These days it seems like everything has a bigger price tag — from local gas prices, to groceries, rent and other necessities. Inflation has changed the prices of everyday goods throughout the years, with some years being worse than others.
In June of this year, the United States’ inflation rate rose 9.1% over last year, not seasonally adjusted, according to the U.S. Bureau of Labor Statistics. This was the highest level of inflation since November 1981.
According to research conducted by the AARP, inflation has averaged 4% the past 50 years.
With the current inflation rate, things that cost a dollar 50 years ago would approximate cost $7.03 today.
Not everything was cheaper in 1972, but most things were even when adjusted for inflation. Some things are less expensive, like ice cream.
So how much did staples such as gas, groceries, appliances and cars cost 50 years ago? The AARP adjusted for inflation to show changes in price between now and 1972:
Grocery prices
The AARP found grocery prices from a July 5, 1972 Chicago newspaper to adjust for inflation.
— Milk: 89 cents a gallon, or $6.25 in today’s dollars.
— Sweet corn: 5 cents an ear, or 35 cents in today’s dollars.
— Rib-eye steak: $2.49 a pound, $17.50 in today’s dollars.
— Coffee: 66 cents a pound, $4.47 in today’s dollars.
— Vanilla ice cream: $1.29 a gallon, $9.06 in today’s dollars.
— Bacon: 79 cents a pound, $5.55 in today’s dollars.
— Chuck roast: 65 cents a pound, $4.50 in today’s dollars.
— Cantaloupe: 11 cents a pound, 71 cents in today’s dollars.
Gas prices
A gallon of gas seems to cost an arm and a leg these days, but would have only cost 36 cents in 1972. When adjusted for inflation, that’s equal to $2.53 a gallon today.
The national gas price average is currently $4.18 a gallon according to the AAA.
Car prices
For only $2,510, or $17,636 in today’s dollars, you could have bought a Ford Mustang in 1972, a ride that would cost you at least around $30,000 at the dealership today.
If you needed a new car battery, you’d only need $15.88 in 1972, about $112 in today’s dollars.
The average price of a new vehicle also increased in 2022, averaging $47,148 in May 2022, according to data from Kelley Blue Book, a Cox Automotive company.
Appliance prices
Shopping for appliances in 1972 looked very different than 2022, but not all prices are cheaper in 1972 while addressing inflation. Here’s the change in costs compared to 50 years ago:
— Portable four-cycle dishwasher: $189.95, about $1,335 in today’s dollars. Dishwashers today are more expensive in real dollars, but they also offer more features and are more energy efficient.
— Clothing washer and dryer: $310 total, $2,178 in today’s dollars. Washers and dryers are available in stores today for under $1,000.
— A 16-speed electric blender: $23.99, about $170 in today’s dollars. A good blender can be had today for around $50.
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