According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 2,012.52% higher in 2024 versus 1940 (a $19,118,913.60 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, $950,000 in Chicago in the year 1940 would cost $20,068,913.60 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 $950,000 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 | $950,000.00 | 0.55% |
1941 | $999,939.58 | 5.26% |
1942 | $1,099,244.71 | 9.93% |
1943 | $1,160,664.65 | 5.59% |
1944 | $1,178,459.21 | 1.53% |
1945 | $1,203,716.01 | 2.14% |
1946 | $1,311,057.40 | 8.92% |
1947 | $1,522,870.09 | 16.16% |
1948 | $1,655,468.28 | 8.71% |
1949 | $1,653,746.22 | -0.10% |
1950 | $1,670,392.75 | 1.01% |
1951 | $1,801,842.90 | 7.87% |
1952 | $1,840,876.13 | 2.17% |
1953 | $1,856,948.64 | 0.87% |
1954 | $1,884,501.51 | 1.48% |
1955 | $1,897,129.91 | 0.67% |
1956 | $1,923,534.74 | 1.39% |
1957 | $1,986,102.72 | 3.25% |
1958 | $2,046,374.62 | 3.03% |
1959 | $2,063,021.15 | 0.81% |
1960 | $2,091,722.05 | 1.39% |
1961 | $2,102,054.38 | 0.49% |
1962 | $2,123,867.07 | 1.04% |
1963 | $2,145,105.74 | 1.00% |
1964 | $2,153,716.01 | 0.40% |
1965 | $2,182,416.92 | 1.33% |
1966 | $2,247,854.98 | 3.00% |
1967 | $2,306,404.83 | 2.60% |
1968 | $2,403,987.92 | 4.23% |
1969 | $2,535,438.07 | 5.47% |
1970 | $2,680,664.65 | 5.73% |
1971 | $2,786,283.99 | 3.94% |
1972 | $2,865,498.49 | 2.84% |
1973 | $3,045,166.16 | 6.27% |
1974 | $3,367,190.33 | 10.57% |
1975 | $3,632,960.73 | 7.89% |
1976 | $3,806,888.22 | 4.79% |
1977 | $4,046,253.78 | 6.29% |
1978 | $4,398,126.89 | 8.70% |
1979 | $4,946,888.22 | 12.48% |
1980 | $5,660,392.75 | 14.42% |
1981 | $6,202,265.86 | 9.57% |
1982 | $6,625,317.22 | 6.82% |
1983 | $6,889,365.56 | 3.99% |
1984 | $7,149,395.77 | 3.77% |
1985 | $7,419,184.29 | 3.77% |
1986 | $7,574,169.18 | 2.09% |
1987 | $7,886,435.05 | 4.12% |
1988 | $8,194,682.78 | 3.91% |
1989 | $8,609,123.87 | 5.06% |
1990 | $9,071,782.48 | 5.37% |
1991 | $9,439,728.10 | 4.06% |
1992 | $9,716,404.83 | 2.93% |
1993 | $10,016,042.30 | 3.08% |
1994 | $10,235,317.22 | 2.19% |
1995 | $10,560,785.50 | 3.18% |
1996 | $10,843,202.42 | 2.67% |
1997 | $11,139,969.79 | 2.74% |
1998 | $11,364,410.88 | 2.01% |
1999 | $11,599,758.31 | 2.07% |
2000 | $11,972,296.07 | 3.21% |
2001 | $12,283,987.92 | 2.60% |
2002 | $12,479,728.10 | 1.59% |
2003 | $12,709,335.35 | 1.84% |
2004 | $12,993,474.32 | 2.24% |
2005 | $13,386,676.74 | 3.03% |
2006 | $13,661,057.40 | 2.05% |
2007 | $14,108,280.66 | 3.27% |
2008 | $14,639,913.29 | 3.77% |
2009 | $14,464,918.13 | -1.20% |
2010 | $14,662,977.34 | 1.37% |
2011 | $15,063,441.09 | 2.73% |
2012 | $15,292,170.09 | 1.52% |
2013 | $15,467,159.52 | 1.14% |
2014 | $15,737,355.59 | 1.75% |
2015 | $15,690,831.42 | -0.30% |
2016 | $15,794,803.32 | 0.66% |
2017 | $16,091,656.80 | 1.88% |
2018 | $16,373,723.56 | 1.75% |
2019 | $16,613,048.94 | 1.46% |
2020 | $16,798,485.50 | 1.12% |
2021 | $17,507,030.51 | 4.22% |
2022 | $18,829,361.63 | 7.55% |
2023 | $19,455,735.95 | 3.33% |
2024 | $20,068,913.60 | 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 |