According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.99% per year. Prices in 2016 are 1279.4% higher than prices in 1927.
In other words, $1,000,000 in 1927 is equivalent in purchasing power to $13,793,505.75 in 2016, a difference of $12,793,505.75 over 89 years.
The inflation rate in 2016 was 1.26%.
|Cumulative price change||1279.35%|
|Average inflation rate||2.99%|
|Converted amount ($1,000,000 base)||$13,793,505.75|
|Price difference ($1,000,000 base)||$12,793,505.75|
|CPI in 1927||17.4|
|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: “$1,000,000 in 1927 → 2016 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Jun. 2018, https://www.officialdata.org/1927-dollars-in-2016?amount=1000000.