Detroit, Michigan prices: $20 in 1914 $582.10 in 2023

Inflation in Michigan

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Prices in Detroit, 1914-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 2,810.52% higher in 2023 versus 1914 (a $562.10 difference in value).

Between 1914 and 2023: Detroit experienced an average inflation rate of 3.14% per year. This rate of change indicates significant inflation. In other words, $20 in Detroit in the year 1914 would cost $582.10 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.18% during this same period, inflation in Detroit was lower.

Price Inflation in Detroit, Michigan since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1920 (21.92%), 1918 (21.89%), and 1919 (21.46%).

View price changes for other categories
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Buying power of $20.00 since 1914

Below are calculations of equivalent buying power in Detroit, over time, for $20 beginning in 1914. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1914$20.00-
1915$20.070.34%
1916$21.105.14%
1917$24.5716.45%
1918$29.9521.89%
1919$36.3721.46%
1920$44.3521.92%
1921$40.24-9.26%
1922$35.96-10.63%
1923$37.032.96%
1924$37.220.51%
1925$37.440.60%
1926$38.081.70%
1927$37.44-1.67%
1928$36.13-3.49%
1929$36.10-0.10%
1930$35.50-1.67%
1931$31.31-11.81%
1932$27.32-12.73%
1933$24.57-10.06%
1934$25.965.66%
1935$27.355.36%
1936$28.514.21%
1937$30.125.67%
1938$29.97-0.51%
1939$28.93-3.44%
1940$29.110.59%
1941$30.936.26%
1942$34.3511.06%
1943$36.225.45%
1944$36.701.33%
1945$37.682.67%
1946$40.968.71%
1947$46.6813.97%
1948$50.458.06%
1949$49.79-1.29%
1950$50.621.66%
1951$54.597.84%
1952$55.962.52%
1953$56.961.78%
1954$57.160.36%
1955$57.06-0.18%
1956$58.131.87%
1957$59.832.93%
1958$60.651.38%
1959$60.64-0.03%
1960$61.130.82%
1961$61.480.56%
1962$61.670.31%
1963$62.270.98%
1964$62.780.83%
1965$64.232.30%
1966$67.084.44%
1967$69.333.36%
1968$72.324.31%
1969$76.726.08%
1970$81.466.18%
1971$84.433.65%
1972$87.563.70%
1973$93.266.51%
1974$103.3710.83%
1975$111.077.45%
1976$117.105.43%
1977$125.146.87%
1978$134.647.59%
1979$151.7512.71%
1980$175.8815.90%
1981$192.209.28%
1982$199.984.05%
1983$205.692.85%
1984$212.893.50%
1985$220.293.48%
1986$223.371.40%
1987$230.143.03%
1988$238.883.80%
1989$251.565.31%
1990$264.505.14%
1991$274.163.65%
1992$279.912.10%
1993$287.472.70%
1994$296.553.16%
1995$305.913.16%
1996$314.192.71%
1997$321.962.47%
1998$329.092.21%
1999$337.662.61%
2000$349.543.52%
2001$359.452.84%
2002$368.422.50%
2003$376.222.12%
2004$381.991.53%
2005$392.902.86%
2006$404.953.07%
2007$412.311.82%
2008$422.362.44%
2009$419.08-0.78%
2010$422.640.85%
2011$436.013.16%
2012$445.272.12%
2013$452.401.60%
2014$457.301.08%
2015$451.27-1.32%
2016$457.861.46%
2017$467.172.03%
2018$478.652.46%
2019$484.991.32%
2020$489.921.02%
2021$510.194.14%
2022$552.068.21%
2023$582.105.44%*

* 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 Detroit, Michigan:

Year19141915191619171918191919201921192219231924192519261927192819291930193119321933193419351936193719381939194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI9.7009.73310.23311.91714.52517.64221.50819.51717.44217.95818.05018.15818.46718.15817.52517.50817.21715.18313.25011.91712.59213.26713.82514.60814.53314.03314.11715.00016.65817.56717.80018.27519.86722.64224.46724.15024.55026.47527.14227.62527.72527.67528.19229.01729.41729.40829.65029.81729.90830.20030.45031.15032.53333.62535.07537.20839.50840.95042.46745.23350.13353.86756.79260.69265.30073.60085.30093.21796.99299.758103.250106.842108.333111.617115.858122.008128.283132.967135.758139.425143.825148.367152.383156.150159.608163.767169.525174.333178.683182.467185.267190.558196.400199.972204.845203.252204.981211.465215.956219.414221.791218.868222.063226.578232.145235.218237.613247.441267.749282.320

Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1914 * 1914 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 9.700 in the year 1914 and 282.320 in 2023:

282.320 / 9.700 * $20 = $582.10

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1914 has the same "purchasing power" as $582.10 in 2023 (in the CPI category of Detroit, Michigan).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Detroit, Michigan in 1914. In addition to Detroit, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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