- Fresh delivered milk (1/2 gallon): $0.51 ($4.56 in todays dollars). Bush also raised taxes, a move that would haunt him in the next election. - White bread (1 pound): $0.28 ($1.64 in todays dollars) - Fresh grocery milk (1/2 gallon): $0.86 ($3.43 in todays dollars). - White bread (1 pound): $0.36 ($1.74 in todays dollars) - Round steak (1 pound): $1.11 ($10.90 in todays dollars) - Sliced bacon (1 pound): $5.61 ($5.71 in todays dollars) Consumer spending grew and unemployment went down to 5.3%. In an effort to protect American businesses and farmers, President Herbert Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on imports. - Round steak (1 pound): $0.26 ($5.21 in todays dollars) - White bread (1 pound): $0.61 ($1.34 in todays dollars) - Potatoes (10 pounds): $0.57 ($6.16 in todays dollars) GDP decreased by 3.4% and unemployment was 5.6%. - Fresh eggs (1 dozen): $0.57 ($4.96 in todays dollars) - Round steak (1 pound): $0.36 ($6.84 in todays dollars) - Sliced bacon (1 pound): $0.57 ($5.45 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.11 ($2.64 in todays dollars). And while Americans were making more than before, they were also borrowing more, carrying large debts for cars and education. At the presidents request, Congress approved $3.75 billion in federal spending to jump-start the economy in April. - Round steak (1 pound): $1.30 ($8.72 in todays dollars) - Round steak (1 pound): $0.39 ($6.91 in todays dollars) In an attempt to tackle the federal deficit, Congress passed the Omnibus Budget Reconciliation Act, which increased taxes and aimed to reduce spending by $225 billion over five years. - Round steak (1 pound): $0.36 ($6.74 in todays dollars) - Potatoes (1 pound): $0.21 ($0.51 in todays dollars) - White bread (1 pound): $0.55 ($1.33 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.21 ($3.99 in todays dollars). - Fresh grocery milk (1/2 gallon): $0.79 ($3.82 in todays dollars), The economy continued to struggle in 1975, with unemployment averaging 8.5%. - Round steak (1 pound): $3.09 ($4.93 in todays dollars) - Potatoes (10 pounds): $0.90 ($6.04 in todays dollars) - Sliced bacon (1 pound): $1.76 ($8.51 in todays dollars) - Sliced bacon (1 pound): $0.70 ($6.03 in todays dollars) Consumer confidence was also at a high, with 80% of people not worried about losing their jobs and incomes rising among families in every wage bracket. - White bread (1 pound): $0.09 ($1.33 in todays dollars) - Fresh grocery milk (1 gallon): $2.78 ($4.20 in todays dollars). The passage of the GI Bill of Rights further opened up opportunities for veterans, providing them money to attend college, or buy homes or farmland. - Fresh delivered milk (1/2 gallon): $0.61 ($4.56 in todays dollars). In the midst of a recession, 2008 saw unemployment at 5.8% and American families taking in $61,932, less than they did in 2007. - White bread (1 pound): $0.24 ($1.61 in todays dollars) You may also like: How U.S. labor productivity has changed since 1950. However, the year was still marked by high unemployment, ending at about 10%. In an attempt to restart economic growth and encourage consumer spending, the Federal Reserve eased monetary policies. WebThere are no reliable figures for the casualties of the Soviet Union and China, the two countries in which casualties were undoubtedly greatest. - Fresh grocery milk (1 gallon): $3.19 ($4.25 in todays dollars). distribution partner, email us at - Sliced bacon (1 pound): $3.61 ($4.38 in todays dollars) Publications that use this data. - Round steak (1 pound): $1.04 ($9.05 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.57 ($4.44 in todays dollars). *In 1974, the BLS transitioned to tracking the price of grocery milk, instead of delivered. Britain imported - Round steak (1 pound): $1.04 ($9.37 in todays dollars) - Fresh grocery milk (1 gallon): $3.23 ($3.43 in todays dollars). - Fresh