inflation calculator

[kaysixteen]

Considering all the inflation we have been having, I am wondering if anyone knows of a reliable and *up to date* inflation calculator that would allow one to compare dollar figures in today's money with any given year in the past?   I have a reason for wanting this, but in any case it would be interesting to know.

[dismalist]

https://www.bls.gov/data/inflation_calculator.htm

Don't forget that the expenditure shares used to weight the prices are for the mean consumer, not for one of us personally.

[kaysixteen]

Thanks very much.   I got the info I needed very easily.   What I am trying to do is compare salaries I have earned in the past with a potential job I might get offered now.

[dismalist]

You want a cross sectional comparison, not a time series comparison.

https://www.forbes.com/advisor/mortgages/real-estate/cost-of-living-calculator/

I've seen many sources of statistics for this, including official sources, but I can't remember or retrieve them all. I presume Forbes is referring to good data.

[kaysixteen]

I am not sure I get it.   What does the Forbes thing do that the Labor Dept site does not do, and what do these terms mean?

[dismalist]

The BLS shows the national average cost of living over time. Forbes shows current local costs of living.

[clean]

I was confused by Dismalist's answer so I gave it some more thought. IF you are interested in comparing a current job offer from Location here to location there, then the cost of living comparison (forbes) is the better measure.

IF you are trying to see what your salary would need to be today if your raises kept up with inflation the Department of Labor is the better source.  However, remember that using the Dept of Labor one wont be accurate if you have had raises for promotions. 

So what are you trying to do with the information?

[Anselm]

k16, find a takeout menu from 5 years ago and compare it to today.  Do the same for grocery store ads in the newspaper.  Make sure you are sitting down when you do this.

[Ruralguy]

I got the impression that "K" is looking to compare an offer (or potential offer) from Institution X today with one he may have gotten back in 2005 (or whenever).

[dismalist]

I got the impression that "K" is looking to compare an offer (or potential offer) from Institution X today with one he may have gotten back in 2005 (or whenever).

If it's the same location but a different year, use BLS national average cost of living. An approximation -- OK if there are not too many years between the then and the now.

If its a different location, use this -- one can choose the year --

https://www.numbeo.com/quality-of-life/region_rankings.jsp?title=2023&displayColumn=4&region=019

and assume the ratio is the same in the current year. Update with national average at both locations. Again, an approximation -- OK if there are not too many years between the then and the now.

[I can't find convenient time series for locations.]

[dismalist]

I got the impression that "K" is looking to compare an offer (or potential offer) from Institution X today with one he may have gotten back in 2005 (or whenever).

If it's the same location but a different year, use BLS national average cost of living. An approximation -- OK if there are not too many years between the then and the now.

If its a different location, use this -- one can choose the year --

https://www.numbeo.com/quality-of-life/region_rankings.jsp?title=2023&displayColumn=4&region=019

and assume the ratio is the same in the current year. Update with national average at both locations. Again, an approximation -- OK if there are not too many years between the then and the now.

[I can't find convenient time series for locations.]

Ooops, "at both locations" makes no sense.

Get the ratio of the cost of living in region "a" relative to region "b" at the initial year, multiply by the national inflation rate from the BLS, and get what you want: The ratio of the cost of living in region a in the new year to the cost of living in region b at the initial year.

[kaysixteen]

Indeed, I do wish to compare values of salaries I earned in various jobs back in the day to a salary range for a job I think I might be offered in a week or two, even though I am going to accept it anyhow (it is a good job and would clearly pay much more than retail, and it is teaching in a good prep school, local).  I get that it is not exactly possible to compare jobs in different cities/ locations, but fixed debt remains the same wherever one is living, so the problem is not exactly that severe.