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Inflation Conversion Factors for years 1774 to estimated 2023, in dollars of recent years

 

 

by Robert Sahr  

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.

Revised February 20, March 25, April 25, April 30, May 8, and May 15, 2013 for the materials listed immediately below, reflecting final 2012 CPI (2.29594 in dollars of 1982-84) and OMB and CBO inflation estimates through 2023. 

THE FOLLOWING HAVE BEEN REVISED TO REFLECT FINAL 2012 CPI and inflation estimates: 

  • 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 brief introduction, available here, to US national government budget concepts, including data, links, and suggestions for understanding the budget.  It is best examined by using it with the set of graphs shown immediately above.
  • a second set of graphs, showing presidential and congressional pay, 1789-2012, also in the graphs section
  • 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 year 2012, the most recently completed budget year, available here (Excel) and here (pdf).  For comparison, another table presents the same information for budget year 2012 and also for budget years 2000 (the final Clinton year), 1988 (the final Reagan year), 1976 (the final Nixon-Ford year), and 1964 (the final budget year before the beginning of Medicare).  That table is available here (Excel) and here (pdf).
  • Updated conversion factors for years 1774 to estimated 2023 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 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 2022 in dollars of 2012 (estimated), 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 2012 CPI is from Bureau of Labor Statistics, http://www.bls.gov/cpi/data.htm, "All Urban Consumers (Current Series)," January 2013.  Note:  The early 2012 estimate for 2012 CPI was 2.293, sightly lower than the actual 2012 CPI.  Early 2012 inflation estimate (OMB and CBO average) for that year was 1.9 percent; actual 2012 inflation was 2.1 percent.

INFLATION ASSUMPTIONS: Inflation conversion factors for 2013 and later years assume 1.85% in 2013, 2.05% in 2014, 2.15% in 2015 and 2016, 2.20% in 2017, and 2.25% in each year 2018 through 2023.  These are averages of OMB and CBO inflation estimates as of January (CBO) and April (OMB) 2013.

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. 




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