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A nifty little application from the American Institute for Economic Research, you can use the COL Calculator to compare the cost of an item today to what it cost when, say, you were a kid. For instance, I remember gasoline in 1965 costing as little as 19.9 cents/gallon. In 2005 dollars, that's 122.9 cents/gallon. Since gas is about twice that right now, it *really is* more expensive. (On the other hand, in 1960 the cost of a three-minute telephone call from New York to London was about $45.86....) The site also has an interesting "Annual Report on the Cost of Living" which goes into the concepts in more detail (linked at the bottom of the page).
From This is True for 16 October 2005
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