According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 599.01% higher in 2024 versus 1971 (a $59,901,037.85 difference in value).
Between 1971 and 2024: Detroit experienced an average inflation rate of 3.74% per year. This rate of change indicates significant inflation. In other words, $10,000,000 in Detroit in the year 1971 would cost $69,901,037.85 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.92% during this same period, inflation in Detroit was lower.
In the year 1971: Pricing changed by 3.65%, which is below the average yearly change in Detroit during the 1971-2024 time period. Compared to inflation for all items in 1971 (4.30%), inflation in Detroit was lower.
Below are calculations of equivalent buying power in Detroit, over time, for $10,000,000 beginning in 1971. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1971 | $10,000,000.00 | 3.65% |
1972 | $10,370,370.37 | 3.70% |
1973 | $11,045,991.05 | 6.51% |
1974 | $12,242,572.24 | 10.83% |
1975 | $13,154,253.15 | 7.45% |
1976 | $13,868,538.87 | 5.43% |
1977 | $14,820,919.82 | 6.87% |
1978 | $15,946,275.95 | 7.59% |
1979 | $17,973,137.97 | 12.71% |
1980 | $20,830,280.83 | 15.90% |
1981 | $22,763,532.76 | 9.28% |
1982 | $23,685,388.69 | 4.05% |
1983 | $24,361,009.36 | 2.85% |
1984 | $25,213,675.21 | 3.50% |
1985 | $26,090,761.09 | 3.48% |
1986 | $26,455,026.46 | 1.40% |
1987 | $27,256,817.26 | 3.03% |
1988 | $28,292,633.29 | 3.80% |
1989 | $29,794,464.79 | 5.31% |
1990 | $31,326,821.33 | 5.14% |
1991 | $32,470,492.47 | 3.65% |
1992 | $33,152,218.15 | 2.10% |
1993 | $34,047,619.05 | 2.70% |
1994 | $35,122,100.12 | 3.16% |
1995 | $36,231,176.23 | 3.16% |
1996 | $37,212,047.21 | 2.71% |
1997 | $38,131,868.13 | 2.47% |
1998 | $38,976,393.98 | 2.21% |
1999 | $39,991,859.99 | 2.61% |
2000 | $41,398,046.40 | 3.52% |
2001 | $42,572,242.57 | 2.84% |
2002 | $43,634,513.63 | 2.50% |
2003 | $44,558,404.56 | 2.12% |
2004 | $45,242,165.24 | 1.53% |
2005 | $46,534,391.53 | 2.86% |
2006 | $47,960,927.96 | 3.07% |
2007 | $48,833,231.58 | 1.82% |
2008 | $50,023,199.02 | 2.44% |
2009 | $49,634,126.98 | -0.78% |
2010 | $50,056,450.96 | 0.85% |
2011 | $51,639,824.99 | 3.16% |
2012 | $52,736,385.84 | 2.12% |
2013 | $53,580,870.98 | 1.60% |
2014 | $54,161,416.36 | 1.08% |
2015 | $53,447,517.30 | -1.32% |
2016 | $54,227,940.58 | 1.46% |
2017 | $55,330,525.03 | 2.03% |
2018 | $56,689,967.44 | 2.46% |
2019 | $57,440,333.74 | 1.32% |
2020 | $58,025,254.38 | 1.02% |
2021 | $60,425,050.88 | 4.14% |
2022 | $65,384,391.53 | 8.21% |
2023 | $68,942,653.64 | 5.44% |
2024 | $69,901,037.85 | 1.39%* |
* 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 | 286.245 |