$28,030 in 1955 is worth$104,171.19 in 1983

$28,030 in 1955 has the same purchasing power as$104,171.19 in 1983. Over the 28 years this is a change of $76,141.19. The average inflation rate of the dollar between 1955 and 1983 was 4.68% per year. The cumulative price increase of the dollar over this time was 271.64%. The value of$28,030 from 1955 to 1983

So what does this data mean? It means that the prices in 1983 are 1,041.71 higher than the average prices since 1955. A dollar in 1983 can buy 26.91% of what it could buy in 1955.

We can look at the buying power equivalent for $28,030 in 1955 to see how much you would need to adjust for in order to beat inflation. For 1955 to 1983, if you started with$28,030 in 1955, you would need to have $104,171.19 in 1955 to keep up with inflation rates. So if we are saying that$28,030 is equivalent to $104,171.19 over time, you can see the core concept of inflation in action. The "real value" of a single dollar decreases over time. It will pay for fewer items at the store than it did previously. In the chart below you can see how the value of the dollar is worth less over 28 years. Value of$28,030 Over Time

In the table below we can see the value of the US Dollar over time. According to the BLS, each of these amounts are equivalent in terms of what that amount could purchase at the time.

Year Dollar Value Inflation Rate
1955 $28,030.00 -0.37% 1956$28,448.36 1.49%
1957 $29,389.66 3.31% 1958$30,226.38 2.85%
1959 $30,435.56 0.69% 1960$30,958.51 1.72%
1961 $31,272.28 1.01% 1962$31,586.04 1.00%
1963 $32,004.40 1.32% 1964$32,422.76 1.31%
1965 $32,945.71 1.61% 1966$33,887.01 2.86%
1967 $34,932.91 3.09% 1968$36,397.16 4.19%
1969 $38,384.37 5.46% 1970$40,580.75 5.72%
1971 $42,358.77 4.38% 1972$43,718.43 3.21%
1973 $46,437.76 6.22% 1974$51,562.65 11.04%
1975 $56,269.18 9.13% 1976$59,511.46 5.76%
1977 $63,381.27 6.50% 1978$68,192.39 7.59%
1979 $75,932.01 11.35% 1980$86,181.79 13.50%
1981 $95,071.90 10.32% 1982$100,928.92 6.16%