The Dollar Times has posted on its website an inflation calculator. The calculator, “[W]ill tell you the relative buying power of a dollar in the United States between any two years from 1914-2013. It will also calculate the rate of inflation during the time period you choose.”
The calculator determines the value of a dollar using the Consumer Price Index from December of the previous year. All calculations are approximate.
The Dollar Times offers these facts: In 2007, the inflation rate was 4.08%. This was higher than any year since 1990. In 2008, the inflation rate was 0.09%, the lowest rate since 1954.
Using the calculator Beth Colvin from Sarasota Patriots provided WDW with these facts:
Minimum wage in 1955 was $0.75 which was equivalent to $4.39 today. Minimum wage in 2012 was $7.25 which was equivalent to $4.97 in 1955. Minimum wage in 2013 will be $9.00.
$1.00 in 1955 had the same buying power as $8.60 in 2013.
Therefore $9.00 today represents buying power of $77.40 in 1950.
So go to the Inflation Calculator and have some fun seeing how the value of your dollar and buying power has changed over time.