grocery milk (1/2 gallon): $1.39 ($2.50 in todays dollars). - Potatoes (10 pounds): $0.63 ($5.43 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.05 ($3.32 in todays dollars). - Potatoes (1 pound): $0.62 ($0.75 in todays dollars) The country fell into another recession, as GDP decreased by 3.7% and unemployment rose to 7.4%. - Fresh eggs (1 dozen): $0.78 ($4.12 in todays dollars) - Fresh eggs (1 dozen): $0.29 ($5.81 in todays dollars) - White bread (1 pound): $1.40 ($1.54 in todays dollars) - Fresh eggs (1 dozen): $1.66 ($2.01 in todays dollars) - Potatoes (10 pounds): $0.46 ($4.97 in todays dollars) By 1940, Americas economy was on the up-and-up, with unemployment continuing to decrease to 14.6%. - Sliced bacon (1 pound): $3.20 ($4.53 in todays dollars) - White bread (1 pound): $1.04 ($1.39 in todays dollars) The overthrow of the Shah of Iran led to the reduction of shipments of crude oil to the United States, resulting in high gas prices. - Round steak (1 pound): $0.39 ($7.05 in todays dollars) - Potatoes (10 pounds): $0.25 ($4.68 in todays dollars) - White bread (1 pound): $0.10 ($1.33 in todays dollars) - Potatoes (10 pounds): $0.21 ($3.88 in todays dollars) Some shops priced more expensive items in guineas. Consumer spending made up 70.5% of the total GDP. - Sliced bacon (1 pound): $0.67 ($5.63 in todays dollars) - Fresh eggs (1 dozen): $1.99 ($2.41 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.12 ($3.21 in todays dollars). - Fresh delivered milk (1/2 gallon): $0.52 ($4.42 in todays dollars). Inflation also hovered around 4% throughout the year. The cost of goods has risen by almost 9,000 per cent in the past hundred years thanks to inflation, new research reveals. The year 1950 ushered in the era known as the Golden Age of American capitalism, two decades that saw a huge increase in the middle class, with blue-collar workers purchasing homes and buying appliances and cars with their rising wages. The countries traded skis, whiskey, fur and computers, among other goods. - Potatoes (10 pounds): $0.63 ($5.48 in todays dollars) - Potatoes (1 pound): $0.21 ($0.55 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.68 ($4.23 in todays dollars). Thanks to the implementation of New Deal programs, the economy began to grow, swelling to 10.8%, while unemployment fell to 21.7%. - Potatoes (10 pounds): $0.63 ($5.63 in todays dollars) It also raised taxes on gas, Social Security, and corporate income, as well as extended limits on discretionary spending. - Round steak (1 pound): $4.10 ($5.46 in todays dollars) Mainly for this reason, estimates - Fresh delivered milk (1/2 gallon): $0.51 ($4.59 in todays dollars). The household median income rose 3.5%, coming to $38,885. Chris Payne. - Potatoes (1 pound): $0.39 ($0.57 in todays dollars) - Sliced bacon (1 pound): $3.66 ($4.59 in todays dollars) Though America had been trying to avoid entering World War II, the attack on Pearl Harbor brought the war right to its shores. - Potatoes (1 pound): $0.19 ($0.60 in todays dollars)* The year began with 77.2 million Americans employed and unemployment at 3.3%, the lowest it had been since 1963. - Round steak (1 pound): $6.58 By 2016 food shopping accounted for just 10.5% of our income. Real interest rates and oil prices also decreased, giving way to a strong post-recession recovery, aided largely by the tax cuts from the previous year. - Potatoes (1 pound): $0.74 ($0.77 in todays dollars) - Fresh eggs (1 dozen): $0.37 ($6.93 in todays dollars) - Potatoes (10 pounds): $0.94 ($7.77 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.56 ($2.59 in todays dollars). - White bread (1 pound): $0.22 ($1.77 in todays dollars) That led to a banking crisis as borrowers defaulted on their loans, subsequently causing the huge financial institutions to collapse and take the stock market with them. - Potatoes (1 pound): $0.58 ($0.69 in