According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 710% higher in 2024 versus 1968 (a $7,099,957.23 difference in value).
Between 1968 and 2024: Detroit experienced an average inflation rate of 3.81% per year. This rate of change indicates significant inflation. In other words, $1,000,000 in Detroit in the year 1968 would cost $8,099,957.23 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.99% during this same period, inflation in Detroit was lower.
In the year 1968: Pricing changed by 4.31%, which is above the average yearly change in Detroit during the 1968-2024 time period. Compared to inflation for all items in 1968 (4.27%), inflation in Detroit was higher.
Below are calculations of equivalent buying power in Detroit, over time, for $1,000,000 beginning in 1968. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1968 | $1,000,000.00 | 4.31% |
1969 | $1,060,822.05 | 6.08% |
1970 | $1,126,395.82 | 6.18% |
1971 | $1,167,498.22 | 3.65% |
1972 | $1,210,738.89 | 3.70% |
1973 | $1,289,617.49 | 6.51% |
1974 | $1,429,318.13 | 10.83% |
1975 | $1,535,756.71 | 7.45% |
1976 | $1,619,149.44 | 5.43% |
1977 | $1,730,339.75 | 6.87% |
1978 | $1,861,724.88 | 7.59% |
1979 | $2,098,360.66 | 12.71% |
1980 | $2,431,931.58 | 15.90% |
1981 | $2,657,638.39 | 9.28% |
1982 | $2,765,264.91 | 4.05% |
1983 | $2,844,143.50 | 2.85% |
1984 | $2,943,692.09 | 3.50% |
1985 | $3,046,091.71 | 3.48% |
1986 | $3,088,619.62 | 1.40% |
1987 | $3,182,228.56 | 3.03% |
1988 | $3,303,159.90 | 3.80% |
1989 | $3,478,498.46 | 5.31% |
1990 | $3,657,400.81 | 5.14% |
1991 | $3,790,924.21 | 3.65% |
1992 | $3,870,515.56 | 2.10% |
1993 | $3,975,053.46 | 2.70% |
1994 | $4,100,498.93 | 3.16% |
1995 | $4,229,983.37 | 3.16% |
1996 | $4,344,499.88 | 2.71% |
1997 | $4,451,888.81 | 2.47% |
1998 | $4,550,487.05 | 2.21% |
1999 | $4,669,042.53 | 2.61% |
2000 | $4,833,214.54 | 3.52% |
2001 | $4,970,301.73 | 2.84% |
2002 | $5,094,321.69 | 2.50% |
2003 | $5,202,185.79 | 2.12% |
2004 | $5,282,014.73 | 1.53% |
2005 | $5,432,881.92 | 2.86% |
2006 | $5,599,429.79 | 3.07% |
2007 | $5,701,271.09 | 1.82% |
2008 | $5,840,199.57 | 2.44% |
2009 | $5,794,775.48 | -0.78% |
2010 | $5,844,081.73 | 0.85% |
2011 | $6,028,940.37 | 3.16% |
2012 | $6,156,963.65 | 2.12% |
2013 | $6,255,557.14 | 1.60% |
2014 | $6,323,335.71 | 1.08% |
2015 | $6,239,988.12 | -1.32% |
2016 | $6,331,102.40 | 1.46% |
2017 | $6,459,828.94 | 2.03% |
2018 | $6,618,543.60 | 2.46% |
2019 | $6,706,148.73 | 1.32% |
2020 | $6,774,438.11 | 1.02% |
2021 | $7,054,613.92 | 4.14% |
2022 | $7,633,616.06 | 8.21% |
2023 | $8,049,042.53 | 5.44% |
2024 | $8,099,957.23 | 0.63%* |
* 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:
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 | 9.700 | 9.733 | 10.233 | 11.917 | 14.525 | 17.642 | 21.508 | 19.517 | 17.442 | 17.958 | 18.050 | 18.158 | 18.467 | 18.158 | 17.525 | 17.508 | 17.217 | 15.183 | 13.250 | 11.917 | 12.592 | 13.267 | 13.825 | 14.608 | 14.533 | 14.033 | 14.117 | 15.000 | 16.658 | 17.567 | 17.800 | 18.275 | 19.867 | 22.642 | 24.467 | 24.150 | 24.550 | 26.475 | 27.142 | 27.625 | 27.725 | 27.675 | 28.192 | 29.017 | 29.417 | 29.408 | 29.650 | 29.817 | 29.908 | 30.200 | 30.450 | 31.150 | 32.533 | 33.625 | 35.075 | 37.208 | 39.508 | 40.950 | 42.467 | 45.233 | 50.133 | 53.867 | 56.792 | 60.692 | 65.300 | 73.600 | 85.300 | 93.217 | 96.992 | 99.758 | 103.250 | 106.842 | 108.333 | 111.617 | 115.858 | 122.008 | 128.283 | 132.967 | 135.758 | 139.425 | 143.825 | 148.367 | 152.383 | 156.150 | 159.608 | 163.767 | 169.525 | 174.333 | 178.683 | 182.467 | 185.267 | 190.558 | 196.400 | 199.972 | 204.845 | 203.252 | 204.981 | 211.465 | 215.956 | 219.414 | 221.791 | 218.868 | 222.063 | 226.578 | 232.145 | 235.218 | 237.613 | 247.441 | 267.749 | 282.320 | 284.106 |