Consumer Prices - Memphis Public Libraries

"Women at Keedoozle checkout". The Grocery Stores of Clarence Saunders, DIG Memphis.

For over 100 years, the U.S. Department of Labor has been tracking economic trends and changes in pricing within the United States. Wondering how much a gallon of milk cost in 1913? The Consumer Price Index (CPI) can tell you that. The CPI, a project of the U.S. Bureau of Labor Statistics, reports changes in the price of goods and services over time. By studying this data, you can learn the spending habits of those in the past, and perhaps make informed decisions about future spending habits of your own.

Because of its focus on pricing data, the CPI has become the leading source for information on inflation in the U.S. economy. Inflation, an overall increase in the price of goods and services over time, is important to both the general public and U.S. legislators, as policies are often enacted around the rate of inflation. By tracking this data, we can see major trends throughout the years and evaluate how everyday Americans, as well as our leaders, have responded to changing prices. Historical inflation data gives us a window into what life might have been like for past Americans.

Keedoozle canned fruit display — Consumer Prices Gallery

Demon of High Prices
“ An aggressive advertisement from the early 20th century describing the destruction of the "demon of high prices" by Piggly Wiggly. ”
The early 20th century saw the largest 12 month increase in overall prices, with a jump of 23.7% from June 1919 to June 1920. During this era, Americans experienced harsh inflation before prices began to stabilize in the 1920s. It is during this period, early in the 1900s, that food prices begin to be a major focus and the Consumer Price Index is formed.

Receipt from Memphis City Schools
“ A receipt from Memphis City Schools (signed by teacher, B. Alexander) for Russell Ray's payment of $15.00 for a trip to Atlantic City. ”
When studying changes in consumer prices, it’s important to look beyond the fluctuating sticker prices of particular goods or services. One dollar today does not have the same value as a dollar in 1961. For example, this receipt shows a payment of $15 for a trip to Atlantic City. That $15 has the same buying power as $124 today. The Bureau of Labor Statistics has created an online inflation calculator to help consumers determine the value of a dollar during a specific month and year. **Click here** to try it out!

Majestic Theatre No. 1
“ Majestic Theatre No. 1 at 49 S. Main St. ”
In 2016, the average cost of a movie ticket was $8.65. That’s quite a difference from the price shown in this early 1910s photo of the Majestic Theatre on Main Street in downtown Memphis. The *value* of a movie ticket, however, has remained fairly consistent since 1980, when the price was $2.69 (with a 2016 value of $8.35). For comparison, in 1970, tickets cost $1.55, which would be $10.12 today.

Poplar and Perkins
"Near Poplar and Perkins, signs for a number of businesses can be seen: Stephenson's Big Star, Goodwill, 1st National Bank, Jiffy Car Wash and Bensinger's Cleaners. "
A good deal? Use the **INFLATION CALCULATOR** to determine whether this 1970 steak sale would still be considered a good a deal in 2017. While the price of meat has risen over the last century, its rate of increase has not been as sharp as other food items. The top two increases have been seen with **milk** and **potatoes**.

MSU Receipt 4
"Registration receipt for Russell Lloyd Ray. One summer session Math course, at a cost of $22.50. "
The cost of college tuition has continued to rise over the past decades, with price increases far outpacing the rate of inflation. This receipt from **1962** shows the cost of one, 3-credit hours, summer course at Memphis State for **$22.50**. That price, adjusted for inflation, would be **$182.50** in June 2017 dollars. Today, the actual cost of a 2017 summer course at the University of Memphis is **$1,272**. In Tennessee alone, the average inflation-adjusted cost of tuition has risen **53.3%** over the past ten years.

Theaters on Beale
"A picture of the marquees of the Palace and New Daisy Theaters. The prices on the window of the One Minute Lunch Room are: Jumbo Hamburgers - 20 cents, Ice Cold Beer - 50 cents a qt or 2 for 95 cents. "
As the restaurant’s name and price suggest, hamburgers have long been a quick and affordable option for lunch. The 20 cents advertised here is slightly more than the cost of a McDonald’s hamburger from around the same time. In 1955, a hamburger from McDonald’s would cost you 15 cents (**$1.29 in 2012 dollars**). While the price of hamburgers has increased, the value has actually declined. The cost of a McDonald’s burger in 2012 was **$0.95**, a bit less than the value in 1955.

Pink Palace Museum Prices
" The pricing structure for a visit to the Pink Palace. Includes various combinations of exhibits, IMAX, and planetarium visits. "
In 1994, the Pink Palace Mansion was closed to the public, as it had been since 1974. However, a day at the Pink Palace Museum was still filled with opportunities. Check out the pricing for various attractions and then visit the **Pink Palace Museum website** to see how prices compare to today.

One component that is particularly relatable, no matter the year, is the price of food. Over the last 100 years, the period that saw the highest increase in food prices was 1941-1951, with an overall annualized increase of 8.0%. This can be attributed to the rise in prices at the onset and conclusion of World War II, as the country was emerging from the Great Depression. Conversely, the period that saw the sharpest decrease in food prices was 1927-1941, with prices dropping 1.9%. The largest annualized decrease occurred during the beginning of the Great Depression from December 1929 to June 1933 when food prices dropped 13%.

To learn more about pricing, inflation, and the value of a dollar, click the photo on the right to browse the Consumer Prices Gallery. The gallery highlights prices in Memphis throughout the years by showcasing photographs, advertisements, and receipts.

Also, be sure to check out the Pete & Sam's menus below. Use the slider to compare the 1958 menu to the 2000s menu. How much has the price of an 8oz filet changed in 50 years?

Menus: Pete & Sam's (1958). Restaurant and Menu Collection, DIG MEMPHIS / Pete & Sam's (2000s). Restaurant and Menu Collection, DIG MEMPHIS