todays dollars) - Fresh eggs (1 dozen): $1.84 ($2.09 in todays dollars) - Fresh eggs (1 dozen): $0.55 ($8.13 in todays dollars) You may also like: 50 remote jobs that can pay well, - Fresh eggs (1 dozen): $1.53 - Round steak (1 pound): $1.11 ($8.92 in todays dollars) - White bread (1 pound): $0.35 ($1.85 in todays dollars) - Round steak (1 pound): $1.78 ($8.14 in todays dollars) - Round steak (1 pound): $4.14 ($5.02 in todays dollars) - Round steak (1 pound): $0.52 ($6.94 in todays dollars) The newly inaugurated President Jimmy Carter made job creation a main priority and Congress passed the Economic Stimulus Appropriations Act. - Sliced bacon (1 pound): $0.29 ($5.63 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.48 ($4.59 in todays dollars). The economy grew at a rate of over 5%. - Round steak (1 pound): $0.44 ($6.62 in todays dollars) An increase in the minimum wageup to $2.30 per hour from $2.10also gave American workers a boost. - Round steak (1 pound): $1.08 ($9.31 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.27 ($4.78 in todays dollars). - Fresh eggs (1 dozen): $0.86 ($1.60 in todays dollars) Heres a snapshot of life and pop culture in 1963. The data for 2020 was released on Oct. 29 and includes the average pricing through September 2020, the most current data available on the index. However, consumer confidence remained strong, with Americans spending 2.4% more than they did in 2015, doling out a significant amount of more money on health care, and personal insurance and pensions. - Potatoes (10 pounds): $0.24 ($4.25 in todays dollars) Mainly for this reason, estimates of total dead in World War II vary anywhere from 35,000,000 to 60,000,000a statistical difference of no small import. - White bread (1 pound): $1.37 ($1.49 in todays dollars) With the war coming to an end, government spending rolled back and interest rates were raised to curb inflation, leading to decreased consumer demand and a recession. In 2014, the typical American household spent $36,800, however the amount of money they were bringing in stayed relatively the same. - White bread (1 pound): $0.08 ($1.49 in todays dollars) - White bread (1 pound): $0.21 ($1.83 in todays dollars) - Sliced bacon (1 pound): $1.92 ($3.56 in todays dollars) The list of food that required vouchers expanded to include meat, cheese, fats, canned fish, and canned milk. - Potatoes (1 pound): $0.34 ($0.71 in todays dollars) - Sliced bacon (1 pound): $5.29 ($5.91 in todays dollars) The cuts were finally approved by Congress in 1964, three months after the president was assassinated. - Round steak (1 pound): $4.13 ($5.69 in todays dollars) - Sliced bacon (1 pound): $3.66 ($4.42 in todays dollars) - Fresh eggs (1 dozen): $0.70 ($6.82 in todays dollars) While the average median income of families rose 6%, an 11% rise in prices meant they had less purchasing power than in years past. - White bread (1 pound): $0.16 ($1.56 in todays dollars) - White bread (1 pound): $0.18 ($1.75 in todays dollars) It was notably the first year that the real median household income had exceeded its 1989 pre-recessionary peak. - Round steak (1 pound): $1.08 ($8.92 in todays dollars) The legislation would go on to create 9.3 million jobs. - Fresh eggs (1 dozen): $0.57 ($5.28 in todays dollars) - Sliced bacon (1 pound): $0.78 ($9.10 in todays dollars) - Fresh eggs (1 dozen): $0.57 ($8.58 in todays dollars) - White bread (1 pound): $0.09 ($1.66 in todays dollars) The war cost the country $30 billion, financed largely by higher tax rates. - Fresh delivered milk (1/2 gallon): $0.46 ($4.45 in todays dollars). RATIONING & SHORTAGES. - Fresh grocery milk (1/2 gallon): $1.13 ($2.73 in todays dollars). Government policies that had raised interest rates had also resulted in higher consumer prices, leading to a decline in spending. - Sliced bacon (1 pound): $1.67 ($4.78 in todays dollars) The