According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 1.47% per year. Prices in 2017 are 14.0% higher than prices in 2008.
In other words, $1 in 2008 is equivalent in purchasing power to $1.14 in 2017, a difference of $0.14 over 9 years.
The inflation rate in 2017 was 1.99%.
|Cumulative price change||14.00%|
|Average inflation rate||1.47%|
|Converted amount ($1 base)||$1.14|
|Price difference ($1 base)||$0.14|
|CPI in 2008||215.303|
|CPI in 2017||244.786|
The above data describe the CPI for all items. Also of note is the Core CPI, which measures inflation for all items except for the more volatile categories of food and energy. Core inflation averaged 1.74% per year between 2008 and 2017. In 2008, core inflation was 2.30%.
Chained CPI is an alternative measurement that takes into account how consumers adjust spending for similar items. Chained inflation averaged 1.30% per year between 2008 and 2017. In 2008, chained inflation was 3.73%.
This inflation calculator uses the following inflation rate formula:
CPI in 2017 / CPI in 2008 * 2008 USD value = 2017 USD value
Then plug in historical CPI values. The U.S. CPI was 215.303 in the year 2008 and 244.786 in 2017:
244.786 / 215.303 * $1 = $1.14
$1 in 2008 has the same "purchasing power" or "buying power" as $1.14 in 2017.
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 in 2008 → 2017 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/2008-dollars-in-2017?amount=1.