According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 3.50% per year. Prices in 2018 are 935.5% higher than prices in 1950.
In other words, $3,000 in the year 1950 is equivalent in purchasing power to $31,064.81 in 2018, a difference of $28,064.81 over 68 years.
Compared to last year's annual rate, the inflation rate in 2018 is now 1.95%1. If this number holds, $3,000 today would be equivalent to $3,058.43 next year. The current inflation rate page gives more detail on the latest official inflation rates.
|Cumulative price change||935.49%|
|Average inflation rate||3.50%|
|Price difference ($3,000 base)||$28,064.81|
|CPI in 1950||24.1|
|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: “$3,000 in 1950 → 2018 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 24 May. 2018, https://www.officialdata.org/1950-dollars?amount=3000.