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These are the prices of some typical family cars from the 1970s: 1974 Ford Pinto - $2385. 1974 Chevrolet Vega - $2379. 1976 American Motors Gremlin - $2898. 1974 Chevrolet Bel Air - $4358. 1974 Ford LTD- $4615. 1975 Chevrolet Monza 2 plus 2 - $3953. 1975 Chevrolet Nova - $3099. 1975 Buick Skylark - $3463.
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Most items look like bargains compared to 1972. But were they?
We take a nostalgic look at 1972 prices for gas, food, appliances and more, then adjust for inflation and reveal what's actually cheaper in 2022.
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The U.S. economy in 1972 enjoyed prosperity marked by comparatively stable prices and unemployment falling to 5.1% by the end of the year. Price and wage controls enacted by the government had been successful and inflation had gone down to 3.27%.
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Cost of a first-class stamp: $0.10. Cost of a gallon of regular gas: $0.36. Cost of a dozen eggs: $0.52. Cost of a gallon of Milk: $1.20.
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But the 1973-74 oil embargo would send inflation soaring 11 percent by 1974 and another round of inflation pushed prices up 13.5 percent in 1980. Inflation has averaged 4 percent the past 50 years, meaning that, on average, things that cost a dollar 50 years ago would cost $7.03 today.
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To get a feel for this, I have adjusted them for the increase in incomes from 1972 to today. You can see these adjusted prices in the column 'Income adjusted'. 1972 price. Income adjusted. Sinclair Executive calculator. £79. £2,000. 22" Pye colour TV (Currys) £239.00.
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Inflation has averaged 4 percent the past 50 years, meaning that, on average, things that cost a dollar 50 years ago would cost $7.03 today. Not everything was cheaper in 1972. On January 4, 1972, Hewlett-Packard introduced the first handheld scientific calculator, which cost $395 — about $2,775 in today's dollars.
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The U.S. dollar has lost 86% its value since 1972. $100 in 1972 is equivalent in purchasing power to about $737.84 today, an increase of $637.84 over 52 years. The dollar had an average inflation rate of 3.92% per year between 1972 and today, producing a cumulative price increase of 637.84%.
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Disclaimer: You will not actually win a 1972 Corvette in the end. Half-gallon of milk in 1972. $1.09. 59¢. 39¢. 2 lb. can of coffee in 1970. $2.49. 69¢. $1.79.
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Prices for All Items, 1972-2022 ($20) According to the U.S. Bureau of Labor Statistics, prices for all items were 599.87% higher in 2022 versus 1972 (a $119.97 difference in value).. Between 1972 and 2022: All items experienced an average inflation rate of 3.97% per year.This rate of change indicates significant inflation.
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The Corolla L sedan, the line's base model, has a current starting MSRP of more than $20,400 — about $5,500 over what it cost back then. And in 1972, a custom deluxe C20 Chevy Suburban cost.
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The average price of items during each year of the 70s
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Daily Telegraph - 1970 (5d); 1979 (10p) In today's money newspapers prices increased from 23p in 1970 to 38p in 1979. Today newspapers are much more expensive: Daily Mirror - 75p. Daily Express - 90p. Daily Telegraph - £2. Source: Tesco, prices as of March 2019. Newspaper circulation has halved since the 1970s.
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Surprisingly, some things are bargains today — but not many. Remember 1972? Richard Nixon was president, the Oakland Athletics were on the way to winning the first of three consecutive World Series and All in the Family was the number 1 television show.All in the Family was the number 1 television show.
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Earnings by race and sex, 1970-1979. Table shows mean earnings for white, black, and Hispanic workers by sex for the years 1978 and 1988 (in this source, bottom of p. 6). Shows median and mean for each race/sex combination. Further breaks out earnings data by the number of weeks worked in 1979.
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A portable four-cycle dishwasher cost $189.95 in 1972, or about $1,335 in today's dollars. In part because of supply chain issues, dishwashers today can cost far more than they did in 1972, adjusted for inflation. To be fair, today's high-end dishwashers offer many different wash cycles and use far less energy and water.