Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University. (Information transcribed from the website.)
In today's comparatively low inflation economy it's easy to forget what a problem inflation was for politicians, economists, and consumers. This calculator lets you see how the value of money has changed between 1900 and 2020. It uses annual RPI inflation for which the most recent data is 2020. (Information transcribed from the website.)
The Consumer Price Index (CPI) measures the average change in the price of consumer goods and services purchased by private households. The inflation calculator is designed to calculate the percentage change in the CPI between two periods of time.
The inflation calculator can also be used to update a sum of money. For example, if you had €1,000 in December 2013 the inflation calculator will tell you how much money you would require to purchase the same volume of consumer goods and services in a later period. Money denominated in old Irish Pounds should be converted to Euro before being entered into the calculator.
The outputs from the inflation calculator are created using data from Table CPM02 in PxStat.
For more information on the methodology for the Consumer Price Index (CPI), please see the methodology documents page. (Information transcribed from the website.)
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