In 1972, the movie The Godfather won the Academy Award for best picture, All in the Family was the most popular television show, Richard Nixon was President of the United States, the Watergate scandal happened in Washington, D.C., LIFE magazine ended weekly production after 36 years, and the average cost of gasoline was $0.36 per gallon in the U.S.
According to this Circle Supers ad, which ran in the Nov. 29, 1972 issue of Estes Park Trail-Gazette, a can of tuna cost $0.36, bacon was $0.59 per pound, oranges cost $0.19 per pound and $1.00 could feed a family of four frozen pot pies for dinner.
Today, a can of tuna still costs nearly the same amount as a gallon of gasoline — $2.99 for the tuna while a gallon of regular gas is $3.35, both at Safeway.
A pound of bacon sells for $8.99, oranges now cost $1.69 per pound and it takes $6.00 to feed that same family of four pot pies for dinner.
That is still a bargain compared to other meal options, but a 500% increase seems outrageous until you look at the value of money from 1972 compared to 2023. For example, a $15,000 salary in 1972 would be the equivalent to a $110,408 paycheck today, a 636% increase.
According to the U.S. Bureau of Labor Statistics, which tracks the consumer price index, the government’s main measure of inflation, the value of $1.00 in 1972 now has a buying power of $7.26. Various items, however, have increased at different rates for a variety of reasons.
For example, the five boxes of tissues advertised in this 1972 ad cost $1.00 while today four cost $9.99 but for 60-count boxes rather than the 125-count advertised. A $0.49 quart jar of Miracle Whip now costs $5.99 but for only 15 ounces, slightly less than half the size. A one-pound box of butter in 1972 went for $0.69 while today that same one-pound package costs $6.99.
If you are interested in seeing more archived issues of the Estes Park Trail-Gazette, peruse through decades of scanned copies at https://www.coloradohistoricnewspapers.org/. Issues are available from 1912 to 1993.