amount of money consumers spent on both durable and nondurable goods reached its highest levels since 2007. - Potatoes (1 pound): $0.26 ($0.57 in todays dollars) The real median household income was $60,684. - Round steak (1 pound): $0.76 ($8.87 in todays dollars) New Which? - Potatoes (1 pound): $0.30 ($0.56 in todays dollars) Federal aid finally came through with the formation of the Reconstruction Finance Corporation, which offered financial assistance to railroads, banks, and business corporations, later expanding to include agriculture, and state and local public works. You may also like: Quiz: Can you guess which company owns these brands? restrictions, which you can review below. - Potatoes (10 pounds): $0.50 ($5.84 in todays dollars) - Potatoes (10 pounds): $0.76 ($7.46 in todays dollars) - White bread (1 pound): $0.19 ($1.76 in todays dollars) - Round steak (1 pound): $0.35 ($5.99 in todays dollars) Telephone : Consumer Price Inflation Enquiries: +44 1633 456900. - Fresh delivered milk (1/2 gallon): $0.46 ($4.47 in todays dollars). Personal bankruptcy rates also reached record highs by 2001, in part due to the rising cost of college. Stacker took a look at historic average pricing data from the Bureau of Labor Statistics (BLS) Consumer Price Index to find what a sample basket of food cost from 1930 to 2020, including prices for fresh eggs, white bread, sliced bacon, round steak, potatoes, and milk. - White bread (1 pound): $0.51 ($1.61 in todays dollars) - Fresh eggs (1 dozen): $0.82 ($3.52 in todays dollars) You may also like: Most common jobs in America 100 years ago, - Fresh eggs (1 dozen): $0.58 ($8.39 in todays dollars) - White bread (1 pound): $0.14 ($1.51 in todays dollars) The agency had a special focus on advancing the economic status of African Americans, providing them job training opportunities and advocating for their inclusion in social safety net programs. - Sliced bacon (1 pound): $0.67 ($6.71 in todays dollars) - Sliced bacon (1 pound): $0.81 ($6.06 in todays dollars) See answer (1) Best Answer Copy The average cost of a loaf of bread in 1943 was .09. You may also like: Can you guess the company these real 'Jeopardy!' While the average family income went up to $13,720, the continued increase in prices9% from the year beforemeant families had less to spend. - Sliced bacon (1 pound): $1.86 ($4.66 in todays dollars) Americans were also more financially secure, with only 28% of respondents to a McKinsey U.S. Consumer Sentiment Survey saying they lived paycheck to paycheck, down from 40% the year prior. Income also ticked upward, with the median family income increasing to $23,260. With high unemployment continuing to be a major hurdle for the country, President Barack Obama signed the The American Jobs Act. Expenditures on other areas, such as food, entertainment and education, also rose slightly. - Round steak (1 pound): $2.77 ($8.75 in todays dollars) - Sliced bacon (1 pound): $0.67 ($5.99 in todays dollars) - Sliced bacon (1 pound): $0.34 ($6.02 in todays dollars) - Sliced bacon (1 pound): $1.94 ($4.69 in todays dollars) - White bread (1 pound): $0.79 ($1.35 in todays dollars) Bush, Bill Clinton and Ross Perot vied for the electorates votes. cpi@ons.gov.uk. After several years of slow growth, the economy grew 2.9% in 2015. - Potatoes (10 pounds): $1.37 ($8.03 in todays dollars) The price of goods also increased 1.5%. Wisconsin Historical Society // Getty Images, State Library of New South Wales // Flickr, SMU Libraries Digital Collections // Flickr, U.S. National Archives and Records Administration // Wikimedia Commons, U.S. National Archives and Records Administration // Wikimdia Commons, OSU Special Collections & Archives // Wikimedia Commons, The Library of Virginia // Wikimedia Commons, State Library and Archives of Florida // Wikimedia Commons, U.S. Department of Agriculture // Wikimedia Commons, State Archives of North Carolina // Wikimedia Commons, Countries with the most oil and who they're selling it to. With product prices rising only slightly, these record-high incomes were significant, giving American consumers more purchasing power than ever before. 