According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 2,012.52% higher in 2024 versus 1940 (a $4,830,041.33 difference in value).
Between 1940 and 2024: Chicago experienced an average inflation rate of 3.70% per year. This rate of change indicates significant inflation. In other words, $240,000 in Chicago in the year 1940 would cost $5,070,041.33 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.77% during this same period, inflation in Chicago was lower.
In the year 1940: Pricing changed by 0.55%, which is significantly below the average yearly change in Chicago during the 1940-2024 time period. Compared to inflation for all items in 1940 (0.72%), inflation in Chicago was lower.
Below are calculations of equivalent buying power in Chicago, over time, for $240,000 beginning in 1940. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1940 | $240,000.00 | 0.55% |
| 1941 | $252,616.31 | 5.26% |
| 1942 | $277,703.93 | 9.93% |
| 1943 | $293,220.54 | 5.59% |
| 1944 | $297,716.01 | 1.53% |
| 1945 | $304,096.68 | 2.14% |
| 1946 | $331,214.50 | 8.92% |
| 1947 | $384,725.08 | 16.16% |
| 1948 | $418,223.56 | 8.71% |
| 1949 | $417,788.52 | -0.10% |
| 1950 | $421,993.96 | 1.01% |
| 1951 | $455,202.42 | 7.87% |
| 1952 | $465,063.44 | 2.17% |
| 1953 | $469,123.87 | 0.87% |
| 1954 | $476,084.59 | 1.48% |
| 1955 | $479,274.92 | 0.67% |
| 1956 | $485,945.62 | 1.39% |
| 1957 | $501,752.27 | 3.25% |
| 1958 | $516,978.85 | 3.03% |
| 1959 | $521,184.29 | 0.81% |
| 1960 | $528,435.05 | 1.39% |
| 1961 | $531,045.32 | 0.49% |
| 1962 | $536,555.89 | 1.04% |
| 1963 | $541,921.45 | 1.00% |
| 1964 | $544,096.68 | 0.40% |
| 1965 | $551,347.43 | 1.33% |
| 1966 | $567,879.15 | 3.00% |
| 1967 | $582,670.69 | 2.60% |
| 1968 | $607,323.26 | 4.23% |
| 1969 | $640,531.72 | 5.47% |
| 1970 | $677,220.54 | 5.73% |
| 1971 | $703,903.32 | 3.94% |
| 1972 | $723,915.41 | 2.84% |
| 1973 | $769,305.14 | 6.27% |
| 1974 | $850,658.61 | 10.57% |
| 1975 | $917,800.60 | 7.89% |
| 1976 | $961,740.18 | 4.79% |
| 1977 | $1,022,211.48 | 6.29% |
| 1978 | $1,111,105.74 | 8.70% |
| 1979 | $1,249,740.18 | 12.48% |
| 1980 | $1,429,993.96 | 14.42% |
| 1981 | $1,566,888.22 | 9.57% |
| 1982 | $1,673,764.35 | 6.82% |
| 1983 | $1,740,471.30 | 3.99% |
| 1984 | $1,806,163.14 | 3.77% |
| 1985 | $1,874,320.24 | 3.77% |
| 1986 | $1,913,474.32 | 2.09% |
| 1987 | $1,992,362.54 | 4.12% |
| 1988 | $2,070,235.65 | 3.91% |
| 1989 | $2,174,936.56 | 5.06% |
| 1990 | $2,291,818.73 | 5.37% |
| 1991 | $2,384,773.41 | 4.06% |
| 1992 | $2,454,670.69 | 2.93% |
| 1993 | $2,530,368.58 | 3.08% |
| 1994 | $2,585,764.35 | 2.19% |
| 1995 | $2,667,987.92 | 3.18% |
| 1996 | $2,739,335.35 | 2.67% |
| 1997 | $2,814,308.16 | 2.74% |
| 1998 | $2,871,009.06 | 2.01% |
| 1999 | $2,930,465.26 | 2.07% |
| 2000 | $3,024,580.06 | 3.21% |
| 2001 | $3,103,323.26 | 2.60% |
| 2002 | $3,152,773.41 | 1.59% |
| 2003 | $3,210,779.46 | 1.84% |
| 2004 | $3,282,561.93 | 2.24% |
| 2005 | $3,381,897.28 | 3.03% |
| 2006 | $3,451,214.50 | 2.05% |
| 2007 | $3,564,197.22 | 3.27% |
| 2008 | $3,698,504.41 | 3.77% |
| 2009 | $3,654,295.11 | -1.20% |
| 2010 | $3,704,331.12 | 1.37% |
| 2011 | $3,805,500.91 | 2.73% |
| 2012 | $3,863,285.08 | 1.52% |
| 2013 | $3,907,492.93 | 1.14% |
| 2014 | $3,975,752.99 | 1.75% |
| 2015 | $3,963,999.52 | -0.30% |
| 2016 | $3,990,266.10 | 0.66% |
| 2017 | $4,065,260.66 | 1.88% |
| 2018 | $4,136,519.64 | 1.75% |
| 2019 | $4,196,980.79 | 1.46% |
| 2020 | $4,243,827.92 | 1.12% |
| 2021 | $4,422,828.76 | 4.22% |
| 2022 | $4,756,891.36 | 7.55% |
| 2023 | $4,915,133.29 | 3.33% |
| 2024 | $5,070,041.33 | 3.15%* |
* 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 | 291.351 |