Cashmere socks cost 35 cents a pair in 1915. Cashmere socks now cost about $40 a pair. This means that cashmere socks are much less affordable now than in 1915.

Question

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When considering affordability, one must account for inflation and changes in average income over time. Although the nominal price of cashmere socks has increased, average incomes have also risen, and the concept of affordability is relative to the purchasing power of consumers at the time. Without comparing the cost of cashmere socks to the average income or purchasing power in 1915 versus today, one cannot accurately conclude that they are less affordable now.

Cashmere Socks Cost 35 Cents a Pair in 1915