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Inflation Conversion Factors for years 1774 to estimated 2024, in dollars of recent years

 

 

by Robert Sahr  

All individual-year and summary conversion factor tables have been revised to reflect final 2013 CPI and early-2014 inflation estimates.  All are provided here in both Excel and pdf formats.

Revised January 20 and April 8 to 11, 2014 to include final 2013 conversion factors, which reflect final 2013 CPI (2.32957 in dollars of 1982-84) and inflation estimates for 2014 to 2024 from the Office of Management and Budget (OMB) and Congressional Budget Office (CBO) as of early 2014.  

THE FOLLOWING HAVE BEEN REVISED TO REFLECT FINAL 2013 CPI and early-2014 inflation estimates, all in both Excel and pdf formats: 

  • Updated conversion factors for years 1774 to estimated 2024 have been loaded in the "download conversion factors" section (link at top right), in both Excel (*.xls) and pdf versions.  These data now include the "chained inflation series" because of its current political interest.
  • A brief introduction to US national government budget concepts, including data, links, and suggestions for understanding the budget, is available here.  It is best examined by using it with the set of graphs listed on this page.

Many people are unclear or misinformed about the composition of the national government budget. The best-known example is that nearly everyone vastly over-estimates foreign aid as percent of the national government budget.  The following tables show the composition of national government spending as percent of the budget and percent of the national economy (gross domestic product, GDP).  The following two items examine the composition of national government in specific years and also over time.

  • A table (available in Excel and pdf formats) shows detailed categories of national government spending as percent of total national government outlays and as percent of gross domestic product (GDP) for budget years 1962, 1972, 1982, 1992, 2000, 2008, 2012, and 2013, the most recently completed budget year, available here (Excel) and here (pdf).  These data are useful for gaining perspective about the relative size of various budget categories.


  • Inflation-adjusted budget outlays for the Department of Veterans Affairs health budget and health utilization changes, including the data and graphs, available in both pdf and Excel formats. This pdf file contains graphs and brief commentary.  The divergence in trends between enrollment changes and budget changes might suggest a reason for the difficulty of the VA in providing timely care to veterans in recent years.

     

THE FOLLOWING REFLECT FINAL 2012 CPI and inflation estimates but NOT yet final 2013 conversion factors and early 2014 inflation estimates for 2014 to 2024:

  • one set of graphs in the graphs section.  The revised graphs show trends in inflation-adjusted price levels, national government outlays and revenues, gross domestic product, and the minimum wage.  Data are for all or part of years 1774 to 2012, though, for example, the minimum wage began in 1938.
  • a second set of graphs, showing presidential and congressional pay, 1789-2012, also in the graphs section
  • A graph showing comparison of yearly price changes using three inflation measures--the CPI-U, the CPI-U-RS (research series), and the "chained" CPI--is available here.  The "chained" CPI is included because of its recent political importance.

Consumer Price Index (CPI) conversion factors to determine the value of dollars of 1774 to estimated 2024 in dollars of estimated 2014, 2013 (final) 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998, 1997, 1996, 1995, CPI (1982-84), and two special CPI measures, CPI-U-X1 (starting 1950), and CPI-U-RS (starting 1947).

To ease understanding of the value of dollar figures over time, the materials on this page “re-base” the official CPI from its current base (1982-84 average = 1.000) to dollars of more recent years (for example, 2012 = 1.000).

All inflation conversion factors use year-to-year inflation, not December-to-December inflation. 

Final 2013 CPI is from Bureau of Labor Statistics, http://www.bls.gov/cpi/data.htm, "All Urban Consumers (Current Series)," January 2014.

INFLATION ASSUMPTIONS:  Inflation conversion factors for 2014 and later years assume 1.65% inflation in 2014, 2.00% in 2015, 2.10% in 2016, 2.20% in 2017, and 2.35% in each year 2018 through 2024.  These are averages of OMB and CBO inflation estimates as of January (CBO) and March (OMB) 2014

CAUTIONS:  These use CPI year to year average data rather than December to December.  In 2011, for example, the December 2010 to December 2011 inflation was 3.0 percent while the year-to-year average inflation was 3.2 percent.

Note also that these are calendar year CPI data.  In the tables that use these data to calculate inflation-adjusted budget data, the difference between calendar year and federal budget year (October 1 to September 30 starting 1976, July 1 to June 30 in earlier years) will slightly affect the results.  However, because these slight offsets are the same for all years, the effects probably are minimal.

However, these differences suggest that inflation-adjusted budget and economic data from other sources (for example, the Bureau of Economic Analysis) might not match these data directly.

Note:  For some charts, users of non-Internet Explorer web explorers might have to use the “open link target in IE” option or equivalent.  However, revised graphs will be provided in pdf format so should be accessible to users of all web browsers.



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Conversion Factor Tables
Individual Year
Conversion Factor Tables
Graphs:  Visual Displays