How can I convert 1930s dollars to today's (cost of living adjustment)? [closed]

Question

Google Calculator can convert one currency to another at today's exchange rates, but often I'll want to convert one currency to itself at a different time.

For example, what would $1,000 in 1930 be worth in today's dollars?

Is there a Web app to do this?

Answer 1

Slap it into WolframAlpha (although I still dislike the guess-the-syntax game)

Here is what you can use.

compute the current value of a historical quantity of money

$1000 (1930 dollars)

compute historical equivalent value of today's money

1000 current dollars in 1930

convert one historical quantity of money to another

$1000 1930 dollars in 1975

http://www.wolframalpha.com/input/?i=+$1,000+in+1930+be+worth+today

This returns

$ 12952.10(2010 US dollars)

Also gives the purchasing power.

_{(source: wordpress.com)}

Answer 2

Try this site, it gives the purchasing power of money for the US and UK going back to 1257 http://eh.net/hmit/

Answer 3

You have to apply an inflation based coefficient, there's an entire site on this topic: http://inflationdata.com/Inflation/Inflation/Inflation.asp.

However it is not that simple, as the raw convertion is not an indication of the real value of money. So you have to take in account purchasing power: http://www.measuringworth.com/ppowerus/