The 1970s: Oil Shocks and the Great Inflation
Everything changed in the 1970s. Two oil crises, stagflation, and double-digit inflation turned price stability into a distant memory. Gas lines snaked around blocks, grocery bills doubled, and the purchasing power of the dollar eroded faster than at any time since World War II.
Decade Highlights
- Gas prices tripled from $0.36 in 1970 to $0.86 in 1979.
- Median home prices more than doubled, from $23,400 to $62,900.
- Annual inflation hit 13.3% in 1979, the worst in modern peacetime.
What Things Cost in the 1970s
Gallon of Gas
$0.36 - $0.86
New Car
$3,215 - $5,770
Dozen Eggs
$0.84
Gallon of Milk
$1.57
Loaf of Bread
$0.36
Movie Ticket
$2.00
Minimum Wage
$1.60 - $2.90/hr
Median Home
~$44,000
Explore the Full Data
Dive into the year-by-year numbers for each dataset.