The Impact of Inflation on value of $620 from 1988 to 2024
In 1913 the price of $620 is approximately equal to $1626.56 in 2024. Prices changed by 2.76% (or $27.96) per year on average during that period. It means that every purchase will cost you 2.62 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 $620 in 1988 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 $620 in 1988 Worth Today?
- Converted Amount: The $620 from 1988, adjusted for inflation, would be equivalent to $1626.56 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 162.35%.
- Average Inflation Rate: The average annual inflation rate between 1988 and 2024 has been 2.76%.
| Cumulative price change | 162.35% |
| Average inflation rate | 2.76% |
| Converted amount | 1626.56 |
| Price difference | 1006.56 |
| CPI in 1988 | 118.3 |
| CPI in 2024 | 310.358 |
| Inflation in 1988 | 4.14% |
| Inflation in 2024 | 1.86% |
| 620 in 1988 | 1626.56 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 1988: 118.3
- CPI in 2024: 310.358
Inflation Rate at 1988 and 2024
- Inflation in 1988: 4.14%
- Inflation in 2024: 1.86%
Price Difference
- The price difference between 1988 and 2024 is $1006.56.
1988 to 2024 Inflation Calculator
To understand the transformation of $620 from 1988 into 2024 US dollars, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 1988 | 118.3 | 4.14% | $620 |
| 2024 | 310.358 | 1.86% | $1626.56 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of $620 in 1988
$620 in the year 1988 is now worth $1626.56 in 2024, showing a substantial increase of $1006.56 over the years. This change underscores how the average inflation rate of 2.76% annually has eroded the purchasing power of the US dollar.