What’s $100 these days versus 3 years ago
Hyperthermia may finally appearbut all over the United States Still on the rise. The Labor Department reported last week that consumer prices rose 8.5% last month compared to the same period last year. While this number may be lower than economists expected, it represents another turn of the century for household budgets.
Exactly how much has our purchasing power diminished due to inflation this year? These days, the dollar is worth about 86% of its value three years ago, according to an online inflation calculator. This means that an item that cost $100 in 2019 will cost $115 today.
In a more realistic sense, this means that spending $100 on brunch with a friend in 2022 will get you less mimosas, or $15 less than in 2019. Going back further, spending $100 in a year 2000 would now cost $172. A $100 shopping spree in 1980 will set you back a whopping $359 at today’s prices.
To be sure, a certain level of inflation is a normal part of economic growth.
“The United States suffers from inflation almost every year, and has done so since the 1950s,” said Errol Barnett of CBS News. “So, it is normal for the dollar to depreciate over time.”
What is abnormal is the current hyperinflation rate, which is more than four times. The issue, Barnett added, is that “wages are not constantly increasing to match the fact that things are expensive.”
“We’re really noticing that more money is leaving our bank accounts than going into our bank accounts,” he said.