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Value of 1998 US Dollars today

$100 in 1998
$190.69 in 2024

The inflation rate in the United States between 1998 and today has been 90.69%, which translates into a total increase of $90.69. This means that 100 dollars in 1998 are equivalent to 190.69 dollars in 2024. In other words, the purchasing power of $100 in 1998 equals $190.69 today. The average annual inflation rate between these periods has been 2.51%.

Inflation timeline in the United States (1998 - 2024)

The following chart depicts the equivalence of $100 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 90.69%
Avg. Annual inflation 1998-2023 2.53%
CPI 1998 68.77
CPI 2023 128.56
CPI 2024-02 (latest official data) 130.93
CPI today 131.14

How to calculate today's value of money after inflation?

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.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1998 and 2023, use the corresponding CPI values:

Value2023
=Value1998 ×
CPI2023/CPI1998
=$ 100 ×
128.56/68.77
$186.92

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 131.14:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=$ 100 ×
131.14/68.77
$190.69

Alternative: Using the compound interest formula

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:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

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 $100 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:

Value2023
=PV × (1 + i)n
=$100 × (1 + 0.025337)25
$186.92

US inflation - Conversion table

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 $18,692.4 dollars in 2023
$50,000 dollars in 1998 $93,462 dollars in 2023
$100,000 dollars in 1998 $186,923.99 dollars in 2023
$500,000 dollars in 1998 $934,619.95 dollars in 2023
$1,000,000 dollars in 1998 $1,869,239.91 dollars in 2023
Cumulative inflation From 1998 90.69%
Avg. annual inflation From 1998 2.51%
CPI 1998 68.77
CPI today 131.14

Value of Dollar over time (by year)

Period Value
1998 100
1999 102.19
2000 105.64
2001 108.62
2002 110.35
2003 112.85
2004 115.87
2005 119.8
2006 123.67
2007 127.2
2008 132.08
2009 131.61
2010 133.77
2011 137.99
2012 140.85
2013 142.91
2014 145.23
2015 145.4
2016 147.24
2017 150.37
2018 154.05
2019 156.84
2020 158.77
2021 166.23
2022 179.53
2023 186.92
2024-02 190.37
Today 190.69

All available years

Today's value of US dollars by year:

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 | 2021 | 2022 | 2023 |

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