# 2008 Inflation Calculator

Amount in 2008:

RESULT: \$1 in 2008 is worth \$1.38 today.

You might be interested in calculating the value of \$1 for the year 2013. Or calculate the value of \$1 for the year 2018

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# \$1 in 2008 is worth \$1.38 today.

## The value of \$1 from 2008 to 2022

\$1 in 2008 has the purchasing power of about \$1.38 today, a \$0.38 increase in 14 years. Between 2008 and today, the dollar experienced an average annual inflation rate of 2.31%, resulting in a cumulative price increase of 37.61%.

According to the Bureau of Labor Statistics consumer price index, today's prices are several times higher than the average price since 2008.

In 2008, the inflation rate was 3.84%. Inflation is now 8.52% higher than it was last year. If this figure holds true, \$1 today will be worth \$9.52 next year in purchasing power.

## Inflation from 2008 to 2022

Summary Value
Cumulative price change (from 2008 to today) 37.61%
Average inflation rate (from 2008 to today) 2.31%
Converted amount \$1.38
Price Difference \$0.38
CPI in 2008 215.3
CPI in 2022 296.276
Inflation in 2008 3.84%
Inflation in 2022 8.52%
\$1 in 2008 \$1.38 in 2022

## Buying power of \$1 in 2008

If you had \$1 in your hand in 2008, its adjusted value for inflation today would be \$1.38. Put another way, you would need \$1.38 to beat the rising inflation. When \$1 becomes equivalent to \$1.38 over time, the "real value" of a single US dollar decreases. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation gradually erodes the value of a dollar. By calculating the value in 2008 dollars, it's evident how \$1 loses its worth over 14 years.

## Dollar inflation for \$1 from 2008 to 2022

The below tabular column shows the effect of inflation on \$1 in the year 2008 to the year 2008.

Year Dollar Value Inflation Rate
2008 1 3.84%
2009 1 -0.36%
2010 1.01 1.64%
2011 1.04 3.16%
2012 1.07 2.07%
2013 1.08 1.46%
2014 1.1 1.62%
2015 1.1 0.12%
2016 1.11 1.26%
2017 1.14 2.13%
2018 1.17 2.49%
2019 1.19 1.76%
2020 1.2 1.23%
2021 1.26 4.70%
2022 1.38 8.52%

## Conversion of 2008 dollars to today's price

Based on the 37.61% change in prices, the following 2008 amounts are shown in today's dollars:

Initial value Today value
\$1 dollar in 2008 \$1.38 dollars today
\$5 dollars in 2008 \$6.88 dollars today
\$10 dollars in 2008 \$13.76 dollars today
\$50 dollars in 2008 \$68.81 dollars today
\$100 dollars in 2008 \$137.61 dollars today
\$500 dollars in 2008 \$688.05 dollars today
\$1,000 dollars in 2008 \$1376.11 dollars today
\$5,000 dollars in 2008 \$6880.54 dollars today
\$10,000 dollars in 2008 \$13761.08 dollars today
\$50,000 dollars in 2008 \$68805.39 dollars today
\$100,000 dollars in 2008 \$137610.78 dollars today
\$500,000 dollars in 2008 \$688053.88 dollars today
\$1,000,000 dollars in 2008 \$1376107.76 dollars today

## How to calculate the inflated value of \$1 in 2008

To calculate the change in value between 2008 and today, we use the following inflation rate formula:

CPI Today / CPI in 2008 x USD Value in 2008 = Current USD Value

By plugging the values into the formula above, we get:

296.276/ 215.3 x \$1 = \$1.38

To buy the same product that you could buy for \$1 in 2008, you would need \$1.38 in 2022.

### To calculate the cumulative or total inflation rate in the past 14 years between 2008 and 2022, we use the following formula:

CPI in 2022 - CPI in 2008 / CPI in 2008 x 100 = Cumulative Inflation Rate

By inserting the values to this equation, we get:

( 296.276 - 215.3 / 215.3) x 100 = 37.61%

### Alternate method to calculate today's value of money after inflation - Using compound interest formula

Given that money changes over time due to inflation, which acts as compound interest, we can use the following formula:

FV = PV (1+i/100)^n

where,

• FV = Future value
• PV = Present value
• i: Average interest rate (inflation)
• n: Number of times the interest is compounded (i.e. # of years)

The future value in this case represents the amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much \$1 is worth today. We have 14 years between 2022 and 2008. The average inflation rate was 2.3066221690889%.

Plugging in the values into the formula, we get:

1 (1+ % 2.31/ 100 ) ^ 14 = \$1.38