Inflation in 1838 and its effect on dollar value
$1 in 1837 is equivalent in purchasing power to about $0.97 in 1838. The dollar had an average deflation rate of -3.12% per year since 1837, producing a cumulative price change of -3.12%. Purchasing power increased by 3.12% in 1838 compared to 1837. On average, you would have to spend 3.12% less money in 1838 than in 1837 for the same item. This is an example of deflation.
This means that prices in 1838 are 3.12% lower than average prices since 1837, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1837 was 3.23%. The inflation rate in 1838 was -3.12%. The 1838 inflation rate is lower compared to the average inflation rate of 1.91% per year between 1838 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1838 was 9.30. It was 9.60 in the previous year, 1837. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation. Because the 1838 CPI is less than 1837 CPI, negative inflation (also known as deflation) has occurred.
Contents
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| Average inflation rate | -3.12% |
| Converted amount $1 base | $0.97 |
| Price difference $1 base | $-0.03 |
| CPI in 1837 | 9.600 |
| CPI in 1838 | 9.300 |
| Inflation in 1837 | 3.23% |
| Inflation in 1838 | -3.12% |
| $1 in 1837 | $0.97 in 1838 |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1837 would be equivalent to £1.01 in 1838, an absolute change of £0.01 and a cumulative change of 0.99%.
Compare these numbers to the US's overall absolute change of $-0.03 and total percent change of -3.12%.
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.
This chart shows the average rate of inflation for select CPI categories between 1837 and 1838.
Compare these values to the overall average of -3.12% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1837 → 1838 |
|---|---|---|---|
| Food and beverages | 0.00 | 0.00 | 1.00 |
| Housing | 0.00 | 0.00 | 1.00 |
| Apparel | 0.00 | 0.00 | 1.00 |
| Transportation | 0.00 | 0.00 | 1.00 |
| Medical care | 0.00 | 0.00 | 1.00 |
| Recreation | 0.00 | 0.00 | 1.00 |
| Education and communication | 0.00 | 0.00 | 1.00 |
| Other goods and services | 0.00 | 0.00 | 1.00 |
For all these visualizations, it's important to note that not all categories may have been tracked since 1837. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $1, 1837 to 1838
Our calculations use the following inflation rate formula to calculate the change in value between 1837 and 1838:
CPI in 1838 CPI in 1837
×
1837 USD value
=
1838 USD value
Then plug in historical CPI values. The U.S. CPI was 9.6 in the year 1837 and 9.3 in 1838:
9.39.6
×
$1
=
$0.97
$1 in 1837 has the same "purchasing power" or "buying power" as $0.97 in 1838.
To get the total inflation rate for the 1 years between 1837 and 1838, we use the following formula:
CPI in 1838 - CPI in 1837CPI in 1837
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
9.3 - 9.69.6
×
100
=
-3%
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “Inflation Rate in 1838 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 18 Nov. 2024, https://www.officialdata.org/inflation-rate-in-1838%20-1.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Average inflation rate | -3.12% |
| Converted amount $1 base | $0.97 |
| Price difference $1 base | $-0.03 |
| CPI in 1837 | 9.600 |
| CPI in 1838 | 9.300 |
| Inflation in 1837 | 3.23% |
| Inflation in 1838 | -3.12% |
| $1 in 1837 | $0.97 in 1838 |