$14,000,000 in 2024 is worth $7,854,554.21 in 2001

Buying power of $14,000,000 in 2001

This chart shows a calculation of buying power equivalence for $14,000,000 in 2001 (price index tracking began in 1635).

For example, if you started with $14,000,000, you would need to end with $7,854,554.21 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $14,000,000 is equivalent to $7,854,554.21 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 2001 dollars, the chart below shows how $14,000,000 is worth less over 23 years.

According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:

This conversion table shows various other 2001 amounts in today's dollars, based on the -43.90% change in prices:

Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £14,000,000.00 in 2024 would be equivalent to £6,754,325.74 in 2001, an absolute change of £-7,245,674.26 and a cumulative change of -51.75%.

In Canada, CA$14,000,000.00 in 2024 would be equivalent to CA$8,620,696.89 in 2001, an absolute change of CA$-5,379,303.11 and a cumulative change of -38.42%.

Compare these numbers to the US's overall absolute change of $-6,145,445.79 and total percent change of -43.90%.

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.

Between 2001 and 2024:

• Gas prices increased from $1.47 per gallon to $3.28
• Bread prices increased from $0.98 per loaf to $1.94
• Egg prices increased from $1.01 per carton to $3.37
• Chicken prices increased from $1.09 per per 1 lb of whole chicken to $1.99
• Electricity prices increased from $0.09 per KwH to $0.18

This chart shows the average rate of inflation for select CPI categories between 2024 and 2001.

Compare these values to the overall average of 2.54% per year:

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:

For all these visualizations, it's important to note that not all categories may have been tracked since 2024. This table and charts use the earliest available data for each category.

How to calculate inflation rate for $14,000,000, 2001 to 2024

Our calculations use the following inflation rate formula to calculate the change in value between 2001 and today:

Then plug in historical CPI values. The U.S. CPI was 315.664 in the year 2024 and 177.1 in 2001:

$14,000,000 in 2024 has the same "purchasing power" or "buying power" as $7,854,554.21 in 2001.

To get the total inflation rate for the 23 years between 2001 and 2024, we use the following formula:

Plugging in the values to this equation, we get:

Alternate Measurements of Inflation

There are multiple ways to measure inflation. Published rates of inflation will vary depending on methodology. The Consumer Price Index, used above, is the most common standard used globally.

Alternative measurements are sometimes used based on context and economic/political circumstances. Below are a few examples of alternative measurements.

Personal Consumption Expenditures (PCE) Inflation

The PCE Price Index is the U.S. Federal Reserve's preferred measure of inflation, compiled by the Bureau of Economic Analysis. It measures the change in prices of goods and services purchased by consumers.

The PCE Price Index changed by 2.16% per year on average between 2024 and 2001. The total PCE inflation between these dates was 63.57%. In 2024, PCE inflation was 2.00%.

This means that the PCE Index equates $14,000,000 in 2024 with $22,900,160.28 in 2001, a difference of $8,900,160.28. Compare this to the standard CPI measurement, which equates $14,000,000 with $7,854,554.21. The PCE measured 107.47% inflation compared to standard CPI.

For more information on the difference between PCE and CPI, see this analysis provided by the Bureau of Labor Statistics.

Core Inflation

Also of note is the Core CPI, which uses the standard CPI but omits the more volatile categories of food and energy.

Core inflation averaged 2.36% per year between 2024 and 2001 (vs all-CPI inflation of 2.54%), for an inflation total of 71.05%. In 2024, core inflation was 2.67%.

When using the core inflation measurement, $14,000,000 in 2024 is equivalent in buying power to $23,947,535.48 in 2001, a difference of $9,947,535.48. Recall that the converted amount is $7,854,554.21 when all items including food and energy are measured.

Chained Inflation

Chained CPI is an alternative measurement that takes into account how consumers adjust spending for similar items. Chained inflation averaged 2.26% per year between 2024 and 2001, a total inflation amount of 67.15%.

According to the Chained CPI measurement, $14,000,000 in 2024 is equal in buying power to $23,400,329.84 in 2001, a difference of $9,400,329.84 (versus a converted amount of $7,854,554.21/change of $-6,145,445.79 for All Items).

In 2024, chained inflation was 2.26%.

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.

» Read more about inflation and investment.