Detroit, Michigan prices: $1 in 2016 $1.18 in 2022

Inflation in Michigan

$

Prices in Detroit, 2016-2022 ($1)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 18.31% higher in 2022 versus 2016 (a $0.18 difference in value).

Between 2016 and 2022: Detroit experienced an average inflation rate of 2.84% per year. This rate of change indicates significant inflation. In other words, $1 in Detroit in the year 2016 would cost $1.18 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.17% during this same period, inflation in Detroit was lower.

In the year 2016: Pricing changed by 1.46%, which is below the average yearly change in Detroit during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation in Detroit was higher.

Price Inflation in Detroit, Michigan since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1920 (21.92%), 1918 (21.89%), and 1919 (21.46%).

View price changes for other categories
Milk · Tampa, Florida · College tuition and fees · Dallas-Fort Worth, Texas · More

Buying power of $1.00 since 2016

Below are calculations of equivalent buying power in Detroit, 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
2016$1.001.46%
2017$1.022.03%
2018$1.052.46%
2019$1.061.32%
2020$1.071.02%
2021$1.114.14%
2022$1.186.17%*
* Not final. See inflation summary for latest details.

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

Year1914191519161917191819191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
CPI9.7009.73310.23311.91714.52517.64221.50819.51717.44217.95818.05018.15818.46718.15817.52517.50817.21715.18313.25011.91712.59213.26713.82514.60814.53314.03314.11715.00016.65817.56717.80018.27519.86722.64224.46724.15024.55026.47527.14227.62527.72527.67528.19229.01729.41729.40829.65029.81729.90830.20030.45031.15032.53333.62535.07537.20839.50840.95042.46745.23350.13353.86756.79260.69265.30073.60085.30093.21796.99299.758103.250106.842108.333111.617115.858122.008128.283132.967135.758139.425143.825148.367152.383156.150159.608163.767169.525174.333178.683182.467185.267190.558196.400199.972204.845203.252204.981211.465215.955219.414221.791218.868222.063226.579232.145235.218237.613247.441262.714

Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 2016 * 2016 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 222.063 in the year 2016 and 262.714 in 2022:

262.714 / 222.063 * $1 = $1.18

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 2016 has the same "purchasing power" as $1.18 in 2022 (in the CPI category of Detroit, Michigan).


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

» Read more about inflation and investment.