Chicago price inflation, 1924→2023

Inflation in Illinois

Prices in Chicago, 1924-2023 ($89,000)

According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 1,466.21% higher in 2023 versus 1924 (a $1,304,925.87 difference in value).

Between 1924 and 2023: Chicago experienced an average inflation rate of 2.82% per year. This rate of change indicates significant inflation. In other words, $89,000 in Chicago in the year 1924 would cost $1,393,925.87 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.93% 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 1924-2023 time period. Compared to inflation for all items in 1924 (0.41%), inflation in Chicago was higher.

Price Inflation in Chicago, Illinois since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1919 (21.36%), 1920 (19.10%), and 1918 (16.80%).

View price changes for other categories
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Buying power of $89,000.00 since 1924

Below are calculations of equivalent buying power in Chicago, over time, for $89,000 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	$89,000.00	1.97%
1925	$90,967.54	2.21%
1926	$92,558.33	1.75%
1927	$91,721.07	-0.90%
1928	$88,874.41	-3.10%
1929	$88,665.10	-0.24%
1930	$87,702.26	-1.09%
1931	$80,166.98	-8.59%
1932	$70,747.88	-11.75%
1933	$63,463.78	-10.30%
1934	$63,882.41	0.66%
1935	$66,645.34	4.33%
1936	$67,984.95	2.01%
1937	$70,789.75	4.13%
1938	$70,287.39	-0.71%
1939	$68,905.93	-1.97%
1940	$69,282.69	0.55%
1941	$72,924.74	5.26%
1942	$80,166.98	9.93%
1943	$84,646.28	5.59%
1944	$85,944.03	1.53%
1945	$87,785.98	2.14%
1946	$95,614.30	8.92%
1947	$111,061.62	16.16%
1948	$120,731.89	8.71%
1949	$120,606.30	-0.10%
1950	$121,820.32	1.01%
1951	$131,406.87	7.87%
1952	$134,253.53	2.17%
1953	$135,425.68	0.87%
1954	$137,435.09	1.48%
1955	$138,356.07	0.67%
1956	$140,281.75	1.39%
1957	$144,844.78	3.25%
1958	$149,240.36	3.03%
1959	$150,454.37	0.81%
1960	$152,547.51	1.39%
1961	$153,301.03	0.49%
1962	$154,891.82	1.04%
1963	$156,440.73	1.00%
1964	$157,068.67	0.40%
1965	$159,161.81	1.33%
1966	$163,934.15	3.00%
1967	$168,204.14	2.60%
1968	$175,320.79	4.23%
1969	$184,907.34	5.47%
1970	$195,498.59	5.73%
1971	$203,201.32	3.94%
1972	$208,978.36	2.84%
1973	$222,081.37	6.27%
1974	$245,566.32	10.57%
1975	$264,948.73	7.89%
1976	$277,633.11	4.79%
1977	$295,089.84	6.29%
1978	$320,751.65	8.70%
1979	$360,772.34	12.48%
1980	$412,807.62	14.42%
1981	$452,325.96	9.57%
1982	$483,178.74	6.82%
1983	$502,435.56	3.99%
1984	$521,399.34	3.77%
1985	$541,074.79	3.77%
1986	$552,377.70	2.09%
1987	$575,150.99	4.12%
1988	$597,631.23	3.91%
1989	$627,856.07	5.06%
1990	$661,597.37	5.37%
1991	$688,431.33	4.06%
1992	$708,609.13	2.93%
1993	$730,461.43	3.08%
1994	$746,452.96	2.19%
1995	$770,189.09	3.18%
1996	$790,785.51	2.67%
1997	$812,428.50	2.74%
1998	$828,796.80	2.01%
1999	$845,960.49	2.07%
2000	$873,129.35	3.21%
2001	$895,860.77	2.60%
2002	$910,135.94	1.59%
2003	$926,881.00	1.84%
2004	$947,603.01	2.24%
2005	$976,278.93	3.03%
2006	$996,289.28	2.05%
2007	$1,028,904.89	3.27%
2008	$1,067,676.40	3.77%
2009	$1,054,914.15	-1.20%
2010	$1,069,358.44	1.37%
2011	$1,098,563.92	2.73%
2012	$1,115,244.93	1.52%
2013	$1,128,006.76	1.14%
2014	$1,147,711.93	1.75%
2015	$1,144,318.97	-0.30%
2016	$1,151,901.55	0.66%
2017	$1,173,550.82	1.88%
2018	$1,194,121.71	1.75%
2019	$1,211,575.50	1.46%
2020	$1,225,099.23	1.12%
2021	$1,276,772.82	4.22%
2022	$1,373,209.30	7.55%
2023	$1,393,925.87	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
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	277.480

Adjust Chicago prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1924 * 1924 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Chicago, Illinois was 17.717 in the year 1924 and 277.480 in 2023:

277.480 / 17.717 * $89,000 = $1,393,925.87

Therefore, according to U.S. Bureau of Labor Statistics, $89,000 in 1924 has the same "purchasing power" as $1,393,925.87 in 2023 (in the CPI category of Chicago, Illinois).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Chicago, Illinois in 1914. In addition to Chicago, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.