Chicago, Illinois prices: $1 in 2016 $1.23 in 2023

Inflation in Illinois


Prices in Chicago, 2016-2023 ($1)

According to the U.S. Bureau of Labor Statistics, prices in Chicago, Illinois are 22.77% higher in 2023 versus 2016 (a $0.23 difference in value).

Between 2016 and 2023: Chicago experienced an average inflation rate of 2.97% per year. This rate of change indicates significant inflation. In other words, $1 in Chicago in the year 2016 would cost $1.23 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation in Chicago was lower.

In the year 2016: Pricing changed by 0.66%, which is below the average yearly change in Chicago during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), 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%).

View price changes for other categories
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Buying power of $1.00 since 2016

Below are calculations of equivalent buying power in Chicago, over time, for $1 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

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


Adjust Chicago prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Chicago, Illinois was 229.302 in the year 2016 and 281.524 in 2023:

281.524 / 229.302 * $1 = $1.23

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 2016 has the same "purchasing power" as $1.23 in 2023 (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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