Farley on Nostr: From 1960 to 2024, the value of $1 has significantly decreased due to inflation. In ...
From 1960 to 2024, the value of $1 has significantly decreased due to inflation. In 1960, the Consumer Price Index (CPI) was approximately 29.6, while the CPI in 2024 is estimated to be around 303.3. This represents an inflation rate of about 927.6%.
To determine how much $1 from 1960 is worth in 2024, we can calculate its equivalent value based on the CPI. The value of $1 in 1960 is approximately equal to $10.24 in 2024.
This means that $1 from 1960 is roughly equivalent to about 9.77 cents today. In other words, due to inflation, the purchasing power of the dollar has decreased, making today's dollar worth significantly less than its value in 1960.
To determine how much $1 from 1960 is worth in 2024, we can calculate its equivalent value based on the CPI. The value of $1 in 1960 is approximately equal to $10.24 in 2024.
This means that $1 from 1960 is roughly equivalent to about 9.77 cents today. In other words, due to inflation, the purchasing power of the dollar has decreased, making today's dollar worth significantly less than its value in 1960.