In 2023, $1 can’t buy that much in terms of goods and services. However, you might be surprised at how much $1 could buy in the past. Remember when $1 could buy six Hershey’s chocolate bars? If you were alive in 1973, you might. What’s the cost of 3 gallons of gas today in your neighborhood? Ten dollars? More? In 1966, those 3 gallons were less than $1.
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While these examples are fun to look at, they’re also an important representation of the devastating power of inflation. Over time, inflation reduces the purchasing power of a dollar, as exemplified by these various items. Ten or 20 years from now, you may look back yet again and be amazed at how “cheap” things were in 2022, as inflation will no doubt have driven prices higher still in the future.
To see how much $1 could have purchased in the year you were born, GOBankingRates took a sample of prices from 1940 to 2021. For each year, you’ll see an example of a common good or service that cost about $1. The list is not only interesting but also educational, as it points out in black and white how the purchasing power of $1 declines over time. Check out your birth year and you may get a chuckle out of what $1 could buy in that year.
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