Here's What These 25 Everyday Items Cost 30 Years Ago

We typically don't give much thought to inflation, but over long periods, it can wreck havoc with the purchasing power of our dollars. Over many years, inflation has averaged about 3% annually, though there have been times when it has been very high and very low. In 2015, for example, it averaged close to 0%, while it was 6% in 1982, 9% in 1975, and more than 13% in 1980. Even at 3%, it can really shrink the purchasing power of your future dollars, as something that costs $100 now may cost about $243 in 30 years.

Here's a look at what 25 products and services cost back in 1988 -- a whopping 30 years ago. For context, 1988 was the year that Toni Morrison's book Beloved won the Pulitzer Prize for fiction, that Paul Simon's Graceland won the Album of the Year Grammy, that the world population was about 5 billion, and that George Bush was elected president of the U.S. over Michael Dukakis. For additional context, know that in 1988, the median household income in America was $25,872, which in today's dollars would be about $55,000. (Meanwhile, the median household income as of U.S. Census Bureau 2016 data is $55,332, suggesting that there hasn't been a lot of growth in income over the years.)

ALSO READ: Will Inflation Cause the Next Stock Market Crash?