The GDP deflator is an economic measure that tracks the cost of goods produced in an economy relative to the purchasing power of the dollar.
It measures inflation over time, similar to the Consumer Price Index, with key differences.
The GDP Deflator is reported by the Bureau of Economic Analysis (BEA), using 2005 as the base year — meaning, the deflator for 2005 is set to 100 with other years reported relative to the 2005 dollar.
The GDP Deflator for 2010 was 110.99. On average the 2005 dollar could buy (10.99/100) 10.99% more than the 2009 dollar.
The GDP Deflator for 1950 was 14.65. On average the 1950 dollar could buy (100/14.65) 6.82 times as many goods as the 2005 dollar.