What was $56,000 worth?
What is used to determine inflation?
The government calculates a variety of prices,
such as milk, bread, a new car, an apartment, etc, and creates the Consumer Price Index (CPI). This is a number
to calculate how the cost of living in the United States has changed every year. To find how much $56,000
is worth today, find the CPI in the current year and divide it by the CPI in the starting year. Then multiply it
Browse the year below to calculate the value of $56,000 between two years. In
general, inflation goes up every year. Some things, like education and health care, have increased
by a lot. Others, like technology, have gone down.