According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.30% per year. Prices in 2018 are 2217.7% higher than prices in 1880.
In other words, $500,000 in the year 1880 is equivalent in purchasing power to $11,588,513.37 in 2018, a difference of $11,088,513.37 over 138 years.
Compared to last year's annual rate, the inflation rate in 2018 is now 1.95%1. If this number holds, $500,000 today would be equivalent to $509,739.12 next year. The current inflation rate page gives more detail on the latest official inflation rates.
|Cumulative price change||2217.70%|
|Average inflation rate||2.30%|
|Price difference ($500,000 base)||$11,088,513.37|
|CPI in 2018||249.554|
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: “$500,000 in 1880 → 2018 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 May. 2018, https://www.officialdata.org/1880-dollars?amount=500000.