852. He also implemented a 10% import surcharge to protect American businesses from a predicted shift in exchange rates and help stabilize the dollar. The economy had recovered from the recession and Americans entered into a new era of economic growth. They found that in Bill Clinton, who won the election with Vice President Al Gore. The median household income was $53,657, not statistically different from that of 2013. - White bread (1 pound): $0.67 ($1.41 in todays dollars) WebThe cost of buying a house on a mortgage was 6% in 1961. Having made it into the new century unscatched after the Y2K scare, customers also bought computers and software in large numbers, in addition to spending more money on energy after a considerably warm 1999. Inflation and interest rates also fell. Meanwhile, the private-sector economy flourished, with private investments rising 156%. Individuals saw their income taxes increase by 10%. - Fresh eggs (1 dozen): $0.87 ($2.07 in todays dollars) With more women in the workplace came a demand for a recognition of rights, with the National Organization of Women calling for an executive order to ban discrimination in federal employment. The average income of families once again hit record highs, increasing 5% to $6,200. Defense jobs often paid workers more than they had ever earned before, allowing them the ability to save up or pay off debts. 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. You may also like: The top 50 party schools in America, - Fresh eggs (1 dozen): $0.61 ($5.92 in todays dollars) - Potatoes (10 pounds): $0.63 ($5.67 in todays dollars) Those who were employed were also spending more money on health insurance. - White bread (1 pound): $0.93 ($1.41 in todays dollars) - Potatoes (1 pound): $0.65 ($0.71 in todays dollars) With the election over, Americans experienced a strong economy, with consumer confidence at its highest since 2000. - Sliced bacon (1 pound): $2.05 ($5.53 in todays dollars) But this isnt the first time the American economy has been shattered by a crisis. - Round steak (1 pound): $3.13 ($4.89 in todays dollars) - Potatoes (1 pound): $0.47 ($0.63 in todays dollars) However, a slight recession began in the country in November, leading into the next year. - Potatoes (1 pound): $0.52 ($0.65 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.63 ($4.47 in todays dollars). - Potatoes (1 pound): $0.49 ($0.71 in todays dollars) - Sliced bacon (1 pound): $2.68 ($4.35 in todays dollars) - Round steak (1 pound): $1.04 ($8.73 in todays dollars) Stock markets were strong the first half of the year, but by mid-October, a barrage of negative news reports had led to decreased investor confidence and unpredictability. - Round steak (1 pound): $0.41 ($5.93 in todays dollars) Disposable income soared in 2004, trending $40 billion higher than in 2003. and found some prices as follows (from the ads): - Potatoes (1 pound): $0.38 ($0.65 in todays dollars) In If your organization is interested in becoming a Stacker - Potatoes (10 pounds): $0.17 ($3.23 in todays dollars) - White bread (1 pound): $0.09 ($1.35 in todays dollars) - Fresh eggs (1 dozen): $0.32 ($5.99 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.26 ($4.83 in todays dollars). - Round steak (1 pound): $1.99 ($7.94 in todays dollars) The plan worked, with the recession ending by April; however, average unemployment for the year was 6.8%. - Sliced bacon (1 pound): $1.71 ($7.82 in todays dollars) The median household income was $68,703, a notable increase of 6.8% from the previous year. More workers also saw more money in their paychecks, as the