Chicago, Illinois prices: $1 in 1960 $8.89 in 2022

Inflation in Illinois

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Prices in Chicago, 1960-2022 ($1)

According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 788.50% higher in 2022 versus 1960 (a $7.89 difference in value).

Between 1960 and 2022: Chicago experienced an average inflation rate of 3.59% per year. This rate of change indicates significant inflation. In other words, $1 in Chicago in the year 1960 would cost $8.89 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.74% during this same period, inflation in Chicago was lower.

In the year 1960: Pricing changed by 1.39%, which is below the average yearly change in Chicago during the 1960-2022 time period. Compared to inflation for all items in 1960 (1.48%), inflation in Chicago was lower.

Price Inflation in Chicago, Illinois since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1919 (21.36%), 1920 (19.10%), and 1918 (16.80%).

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Buying power of $1.00 since 1960

Below are calculations of equivalent buying power in Chicago, over time, for $1 beginning in 1960. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1960$1.001.39%
1961$1.000.49%
1962$1.021.04%
1963$1.031.00%
1964$1.030.40%
1965$1.041.33%
1966$1.073.00%
1967$1.102.60%
1968$1.154.23%
1969$1.215.47%
1970$1.285.73%
1971$1.333.94%
1972$1.372.84%
1973$1.466.27%
1974$1.6110.57%
1975$1.747.89%
1976$1.824.79%
1977$1.936.29%
1978$2.108.70%
1979$2.3612.48%
1980$2.7114.42%
1981$2.979.57%
1982$3.176.82%
1983$3.293.99%
1984$3.423.77%
1985$3.553.77%
1986$3.622.09%
1987$3.774.12%
1988$3.923.91%
1989$4.125.06%
1990$4.345.37%
1991$4.514.06%
1992$4.652.93%
1993$4.793.08%
1994$4.892.19%
1995$5.053.18%
1996$5.182.67%
1997$5.332.74%
1998$5.432.01%
1999$5.552.07%
2000$5.723.21%
2001$5.872.60%
2002$5.971.59%
2003$6.081.84%
2004$6.212.24%
2005$6.403.03%
2006$6.532.05%
2007$6.743.27%
2008$7.003.77%
2009$6.92-1.20%
2010$7.011.37%
2011$7.202.73%
2012$7.311.52%
2013$7.391.14%
2014$7.521.75%
2015$7.50-0.30%
2016$7.550.66%
2017$7.691.88%
2018$7.831.75%
2019$7.941.46%
2020$8.031.12%
2021$8.374.22%
2022$8.896.16%*
* Not final. See inflation summary for latest details.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Chicago, Illinois:

Year1914191519161917191819191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
CPI10.00010.01710.31711.75813.73316.66719.85018.17517.16717.37517.71718.10818.42518.25817.69217.65017.45815.95814.08312.63312.71713.26713.53314.09213.99213.71713.79214.51715.95816.85017.10817.47519.03322.10824.03324.00824.25026.15826.72526.95827.35827.54227.92528.83329.70829.95030.36730.51730.83331.14231.26731.68332.63333.48334.90036.80838.91740.45041.60044.20848.88352.74255.26758.74263.85071.81782.17590.04296.183100.017103.792107.708109.958114.492118.967124.983131.700137.042141.058145.408148.592153.317157.417161.725164.983168.400173.808178.333181.175184.508188.633194.342198.325204.818212.536209.995212.870218.684222.005224.545228.468227.792229.302233.611237.706241.181243.873254.159269.808

Adjust Chicago prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 1960 * 1960 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for Chicago, Illinois was 30.367 in the year 1960 and 269.808 in 2022:

269.808 / 30.367 * $1 = $8.89

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 1960 has the same "purchasing power" as $8.89 in 2022 (in the CPI category of Chicago, Illinois).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Chicago, Illinois in 1914. In addition to Chicago, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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