$29,104 in 1979 is worth$70,996.12 in 2001

$29,104 in 1979 has the same purchasing power as$70,996.12 in 2001. Over the 22 years this is a change of $41,892.12. The average inflation rate of the dollar between 1979 and 2001 was 4.48% per year. The cumulative price increase of the dollar over this time was 143.94%. The value of$29,104 from 1979 to 2001

So what does this data mean? It means that the prices in 2001 are 709.96 higher than the average prices since 1979. A dollar in 2001 can buy 40.99% of what it could buy in 1979.

We can look at the buying power equivalent for $29,104 in 1979 to see how much you would need to adjust for in order to beat inflation. For 1979 to 2001, if you started with$29,104 in 1979, you would need to have $70,996.12 in 1979 to keep up with inflation rates. So if we are saying that$29,104 is equivalent to $70,996.12 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 22 years. Value of$29,104 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
1979 $29,104.00 11.35% 1980$33,032.64 13.50%
1981 $36,440.13 10.32% 1982$38,685.07 6.16%
1983 $39,927.80 3.21% 1984$41,651.59 4.32%
1985 $43,134.85 3.56% 1986$43,936.62 1.86%
1987 $45,540.14 3.65% 1988$47,424.29 4.14%
1989 $49,709.31 4.82% 1990$52,395.22 5.40%
1991 $54,600.07 4.21% 1992$56,243.68 3.01%
1993 $57,927.38 2.99% 1994$59,410.64 2.56%
1995 $61,094.35 2.83% 1996$62,898.31 2.95%
1997 $64,341.49 2.29% 1998$65,343.69 1.56%
1999 $66,786.87 2.21% 2000$69,031.80 3.36%