According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 1.73% per year. Prices in 2016 are 2391.3% higher than prices in 1829.
In other words, $58,000,000 in the year 1829 is equivalent in purchasing power to $1,444,939,847.83 in 2016, a difference of $1,386,939,847.83 over 187 years.
The inflation rate in 2016 was 1.26%.
|Cumulative price change||2391.28%|
|Average inflation rate||1.73%|
|Price difference ($58,000,000 base)||$1,386,939,847.83|
|CPI in 2016||240.007|
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.
You may use the following MLA citation for this page: “$58,000,000 in 1829 → 2016 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 24 May. 2018, https://www.officialdata.org/1829-dollars-in-2016?amount=58000000.