According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 1,990.76% higher in 2024 versus 1940 (a $18,314,998.67 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, $920,000 in Chicago in the year 1940 would cost $19,234,998.67 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 $920,000 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 | $920,000.00 | 0.55% |
1941 | $968,362.54 | 5.26% |
1942 | $1,064,531.72 | 9.93% |
1943 | $1,124,012.08 | 5.59% |
1944 | $1,141,244.71 | 1.53% |
1945 | $1,165,703.93 | 2.14% |
1946 | $1,269,655.59 | 8.92% |
1947 | $1,474,779.46 | 16.16% |
1948 | $1,603,190.33 | 8.71% |
1949 | $1,601,522.66 | -0.10% |
1950 | $1,617,643.50 | 1.01% |
1951 | $1,744,942.60 | 7.87% |
1952 | $1,782,743.20 | 2.17% |
1953 | $1,798,308.16 | 0.87% |
1954 | $1,824,990.94 | 1.48% |
1955 | $1,837,220.54 | 0.67% |
1956 | $1,862,791.54 | 1.39% |
1957 | $1,923,383.69 | 3.25% |
1958 | $1,981,752.27 | 3.03% |
1959 | $1,997,873.11 | 0.81% |
1960 | $2,025,667.67 | 1.39% |
1961 | $2,035,673.72 | 0.49% |
1962 | $2,056,797.58 | 1.04% |
1963 | $2,077,365.56 | 1.00% |
1964 | $2,085,703.93 | 0.40% |
1965 | $2,113,498.49 | 1.33% |
1966 | $2,176,870.09 | 3.00% |
1967 | $2,233,571.00 | 2.60% |
1968 | $2,328,072.51 | 4.23% |
1969 | $2,455,371.60 | 5.47% |
1970 | $2,596,012.08 | 5.73% |
1971 | $2,698,296.07 | 3.94% |
1972 | $2,775,009.06 | 2.84% |
1973 | $2,949,003.02 | 6.27% |
1974 | $3,260,858.01 | 10.57% |
1975 | $3,518,235.65 | 7.89% |
1976 | $3,686,670.69 | 4.79% |
1977 | $3,918,477.34 | 6.29% |
1978 | $4,259,238.67 | 8.70% |
1979 | $4,790,670.69 | 12.48% |
1980 | $5,481,643.50 | 14.42% |
1981 | $6,006,404.83 | 9.57% |
1982 | $6,416,096.68 | 6.82% |
1983 | $6,671,806.65 | 3.99% |
1984 | $6,923,625.38 | 3.77% |
1985 | $7,184,894.26 | 3.77% |
1986 | $7,334,984.89 | 2.09% |
1987 | $7,637,389.73 | 4.12% |
1988 | $7,935,903.32 | 3.91% |
1989 | $8,337,256.80 | 5.06% |
1990 | $8,785,305.14 | 5.37% |
1991 | $9,141,631.42 | 4.06% |
1992 | $9,409,571.00 | 2.93% |
1993 | $9,699,746.22 | 3.08% |
1994 | $9,912,096.68 | 2.19% |
1995 | $10,227,287.01 | 3.18% |
1996 | $10,500,785.50 | 2.67% |
1997 | $10,788,181.27 | 2.74% |
1998 | $11,005,534.74 | 2.01% |
1999 | $11,233,450.15 | 2.07% |
2000 | $11,594,223.56 | 3.21% |
2001 | $11,896,072.51 | 2.60% |
2002 | $12,085,631.42 | 1.59% |
2003 | $12,307,987.92 | 1.84% |
2004 | $12,583,154.08 | 2.24% |
2005 | $12,963,939.58 | 3.03% |
2006 | $13,229,655.59 | 2.05% |
2007 | $13,662,756.01 | 3.27% |
2008 | $14,177,600.24 | 3.77% |
2009 | $14,008,131.24 | -1.20% |
2010 | $14,199,935.95 | 1.37% |
2011 | $14,587,753.47 | 2.73% |
2012 | $14,809,259.46 | 1.52% |
2013 | $14,978,722.90 | 1.14% |
2014 | $15,240,386.47 | 1.75% |
2015 | $15,195,331.48 | -0.30% |
2016 | $15,296,020.06 | 0.66% |
2017 | $15,583,499.21 | 1.88% |
2018 | $15,856,658.61 | 1.75% |
2019 | $16,088,426.34 | 1.46% |
2020 | $16,268,007.01 | 1.12% |
2021 | $16,954,176.92 | 4.22% |
2022 | $18,234,750.21 | 7.55% |
2023 | $18,841,344.29 | 3.33% |
2024 | $19,234,998.67 | 2.09%* |
* 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 | 288.351 |