Friday, May 16, 2025

So, How Does The Cost Of Common Things Today Compare To The Past?

Free Licensed Graphic by Vecteezy.com

With all of the economic upheaval we've experienced since 2020, first the recession caused by the Covid-19 pandemic, then runaway inflation and now tariffs, I was wondering what the cost of relatively common goods and services were in the year I was born (1952) as compared to today.  I thought it would make an interesting post.

Instead of doing all of the research myself, as I now do more and more often, I used ChatGPT to do the research for me.  I asked it to compile the results in the form a the chart you see just below.  

I can't vouch for its complete accuracy but ChatGPT did include some "Observations" or, what I'll call, considerations or comments, putting things in context when looking at the data.  I think you may find the chart interesting.

Column 1 is the item, column 2 is the 'average' national price in 1952, column 3 is what that same price would be in today's US dollars inflation adjusted, and column 4 is each item's actual price today.

Item

1952 Price

2025 Equivalent (Inflation-Adjusted)

Actual 2025 Price

Interchangeable Lens Film Camera

$250–$400

$3,100–$4,960

~$3,000 (modern equivalent)

Gasoline (per gallon)

$0.20

$2.48

$3.17

Dozen eggs

$0.67

$8.31

$4.95

New automobile

$1,700

$21,260

$48,641

Hamburger (per lb.)

$0.53

$6.63

$5.82

Chewing gum (per piece)

$0.01

$0.12

$0.35–$0.50

Monthly telephone bill

$3–$5

$37–$62

~$141

Hardback book

$2.50–$5.00

$31–$62

$20–$30

Television set

$300–$500

$3,750–$6,250

$100–$2,000+

Radio

$20–$50

$250–$625

$20–$150

Monthly water bill

$1.50–$3.00

$19–$37

~$73

Monthly electric bill

$3.00–$5.00

$37–$62

~$154

Loaf of bread

$0.16

$1.98

$1.93

Gallon of milk

$0.96

$11.90

$4.03

Pound of coffee

$0.30

$3.72

$7.25

Movie ticket

$0.48

$5.94

$11.90

4-year public university (tuition and fees)

$1,100–$1,200

$13,640–$14,880

$46,440–$123,120

4-year private university (tuition and fees)

$2,000–$2,500

$24,800–$31,000

$173,400


Here are ChatGPT's "Observations" or comments about what it produced:

Observations:

Interchangeable Lens Film Camera (1952):

Popular models like the Leica IIIf, Contax, or early Nikon rangefinders typically cost between $250–$400, a significant investment at the time.

Adjusted for inflation, this equals about $3,100–$4,960 in 2025.

A modern digital interchangeable lens camera (such as a full-frame mirrorless camera) now ranges between $1,000 and $6,500, which puts today’s professional photography gear roughly in the same price tier as premium film cameras of the 1950s, relative to inflation.  Now, add in the “Tariff Tax” and prices will rise even more.

• Gasoline: The actual 2025 price is higher than the inflation-adjusted 1952 price, reflecting factors like changes in crude oil prices, taxes, and demand.

• Eggs: The actual 2025 price is lower than the inflation-adjusted 1952 price, though recent avian flu outbreaks have caused price fluctuations.

• Automobiles: The significant increase in actual 2025 prices compared to inflation-adjusted 1952 prices reflects advancements in technology, safety features, and manufacturing costs.

• Hamburger (Ground Beef): The actual 2025 price is slightly lower than the inflation-adjusted 1952 price, indicating that beef prices have roughly kept pace with inflation.

• Telephone Bills: The average monthly phone bill has increased substantially, reflecting the transition from basic landline services to comprehensive mobile plans with data and other features.

Loaf of Bread: The average price in 1952 was $0.16. Adjusted for inflation, this would be approximately $1.98 in 2025. The actual average price in 2025 is around $1.93. 

• Gallon of Milk: In 1952, a gallon of milk cost about $0.96. Inflation-adjusted, this equates to approximately $11.90 in 2025. However, the actual average price in 2025 is significantly lower, at around $4.03.

• Pound of Coffee: The 1952 price was approximately $0.30 per pound. Adjusted for inflation, this would be about $3.72 in 2025. The actual average price in 2025 is higher, at approximately $7.25. 

• Movie Ticket: In 1952, the average movie ticket cost $0.48. Adjusted for inflation, this is about $5.94 in 2025. The actual average price in 2025 is higher, at approximately $11.90.

• Hardback Books: The actual 2025 prices are lower than the inflation-adjusted 1952 prices, possibly due to changes in publishing, distribution, and competition from digital media.

• Television Sets: Prices have decreased significantly due to technological advancements and economies of scale, offering better technology at lower prices.

• Radios: Specific data for 2025 is not readily available, but with the advent of digital media, traditional radio sets have become less common.

• Water Bills: The actual 2025 average monthly water bill is higher than the inflation-adjusted 1952 price, possibly due to infrastructure costs and increased demand.

• Electric Bills: The actual 2025 average monthly electric bill is significantly higher than the inflation-adjusted 1952 price, reflecting increased energy consumption and rates.

Note on Chewing Gum:

• A typical pack of 5–15 sticks costs $1.50–$2.50 in 2025, translating to about $0.35–$0.50 per piece.

• Compared to 1952’s $0.01 per piece, this is significantly higher than inflation alone would predict.

These comparisons illustrate how various factors, including technological advancements, production costs, and market dynamics, have influenced the actual prices of goods and services over time, often diverging from what inflation alone would predict.

4-Year Public University (Tuition and Fees): In 1952, the average annual tuition and fees at public universities ranged from approximately $275 to $300, totaling $1,100 to $1,200 over four years. Adjusted for inflation, this equates to about $13,640 to $14,880 in 2025. However, the actual average total cost for four years in 2025 is significantly higher, ranging from approximately $46,440 for in-state students to $123,120 for out-of-state students, based on annual tuition and fees of $11,610 and $30,780, respectively. 

• 4-Year Private University (Tuition and Fees): In 1952, the average annual tuition and fees at private universities were about $500 to $625, totaling $2,000 to $2,500 over four years. Adjusted for inflation, this amounts to approximately $24,800 to $31,000 in 2025. The actual average total cost for four years at a private university in 2025 is around $173,400, based on an annual tuition and fees of $43,350.

These comparisons highlight the substantial increase in college tuition and fees over the decades, with actual 2025 costs far exceeding what inflation alone would predict. This trend reflects factors such as increased demand for higher education, rising administrative costs, and reductions in state funding for public institutions.

Interesting.  Sometimes we win and sometimes we lose when it comes to the cost of goods and services today.

Join me over at my website, https://www.dennismook.com 

Thanks for looking. Enjoy!  

Dennis A. Mook  

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