Between 1915 and 2022, the Consumer Price Index went from 10.1 to 292.655.
Cumulatively, prices increased 2797.6%, which works out to an average of
3.20% per year. Put differently, a dollar in 1915 bought what
$0.03 buys in 2022.
Consumer prices rose 1.0% in 1915, the second straight year of near-flat
inflation before the wartime price surges of 1916 through 1918. The year’s
defining event had nothing to do with prices directly: a German submarine
sank the British liner Lusitania off the Irish coast on May 7, killing 128
Americans and hardening U.S. opinion against Germany two years before the
country entered the war. Economically, 1915 was a turning point of a
different kind. A recession that had dragged on since 1913 began lifting as
Britain and France placed growing orders for steel, munitions, and other war
materiel with American manufacturers, and U.S. exports to the Allied powers
climbed sharply through the year. That demand would keep building through
1916, eventually pulling prices up with it. On the regulatory
side, the Federal Trade Commission opened for business in March, taking on
enforcement of the Clayton Antitrust Act that Congress had passed the
previous fall. A first-class stamp still cost 2 cents, unchanged since 1885
and still two years from its first wartime increase.
The headline number is an average. Individual categories moved very differently over this
period. Here is what $100 of 1915 spending costs in 2022, by category:
Category
Avg. yearly inflation
$100 in 1915 →
All items (CPI-U)
3.20%
$2,898
Food
3.25%
$3,054
Apparel
2.00%
$831
Not shown because the BLS began these indexes after 1915: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), medical care (1935–), transportation (1935–), recreation (1993–), education & communication (1993–).
Long periods are sampled every 5 years; the calculator above covers any pair of years.
The destination year: 2022
2022 was the year inflation returned. Consumer prices rose 8.0% on average,
the worst since 1981, driven by pandemic-era supply chains, stimulus-fueled
demand, and an energy shock from the war in Ukraine. Gas briefly topped $5 a
gallon nationally for the first time ever, and “inflation” became the
top-ranked economic concern in nearly every poll of American households.
MLA: “Inflation from 1915 to 2022: $100 is worth $2,898 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1915-to-2022/
APA: InflationCalculator.com. Inflation from 1915 to 2022. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1915-to-2022/