According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.75% per year. Prices in 2018 are 2710.8% higher than prices in 1895.
In other words, $1,000,000 in the year 1895 is equivalent in purchasing power to $28,108,309.02 in 2018, a difference of $27,108,309.02 over 123 years.
Compared to last year's annual rate, the inflation rate in 2018 is now 1.95%1. If this number holds, $1,000,000 today would be equivalent to $1,019,478.24 next year. The current inflation rate page gives more detail on the latest official inflation rates.
|Cumulative price change||2710.83%|
|Average inflation rate||2.75%|
|Price difference ($1,000,000 base)||$27,108,309.02|
|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: “$1,000,000 in 1895 → 2018 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 27 May. 2018, https://www.officialdata.org/1895-dollars?amount=1000000.