Chicago, Illinois prices: $1 in 1971 $6.62 in 2022

Inflation in Illinois

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Prices in Chicago, 1971-2022 ($1)

According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 562.47% higher in 2022 versus 1971 (a $5.62 difference in value).

Between 1971 and 2022: Chicago experienced an average inflation rate of 3.78% per year. This rate of change indicates significant inflation. In other words, $1 in Chicago in the year 1971 would cost $6.62 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.95% during this same period, inflation in Chicago was lower.

In the year 1971: Pricing changed by 3.94%, which is above the average yearly change in Chicago during the 1971-2022 time period. Compared to inflation for all items in 1971 (4.30%), inflation in Chicago was lower.

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 $1.00 since 1971

Below are calculations of equivalent buying power in Chicago, over time, for $1 beginning in 1971. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1971$1.003.94%
1972$1.032.84%
1973$1.096.27%
1974$1.2110.57%
1975$1.307.89%
1976$1.374.79%
1977$1.456.29%
1978$1.588.70%
1979$1.7812.48%
1980$2.0314.42%
1981$2.239.57%
1982$2.386.82%
1983$2.473.99%
1984$2.573.77%
1985$2.663.77%
1986$2.722.09%
1987$2.834.12%
1988$2.943.91%
1989$3.095.06%
1990$3.265.37%
1991$3.394.06%
1992$3.492.93%
1993$3.593.08%
1994$3.672.19%
1995$3.793.18%
1996$3.892.67%
1997$4.002.74%
1998$4.082.01%
1999$4.162.07%
2000$4.303.21%
2001$4.412.60%
2002$4.481.59%
2003$4.561.84%
2004$4.662.24%
2005$4.803.03%
2006$4.902.05%
2007$5.063.27%
2008$5.253.77%
2009$5.19-1.20%
2010$5.261.37%
2011$5.412.73%
2012$5.491.52%
2013$5.551.14%
2014$5.651.75%
2015$5.63-0.30%
2016$5.670.66%
2017$5.781.88%
2018$5.881.75%
2019$5.961.46%
2020$6.031.12%
2021$6.284.22%
2022$6.625.43%*

* 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:

Year1914191519161917191819191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
CPI10.00010.01710.31711.75813.73316.66719.85018.17517.16717.37517.71718.10818.42518.25817.69217.65017.45815.95814.08312.63312.71713.26713.53314.09213.99213.71713.79214.51715.95816.85017.10817.47519.03322.10824.03324.00824.25026.15826.72526.95827.35827.54227.92528.83329.70829.95030.36730.51730.83331.14231.26731.68332.63333.48334.90036.80838.91740.45041.60044.20848.88352.74255.26758.74263.85071.81782.17590.04296.183100.017103.792107.708109.958114.492118.967124.983131.700137.042141.058145.408148.592153.317157.417161.725164.983168.400173.808178.333181.175184.508188.633194.342198.325204.818212.536209.995212.870218.684222.005224.545228.468227.792229.302233.611237.706241.181243.873254.159267.969

Adjust Chicago prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 1971 * 1971 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for Chicago, Illinois was 40.450 in the year 1971 and 267.969 in 2022:

267.969 / 40.450 * $1 = $6.62

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 1971 has the same "purchasing power" as $6.62 in 2022 (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.

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