The inflation rate in the United States between 1998 and today has been 93.99%, which translates into a total increase of $267.88. This means that 285 dollars in 1998 are equivalent to 552.88 dollars in 2024. In other words, the purchasing power of $285 in 1998 equals $552.88 today. The average annual inflation rate between these periods has been 2.58%.
The following chart depicts the equivalence of $285 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.
All calculations are performed in the local currency (USD) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.
The following table contains relevant indicators:
| Indicator | Value |
|---|---|
| Cumulative inflation 1998-2023 | 86.92% |
| Cumulative inflation 1998-today | 93.99% |
| Avg. Annual inflation 1998-2023 | 2.53% |
| CPI 1998 | 163.01 |
| CPI 2023 | 304.7 |
| CPI 2024-10 (latest official data) | 315.66 |
| CPI today | 316.23 |
There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.
When we have both the start and end years, we can use the following formula:
To obtain the values equivalent in buying power between 1998 and 2023, use the corresponding CPI values:
To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 316.23:
Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:
In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are $285 worth today. There are 25 years between 1998 and 2023 and the average inflation rate was 2.5337%. Therefore, we can resolve the formula like this:
| Initial Value | Equivalent value | |
|---|---|---|
| $1 dollar in 1998 | → | $1.87 dollars in 2023 |
| $5 dollars in 1998 | → | $9.35 dollars in 2023 |
| $10 dollars in 1998 | → | $18.69 dollars in 2023 |
| $50 dollars in 1998 | → | $93.46 dollars in 2023 |
| $100 dollars in 1998 | → | $186.92 dollars in 2023 |
| $500 dollars in 1998 | → | $934.62 dollars in 2023 |
| $1,000 dollars in 1998 | → | $1,869.24 dollars in 2023 |
| $5,000 dollars in 1998 | → | $9,346.2 dollars in 2023 |
| $10,000 dollars in 1998 | → | $18,692.39 dollars in 2023 |
| $50,000 dollars in 1998 | → | $93,461.97 dollars in 2023 |
| $100,000 dollars in 1998 | → | $186,923.93 dollars in 2023 |
| $500,000 dollars in 1998 | → | $934,619.65 dollars in 2023 |
| $1,000,000 dollars in 1998 | → | $1,869,239.3 dollars in 2023 |
| Cumulative inflation From 1998 | 93.99% |
| Avg. annual inflation From 1998 | 2.58% |
| CPI 1998 | 163.01 |
| CPI today | 316.23 |
| Period | Value |
|---|---|
| 1998 | 285 |
| 1999 | 291.24 |
| 2000 | 301.07 |
| 2001 | 309.58 |
| 2002 | 314.49 |
| 2003 | 321.63 |
| 2004 | 330.24 |
| 2005 | 341.44 |
| 2006 | 352.46 |
| 2007 | 362.51 |
| 2008 | 376.43 |
| 2009 | 375.09 |
| 2010 | 381.24 |
| 2011 | 393.28 |
| 2012 | 401.42 |
| 2013 | 407.3 |
| 2014 | 413.9 |
| 2015 | 414.4 |
| 2016 | 419.62 |
| 2017 | 428.56 |
| 2018 | 439.03 |
| 2019 | 446.99 |
| 2020 | 452.5 |
| 2021 | 473.76 |
| 2022 | 511.67 |
| 2023 | 532.73 |
| 2024-10 | 551.9 |
| Today | 552.88 |
All available years
Today's value of US dollars by year:
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