According to the U.S. Bureau of Labor Statistics, prices for fresh whole milk are 708.08% higher in 2024 versus 1947 (a $141.62 difference in value).
Between 1947 and 2024: Fresh whole milk experienced an average inflation rate of 2.75% per year. This rate of change indicates significant inflation. In other words, fresh whole milk costing $20 in the year 1947 would cost $161.62 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.49% during this same period, inflation for fresh whole milk was lower.
In the year 1947: Pricing changed by 11.90%, which is significantly above the average yearly change for fresh whole milk during the 1947-2024 time period. Compared to inflation for all items in 1947 (14.39%), inflation for fresh whole milk was lower.
Below are calculations of equivalent buying power for Fresh whole milk, over time, for $20 beginning in 1947. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1947 | $20.00 | 11.90% |
| 1948 | $22.28 | 11.42% |
| 1949 | $21.33 | -4.31% |
| 1950 | $20.73 | -2.81% |
| 1951 | $22.99 | 10.93% |
| 1952 | $24.12 | 4.93% |
| 1953 | $23.85 | -1.15% |
| 1954 | $23.36 | -2.05% |
| 1955 | $23.39 | 0.13% |
| 1956 | $24.09 | 3.00% |
| 1957 | $24.94 | 3.53% |
| 1958 | $25.41 | 1.86% |
| 1959 | $25.65 | 0.97% |
| 1960 | $26.26 | 2.37% |
| 1961 | $26.36 | 0.36% |
| 1962 | $26.23 | -0.47% |
| 1963 | $26.09 | -0.53% |
| 1964 | $26.18 | 0.34% |
| 1965 | $26.05 | -0.51% |
| 1966 | $27.72 | 6.40% |
| 1967 | $28.82 | 3.98% |
| 1968 | $30.03 | 4.22% |
| 1969 | $30.87 | 2.77% |
| 1970 | $32.17 | 4.23% |
| 1971 | $33.06 | 2.75% |
| 1972 | $33.53 | 1.44% |
| 1973 | $36.70 | 9.45% |
| 1974 | $43.97 | 19.81% |
| 1975 | $44.03 | 0.13% |
| 1976 | $46.34 | 5.23% |
| 1977 | $46.81 | 1.01% |
| 1978 | $49.52 | 5.79% |
| 1979 | $55.20 | 11.48% |
| 1980 | $60.10 | 8.89% |
| 1981 | $63.50 | 5.65% |
| 1982 | $63.84 | 0.54% |
| 1983 | $64.27 | 0.67% |
| 1984 | $64.76 | 0.75% |
| 1985 | $65.77 | 1.57% |
| 1986 | $65.39 | -0.58% |
| 1987 | $66.63 | 1.90% |
| 1988 | $68.18 | 2.32% |
| 1989 | $73.47 | 7.76% |
| 1990 | $81.44 | 10.85% |
| 1991 | $78.69 | -3.38% |
| 1992 | $81.29 | 3.30% |
| 1993 | $82.23 | 1.16% |
| 1994 | $84.33 | 2.56% |
| 1995 | $84.30 | -0.04% |
| 1996 | $90.71 | 7.61% |
| 1997 | $91.86 | 1.26% |
| 1998 | $95.10 | 3.53% |
| 1999 | $100.44 | 5.61% |
| 2000 | $100.89 | 0.45% |
| 2001 | $106.64 | 5.70% |
| 2002 | $104.23 | -2.26% |
| 2003 | $104.46 | 0.22% |
| 2004 | $117.89 | 12.85% |
| 2005 | $118.89 | 0.85% |
| 2006 | $116.75 | -1.81% |
| 2007 | $132.06 | 13.11% |
| 2008 | $139.66 | 5.76% |
| 2009 | $117.76 | -15.68% |
| 2010 | $122.91 | 4.37% |
| 2011 | $134.71 | 9.60% |
| 2012 | $135.83 | 0.83% |
| 2013 | $138.03 | 1.62% |
| 2014 | $146.42 | 6.08% |
| 2015 | $137.00 | -6.44% |
| 2016 | $130.60 | -4.67% |
| 2017 | $129.21 | -1.06% |
| 2018 | $125.78 | -2.65% |
| 2019 | $128.90 | 2.48% |
| 2020 | $136.70 | 6.05% |
| 2021 | $143.62 | 5.06% |
| 2022 | $163.64 | 13.94% |
| 2023 | $162.41 | -0.75% |
| 2024 | $161.62 | -0.49%* |
* 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 Fresh whole milk:
| Year | 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 | 18.538 | 19.115 | 20.846 | 22.515 | 23.854 | 24.169 | 24.200 | 27.800 | 31.108 | 34.662 | 33.169 | 32.238 | 35.762 | 37.523 | 37.092 | 36.331 | 36.377 | 37.469 | 38.792 | 39.515 | 39.900 | 40.846 | 40.992 | 40.800 | 40.585 | 40.723 | 40.515 | 43.108 | 44.823 | 46.715 | 48.008 | 50.038 | 51.415 | 52.154 | 57.085 | 68.392 | 68.485 | 72.069 | 72.800 | 77.015 | 85.854 | 93.485 | 98.769 | 99.300 | 99.969 | 100.723 | 102.300 | 101.708 | 103.638 | 106.038 | 114.269 | 126.669 | 122.392 | 126.431 | 127.892 | 131.162 | 131.115 | 141.092 | 142.877 | 147.923 | 156.223 | 156.923 | 165.869 | 162.115 | 162.477 | 183.362 | 184.923 | 181.585 | 205.397 | 217.220 | 183.170 | 191.173 | 209.530 | 211.266 | 214.683 | 227.740 | 213.082 | 203.133 | 200.974 | 195.638 | 200.491 | 212.621 | 223.383 | 254.519 | 252.607 | 251.376 |