minimum wage was raised to $1 per hour, an increase of 25 cents. - A small The workforce grew by 1.6 million people in 1967, with more than 66% of these additional workers being women. However, they saw some relief in the form of a tax cut, proposed by President Gerald Ford and approved by Congress in March. WebBlack barbers earned a median $1,678 in 1949 White men earned $2,678 Non-white men earned $1,715 White women earned $1,710 Non-white women earned $928 Income BY - Round steak (1 pound): $1.10 ($8.57 in todays dollars) 1 In 1940, minimum wage was $0.30 per hour. - White bread (1 pound): $0.09 ($1.44 in todays dollars) - Round steak (1 pound): $0.90 ($8.74 in todays dollars) But the attacks of 9/11 further exacerbated the effects of the recession, closing the stock markets for several days. A guinea is one pound and one shilling or 1.05. While income went up, so did prices, meaning that consumers only achieved a slight gain in purchasing power. - White bread (1 pound): $0.08 ($1.52 in todays dollars) - Round steak (1 pound): $1.80 ($9.50 in todays dollars) Inflation went up to 11.2% and interest rates soared to 20%. The average family income was $3,700 in 1951$400 higher than the previous year. - Potatoes (1 pound): $0.46 ($0.65 in todays dollars) - Sliced bacon (1 pound): $0.74 ($6.85 in todays dollars) - Fresh grocery milk (1 gallon): $3.20 ($3.47 in todays dollars). - Potatoes (1 pound): $0.35 ($0.63 in todays dollars) - Round steak (1 pound): $4.61 ($5.33 in todays dollars) The Federal Reserve began slowly raising interest rates following the end of the previous recession in 1958, leading to another short-lived recession in April. - Fresh grocery milk (1/2 gallon): $1.16 ($2.55 in todays dollars). The average family income rose 6% to $5,400. The price of things: In 1963 a gallon of petrol cost 5 shillings. - Sliced bacon (1 pound): $0.96 ($5.98 in todays dollars) - Fresh delivered milk (1/2 gallon): $0.28 ($4.36 in todays dollars). The effects of the 1981 tax cuts continued to be felt, with strong consumer and business spending. However, it didnt stave off a more immediate recession caused by a regime change in Iran, which forced oil prices higher and the government trying to control rampant inflation. Minimum wage also increased by 10 cents to $1.25 per hour. - White bread (1 pound): $0.25 ($1.61 in todays dollars) The legal basis for price control, 543. - Potatoes (1 pound): $0.67 ($0.74 in todays dollars) - White bread (1 pound): $0.20 ($1.76 in todays dollars) - Round steak (1 pound): $4.24 ($5.13 in todays dollars) - White bread (1 pound): $1.39 ($1.69 in todays dollars) - Sliced bacon (1 pound): $5.45 ($5.98 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.37 ($2.62 in todays dollars). - Fresh eggs (1 dozen): $1.34 ($1.85 in todays dollars) - Round steak (1 pound): $3.12 ($6.55 in todays dollars) - Potatoes (10 pounds): $1.40 ($5.59 in todays dollars) Food marches and riots occurred across the country, as did two more banking panics. - Potatoes (10 pounds): $0.68 ($6.51 in todays dollars) as well as image rights, data visualizations, forward planning tools, Consumer confidence was also strong and federal discretionary spending as part of the GDP hit a 30-year low. - Sliced bacon (1 pound): $0.64 ($6.91 in todays dollars) The plan not only encouraged European countries to work together, but it bolstered the American economy, with goods being purchased from the United States and shipped on American merchant vehicles. - Fresh delivered milk (1/2 gallon): $0.30 ($4.79 in todays dollars). - Potatoes (10 pounds): $0.65 ($5.53 in todays dollars) [1] Prices are in pounds, shillings and pence. research shows that in the UK we actually spend less on food than previous generations did, and many popular foods are cheaper now than they were 30 years ago . You may also like: Most popular college majors in