The CoinNews Inflation Calculator and rate charts have been updated with latest 2008 Consumer Price Index (CPI) figures released today, June 13, by the U.S. Department of Labor Bureau of Labor Statistics.
The CoinNews Inflation Calculator may be used to measure the change in buying power of the dollar between 1913-2008. The charts graph historical annual averages for rate of inflation, and annual percent changes for rate of inflation.
U.S. Bureau of Labor Statistics May CPI inflation data
The Consumer Price Index, a measure of the average price changes for goods and services, rose 4.2% through the 12 months ended in May, according to the Labor Department. The overall CPI rose 0.6 percent in May compared to April’s 0.2 percent, and was 0.1 percent higher than many analysts expected.
Excluding volatile food and energy costs, the core CPI rose just 0.2 percent, and was inline with most expectations.
The index for fuel oil rose 10.4 percent in May and soared 64 percent over the 12 months. The gasoline index rose 5.7 percent in May and surged 20.8 percent on a year-over-year basis.
What’s the real world meaning of some of these figures? The figures can not reflect reality, like the pain at the gas pump, but the CoinNews Inflation Calculator can provide some insights.
Examples of the Inflation Calculator
Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:
- An item purchased in 1913 for $1 would now cost $21.88 (up $0.18 from April numbers)
- An item purchased in 1950 for $10 would now cost $89.89 (up $0.75 from April numbers)
- An item purchased for $20 in 1985 would now cost $40.27 (up $0.34 from April numbers)
Mixed dates may also be used with the Inflation Calculator. As examples:
- An item purchased today for $30 would have cost $11.41 in 1980
- An item purchased for $5 in 1975 would cost more than double, or $12.15 in 1990
Updated Annualized Inflation Rate Charts
The CoinNews inflation page also includes two updated charts indicating the:
- Annual Averages for Rate of Inflation
- Annual Percent Changes for Rate of Inflation
While the Inflation Calculator is more of a general financial interest tool, specific numismatic calculators and tools may be found via the CoinNews menu: "COIN PRICING & COLLECTOR TOOLS".
