$1,000,000 in 1976 has the same buying power as $4,232,917.40 in 2016.
Use BLS.gov's CPI Inflation Calculator to easily calculate how the buying power of the US dollar has changed over the years.
Inflation can be defined as the overall general upward price movement of goods and services in an economy. BLS has various indexes that measure different aspects of inflation.
See BLS statistics related to inflation at bls.gov.
The formula for calculating the Inflation Rate using the Consumer Price Index (CPI) is relatively simple. Every month the Bureau of Labor Statistics (BLS) surveys thousands of prices all over the country and generates the CPI or (Consumer Price Index).
Here's a step by step guide to calculating inflation rate, shared by InfaltionData.com.
Tip! Inflation is a pernicious beast. It eats away at the value of many assets likestocks , leaving many poorer in the process. In the 1970s, the S&P 500 rose less than 20% in value. Check out some ways income investors can protect against inflation at Nasdaq.com