In Figure seven we see the increase in the price level from 1860 to 1995, based on three separate price indices.
The first series of price indices have 1913 as their base year and continue from 1860 through 1939, and are shown in red. The other two series have been rescaled so that they are, as nearly as possible, comparable with the first. The second series, in green, is the consumer price index for 1913-1970, with 1958 as its base year. The third index in blue, is the more modern version of the consumer price index, based on a chain index with 1992 as its base year. The first two indices are taken from compilations of economic historical statistics at the National Bureau of Economic Research and the last from the Federal Reserve Bank of St. Louis. All in all they tell the same story: in the 110 years from 1860 to 1970, the price level rose between five and six times; in the twenty-five years from 1970-1995, four times further.
This sounds pretty bad, but we notice that there have been extensive periods when the price level declined. After the inflation of the Civil War, prices slowly declined for decades, and then declined again between World Wars I and II. When the price level decreases, this is called deflation.
Rates of Change 
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