Not Financial Advice: $300 in 1860 would be worth $8,369.80 in 2016. Between 1860 and 2016, the United States saw inflation at an average rate of 2.16% per year.
You can use this inflation calculator to calculate inflation in the United States from 1774 until the present year at Davemanuel.com.
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 InflationData.com.
Tip! Discover 5 things you can do now to prepare for rising inflation, featured on USA Today.