According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 1,996.23% higher in 2024 versus 1940 (a $1,736,721.02 difference in value).
Between 1940 and 2024: Chicago experienced an average inflation rate of 3.69% per year. This rate of change indicates significant inflation. In other words, $87,000 in Chicago in the year 1940 would cost $1,823,721.02 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.76% 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 $87,000 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 | $87,000.00 | 0.55% |
1941 | $91,573.41 | 5.26% |
1942 | $100,667.67 | 9.93% |
1943 | $106,292.45 | 5.59% |
1944 | $107,922.05 | 1.53% |
1945 | $110,235.05 | 2.14% |
1946 | $120,065.26 | 8.92% |
1947 | $139,462.84 | 16.16% |
1948 | $151,606.04 | 8.71% |
1949 | $151,448.34 | -0.10% |
1950 | $152,972.81 | 1.01% |
1951 | $165,010.88 | 7.87% |
1952 | $168,585.50 | 2.17% |
1953 | $170,057.40 | 0.87% |
1954 | $172,580.66 | 1.48% |
1955 | $173,737.16 | 0.67% |
1956 | $176,155.29 | 1.39% |
1957 | $181,885.20 | 3.25% |
1958 | $187,404.83 | 3.03% |
1959 | $188,929.31 | 0.81% |
1960 | $191,557.70 | 1.39% |
1961 | $192,503.93 | 0.49% |
1962 | $194,501.51 | 1.04% |
1963 | $196,446.53 | 1.00% |
1964 | $197,235.05 | 0.40% |
1965 | $199,863.44 | 1.33% |
1966 | $205,856.19 | 3.00% |
1967 | $211,218.13 | 2.60% |
1968 | $220,154.68 | 4.23% |
1969 | $232,192.75 | 5.47% |
1970 | $245,492.45 | 5.73% |
1971 | $255,164.95 | 3.94% |
1972 | $262,419.34 | 2.84% |
1973 | $278,873.11 | 6.27% |
1974 | $308,363.75 | 10.57% |
1975 | $332,702.72 | 7.89% |
1976 | $348,630.82 | 4.79% |
1977 | $370,551.66 | 6.29% |
1978 | $402,775.83 | 8.70% |
1979 | $453,030.82 | 12.48% |
1980 | $518,372.81 | 14.42% |
1981 | $567,996.98 | 9.57% |
1982 | $606,739.58 | 6.82% |
1983 | $630,920.85 | 3.99% |
1984 | $654,734.14 | 3.77% |
1985 | $679,441.09 | 3.77% |
1986 | $693,634.44 | 2.09% |
1987 | $722,231.42 | 4.12% |
1988 | $750,460.42 | 3.91% |
1989 | $788,414.50 | 5.06% |
1990 | $830,784.29 | 5.37% |
1991 | $864,480.36 | 4.06% |
1992 | $889,818.13 | 2.93% |
1993 | $917,258.61 | 3.08% |
1994 | $937,339.58 | 2.19% |
1995 | $967,145.62 | 3.18% |
1996 | $993,009.06 | 2.67% |
1997 | $1,020,186.71 | 2.74% |
1998 | $1,040,740.79 | 2.01% |
1999 | $1,062,293.66 | 2.07% |
2000 | $1,096,410.27 | 3.21% |
2001 | $1,124,954.68 | 2.60% |
2002 | $1,142,880.36 | 1.59% |
2003 | $1,163,907.55 | 1.84% |
2004 | $1,189,928.70 | 2.24% |
2005 | $1,225,937.76 | 3.03% |
2006 | $1,251,065.26 | 2.05% |
2007 | $1,292,021.49 | 3.27% |
2008 | $1,340,707.85 | 3.77% |
2009 | $1,324,681.98 | -1.20% |
2010 | $1,342,820.03 | 1.37% |
2011 | $1,379,494.08 | 2.73% |
2012 | $1,400,440.84 | 1.52% |
2013 | $1,416,466.19 | 1.14% |
2014 | $1,441,210.46 | 1.75% |
2015 | $1,436,949.82 | -0.30% |
2016 | $1,446,471.46 | 0.66% |
2017 | $1,473,656.99 | 1.88% |
2018 | $1,499,488.37 | 1.75% |
2019 | $1,521,405.53 | 1.46% |
2020 | $1,538,387.62 | 1.12% |
2021 | $1,603,275.43 | 4.22% |
2022 | $1,724,373.12 | 7.55% |
2023 | $1,781,735.82 | 3.33% |
2024 | $1,823,721.02 | 2.36%* |
* 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 | 289.105 |