Fresh whole milk priced at $20 in 1947 $133.62 in 2020

Fresh Whole Milk Inflation Calculator

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Prices for Fresh Whole Milk, 1947-2020 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fresh whole milk were 568.08% higher in 2020 versus 1947 (a $113.62 difference in value).

Between 1947 and 2020: Fresh whole milk experienced an average inflation rate of 2.64% per year. This rate of change indicates significant inflation. In other words, fresh whole milk costing $20 in the year 1947 would cost $133.62 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 3.41% during this same period, inflation for fresh whole milk was lower.

Price Inflation for Fresh whole milk since 1947

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1974 (19.78%), 2009 (-15.68%), and 2007 (13.11%).

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fresh whole milk:

Year 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CPI 31.100 34.667 33.192 32.217 35.750 37.525 37.083 36.300 36.392 37.467 38.783 39.525 39.892 40.833 41.008 40.783 40.617 40.725 40.525 43.100 44.825 46.717 48.000 50.050 51.425 52.167 57.092 68.383 68.483 72.067 72.800 77.008 85.850 93.492 98.758 99.292 99.967 100.708 102.300 101.725 103.667 106.050 114.233 126.592 122.333 126.433 127.892 131.158 131.117 141.092 142.875 147.925 156.200 156.892 165.867 162.117 162.475 183.358 184.925 181.583 205.397 217.220 183.169 191.173 209.532 211.173 214.673 227.754 213.084 203.123 200.988 195.649 200.494 207.774

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Buying power of $20 since 1947

Below are calculations of equivalent buying power for Fresh whole milk, over time, for $20 beginning in 1947. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year USD Value Inflation Rate
1947 $20.00 -
1948 $22.29 11.47%
1949 $21.35 -4.25%
1950 $20.72 -2.94%
1951 $22.99 10.97%
1952 $24.13 4.97%
1953 $23.85 -1.18%
1954 $23.34 -2.11%
1955 $23.40 0.25%
1956 $24.09 2.95%
1957 $24.94 3.51%
1958 $25.42 1.91%
1959 $25.65 0.93%
1960 $26.26 2.36%
1961 $26.37 0.43%
1962 $26.23 -0.55%
1963 $26.12 -0.41%
1964 $26.19 0.27%
1965 $26.06 -0.49%
1966 $27.72 6.35%
1967 $28.83 4.00%
1968 $30.04 4.22%
1969 $30.87 2.75%
1970 $32.19 4.27%
1971 $33.07 2.75%
1972 $33.55 1.44%
1973 $36.71 9.44%
1974 $43.98 19.78%
1975 $44.04 0.15%
1976 $46.35 5.23%
1977 $46.82 1.02%
1978 $49.52 5.78%
1979 $55.21 11.48%
1980 $60.12 8.90%
1981 $63.51 5.63%
1982 $63.85 0.54%
1983 $64.29 0.68%
1984 $64.76 0.74%
1985 $65.79 1.58%
1986 $65.42 -0.56%
1987 $66.67 1.91%
1988 $68.20 2.30%
1989 $73.46 7.72%
1990 $81.41 10.82%
1991 $78.67 -3.36%
1992 $81.31 3.35%
1993 $82.25 1.15%
1994 $84.35 2.55%
1995 $84.32 -0.03%
1996 $90.73 7.61%
1997 $91.88 1.26%
1998 $95.13 3.53%
1999 $100.45 5.59%
2000 $100.89 0.44%
2001 $106.67 5.72%
2002 $104.26 -2.26%
2003 $104.49 0.22%
2004 $117.92 12.85%
2005 $118.92 0.85%
2006 $116.77 -1.81%
2007 $132.09 13.11%
2008 $139.69 5.76%
2009 $117.79 -15.68%
2010 $122.94 4.37%
2011 $134.75 9.60%
2012 $135.80 0.78%
2013 $138.05 1.66%
2014 $146.47 6.09%
2015 $137.03 -6.44%
2016 $130.63 -4.67%
2017 $129.25 -1.05%
2018 $125.82 -2.66%
2019 $128.94 2.48%
2020 $133.62 3.63%*
* Not final. See inflation summary for latest details.

How to calculate the inflation rate for fresh whole milk, 1947-2020

Start with the inflation rate formula:

CPI in 2020 / CPI in 1947 * 1947 USD value = 2020 USD value

Then plug in historical CPI values from above. The CPI for Fresh whole milk was 31.100 in the year 1947 and 207.774 in 2020:

207.774 / 31.100 * $20 = $133.62

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1947 has the same "purchasing power" as $133.62 in 2020 (in the CPI category of Fresh whole milk).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fresh whole milk in 1947. In addition to fresh whole milk, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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