The Impact of Inflation on value of $1000 from 1924 to 2024
In 1913 the price of $1000 is approximately equal to $17662.22 in 2024. Prices changed by 2.93% (or $166.62) per year on average during that period. It means that every purchase will cost you 17.66 times as much.
Inflation is a powerful force that can erode the purchasing power of money over time. For anyone curious about the value of $1000 in 1924 and what it would be worth in 2024, this page provides a detailed analysis using the cumulative price change, average inflation rate, and other key financial indicators.
How Much is $1000 in 1924 Worth Today?
- Converted Amount: The $1000 from 1924, adjusted for inflation, would be equivalent to $17662.22 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 1666.22%.
- Average Inflation Rate: The average annual inflation rate between 1924 and 2024 has been 2.93%.
| Cumulative price change | 1666.22% |
| Average inflation rate | 2.93% |
| Converted amount | 17662.22 |
| Price difference | 16662.22 |
| CPI in 1924 | 9 |
| CPI in 2024 | 158.96 |
| Inflation in 1924 | -2.17% |
| Inflation in 2024 | 1.18% |
| 1000 in 1924 | 17662.22 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 1924: 9
- CPI in 2024: 158.96
Inflation Rate at 1924 and 2024
- Inflation in 1924: -2.17%
- Inflation in 2024: 1.18%
Price Difference
- The price difference between 1924 and 2024 is $16662.22.
1924 to 2024 Inflation Calculator
To understand the transformation of $1000 from 1924 into 2024 Canadian Dollars, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 1924 | 9 | -2.17% | $1000 |
| 2024 | 158.96 | 1.18% | $17662.22 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of $1000 in 1924
$1000 in the year 1924 is now worth $17662.22 in 2024, showing a substantial increase of $16662.22 over the years. This change underscores how the average inflation rate of 2.93% annually has eroded the purchasing power of the Canadian Dollar.