.25 | 4.33% |
1936 | $420,131.70 | 2.01% |
1937 | $437,464.72 | 4.13% |
1938 | $434,360.30 | -0.71% |
1939 | $425,823.14 | -1.97% |
1940 | $428,151.46 | 0.55% |
1941 | $450,658.51 | 5.26% |
1942 | $495,413.92 | 9.93% |
1943 | $523,095.01 | 5.59% |
1944 | $531,114.77 | 1.53% |
1945 | $542,497.65 | 2.14% |
1946 | $590,874.88 | 8.92% |
1947 | $686,335.84 | 16.16% |
1948 | $746,095.95 | 8.71% |
1949 | $745,319.85 | -0.10% |
1950 | $752,822.20 | 1.01% |
1951 | $812,064.91 | 7.87% |
1952 | $829,656.63 | 2.17% |
1953 | $836,900.28 | 0.87% |
1954 | $849,317.97 | 1.48% |
1955 | $855,009.41 | 0.67% |
1956 | $866,909.69 | 1.39% |
1957 | $895,108.18 | 3.25% |
1958 | $922,271.87 | 3.03% |
1959 | $929,774.22 | 0.81% |
1960 | $942,709.31 | 1.39% |
1961 | $947,365.95 | 0.49% |
1962 | $957,196.61 | 1.04% |
1963 | $966,768.58 | 1.00% |
1964 | $970,649.11 | 0.40% |
1965 | $983,584.20 | 1.33% |
1966 | $1,013,076.20 | 3.00% |
1967 | $1,039,463.78 | 2.60% |
1968 | $1,083,443.09 | 4.23% |
1969 | $1,142,685.79 | 5.47% |
1970 | $1,208,137.35 | 5.73% |
1971 | $1,255,738.48 | 3.94% |
1972 | $1,291,439.32 | 2.84% |
1973 | $1,372,412.98 | 6.27% |
1974 | $1,517,544.68 | 10.57% |
1975 | $1,637,323.61 | 7.89% |
1976 | $1,715,710.25 | 4.79% |
1977 | $1,823,588.90 | 6.29% |
1978 | $1,982,173.10 | 8.70% |
1979 | $2,229,492.00 | 12.48% |
1980 | $2,551,058.33 | 14.42% |
1981 | $2,795,272.81 | 9.57% |
1982 | $2,985,936.03 | 6.82% |
1983 | $3,104,938.85 | 3.99% |
1984 | $3,222,130.76 | 3.77% |
1985 | $3,343,720.60 | 3.77% |
1986 | $3,413,570.08 | 2.09% |
1987 | $3,554,303.86 | 4.12% |
1988 | $3,693,226.72 | 3.91% |
1989 | $3,880,009.41 | 5.06% |
1990 | $4,088,523.05 | 5.37% |
1991 | $4,254,350.89 | 4.06% |
1992 | $4,379,045.16 | 2.93% |
1993 | $4,514,087.49 | 3.08% |
1994 | $4,612,911.57 | 2.19% |
1995 | $4,759,595.48 | 3.18% |
1996 | $4,886,876.76 | 2.67% |
1997 | $5,020,625.59 | 2.74% |
1998 | $5,121,777.99 | 2.01% |
1999 | $5,227,845.72 | 2.07% |
2000 | $5,395,743.18 | 3.21% |
2001 | $5,536,218.25 | 2.60% |
2002 | $5,624,435.56 | 1.59% |
2003 | $5,727,916.27 | 1.84% |
2004 | $5,855,973.66 | 2.24% |
2005 | $6,033,184.38 | 3.03% |
2006 | $6,156,843.84 | 2.05% |
2007 | $6,358,400.99 | 3.27% |
2008 | $6,598,000.24 | 3.77% |
2009 | $6,519,132.41 | -1.20% |
2010 | $6,608,394.87 | 1.37% |
2011 | $6,788,878.17 | 2.73% |
2012 | $6,891,963.08 | 1.52% |
2013 | $6,970,828.32 | 1.14% |
2014 | $7,092,601.83 | 1.75% |
2015 | $7,071,634.05 | -0.30% |
2016 | $7,118,492.71 | 0.66% |
2017 | $7,252,280.34 | 1.88% |
2018 | $7,379,403.81 | 1.75% |
2019 | $7,487,264.35 | 1.46% |
2020 | $7,570,837.96 | 1.12% |
2021 | $7,890,169.10 | 4.22% |
2022 | $8,486,124.88 | 7.55% |
2023 | $8,768,422.86 | 3.33% |
2024 | $8,900,624.65 | 1.51%* |
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Chicago, Illinois:
Year | 1914 | 1915 | 1916 | 1917 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 | 1929 | 1930 | 1931 | 1932 | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
CPI | 10.000 | 10.017 | 10.317 | 11.758 | 13.733 | 16.667 | 19.850 | 18.175 | 17.167 | 17.375 | 17.717 | 18.108 | 18.425 | 18.258 | 17.692 | 17.650 | 17.458 | 15.958 | 14.083 | 12.633 | 12.717 | 13.267 | 13.533 | 14.092 | 13.992 | 13.717 | 13.792 | 14.517 | 15.958 | 16.850 | 17.108 | 17.475 | 19.033 | 22.108 | 24.033 | 24.008 | 24.250 | 26.158 | 26.725 | 26.958 | 27.358 | 27.542 | 27.925 | 28.833 | 29.708 | 29.950 | 30.367 | 30.517 | 30.833 | 31.142 | 31.267 | 31.683 | 32.633 | 33.483 | 34.900 | 36.808 | 38.917 | 40.450 | 41.600 | 44.208 | 48.883 | 52.742 | 55.267 | 58.742 | 63.850 | 71.817 | 82.175 | 90.042 | 96.183 | 100.017 | 103.792 | 107.708 | 109.958 | 114.492 | 118.967 | 124.983 | 131.700 | 137.042 | 141.058 | 145.408 | 148.592 | 153.317 | 157.417 | 161.725 | 164.983 | 168.400 | 173.808 | 178.333 | 181.175 | 184.508 | 188.633 | 194.342 | 198.325 | 204.818 | 212.536 | 209.995 | 212.870 | 218.684 | 222.005 | 224.545 | 228.468 | 227.792 | 229.302 | 233.611 | 237.706 | 241.181 | 243.873 | 254.159 | 273.356 | 282.450 | 286.708 |