Little question for you econ, stat types. I’m working on a story about my city budget and have data from 1982-2008. I want to normalize those numbers for inflation but am unsure about how to do so. Can one of you all assist?
Here’s the numbers, with inflation rate
Dollars Inflation Rate
1982 $1,992,079 6.16%
1983 $1,971,012 3.22%
1984 $2,019,648 4.30%
1985 $2,151,198 3.55%
1986 $2,220,641 1.91%
1987 $2,908,037 3.66%
1988 $3,414,564 4.08%
1989 $3,716,075 4.83%
1990 $3,864,441 5.39%
1991 $4,522,669 4.25%
1992 $4,427,621 3.03%
1993 $4,561,170 2.96%
1994 $4,780,639 2.61%
1995 $5,255,203 2.81%
1996 $5,399,173 2.93%
1997 $5,599,475 2.34%
1998 $6,001,103 1.55%
1999 $6,324,561 2.19%
2000 $6,571,413 3.38%
2001 $6,610,358 2.83%
2002 $6,740,878 1.59%
2003 $6,894,124 2.27%
2004 $6,895,968 2.68%
2005 $7,187,095 3.39%
2006 $7,776,901 3.24%
2007 $8,005,980 2.83%
2008 $7,968,580 5.30%
Anyone? Bueller?