America, - Fresh eggs (1 dozen): $0.33 ($6.14 in todays dollars) By the end of the year, Americans were required to use government-issued vouchers to purchase sugar and coffee, as well as gas and clothing. - Round steak (1 pound): $3.25 ($5.71 in todays dollars) An online calculator shows you how much prices have changed over the years in your part of the UK. - White bread (1 pound): $0.21 ($1.76 in todays dollars) - Potatoes (10 pounds): $0.54 ($5.26 in todays dollars) Consumer Price Inflation recorded message (available after 8am on release day): +44 800 0113703. The Reorganization Act of 1939 created the Federal Security Agency, tasked with improving social services like employment, education, and financial security. The American economy was slowly getting back on track, though consumers and businesses remained cautious as the prior recession lingered in their minds. For individuals, the median income was $2,600, a 5% increase from the previous year. - White bread (1 pound): $0.14 ($1.51 in todays dollars) - Round steak (1 pound): $3.32 ($6.61 in todays dollars) The annual inflation rate would remain under 5% over the course of the next five years. - Fresh grocery milk (1 gallon): $3.28. - White bread (1 pound): $1.00 ($1.41 in todays dollars) - Fresh grocery milk (1/2 gallon): $1.13 ($2.83 in todays dollars). - Sliced bacon (1 pound): $0.84 ($6.55 in todays dollars) - Fresh eggs (1 dozen): $0.70 ($8.17 in todays dollars) - Potatoes (10 pounds): $0.86 ($13.40 in todays dollars) - Fresh eggs (1 dozen): $0.36 ($6.51 in todays dollars) - White bread (1 pound): $0.56 ($1.33 in todays dollars) In an attempt to prevent hoarding, the Office of Price Administration set price limits and food rations. Consumers were also benefiting from tax cuts implemented the previous year, with the federal budget deficit continuing to shrink and the GDP growing to 6.5%. Credit cards also began to grow in popularity, with American Express launching an all-purpose credit card that could be used at stores, restaurants, hotels, and gas stations. Before the coronavirus pandemic hit, did you just head to the movies or the bar? - Round steak (1 pound): $0.85 ($9.30 in todays dollars) - Sliced bacon (1 pound): $2.14 ($4.90 in todays dollars) The tax cuts would go on to have long-term benefits. Communities also began collecting scrap metal, cans, and rubber to recycle and manufacture into weapons. The hardest hit industries were entertainment, personal care and services, and apparel, though consumers did increase their spending slightly for transportation and health care. Bureau of Labor Statistics (BLS) Consumer Price Index, Most common jobs in America 100 years ago, The cost of a beer the year you turned 21, History of the supermarket industry in America, Iconic images from economic recessions in U.S. history, 15 charities where you can see your direct impact. - Fresh grocery milk (1 gallon): $3.50 ($4.39 in todays dollars). The unemployment rate was 6.8% and consumer spending decreased in two separate quarters. 2 In 1940, bread cost an average of $0.08 per pound. - Round steak (1 pound): $5.71 ($5.92 in todays dollars) Economic uncertainty among businesses and CEOs grew as the tumultuous presidential race between Hillary Clinton and Donald Trump tightened. - Round steak (1 pound): $4.00 ($5.16 in todays dollars) - Sliced bacon (1 pound): $1.77 ($3.72 in todays dollars) - Fresh eggs (1 dozen): $1.03 ($1.49 in todays dollars) - Round steak (1 pound): $4.11 ($5.16 in todays dollars) Quiz: Can you guess which company owns these brands? The economy experienced a marked slowdown, with economic growth and job growth both decreasing and the housing boom coming to an end. - Potatoes (10 pounds): $0.34 ($5.43 in todays dollars) The year started off with strong consumer spending, with car sales historically high. Can you guess the company these real 'Jeopardy!'