U.S. inflation · 1920–1948
$100 in 1920 has the same buying power as
$121
in 1948
| Cumulative price change | 20.5% |
|---|---|
| Average inflation rate | 0.67% per year |
| Converted amount ($100 base) | $121 |
| Price difference ($100 base) | $20.50 |
| CPI in 1920 | 20 |
| CPI in 1948 | 24.1 |
| Inflation in 1920 | 15.61% |
| Inflation in 1948 | 8.07% |
| $100 in 1920 → 1948 | $121 |
| $100 in 1948 → 1920 | $82.99 |
Between 1920 and 1948, the Consumer Price Index went from 20 to 24.1. Cumulatively, prices increased 20.5%, which works out to an average of 0.67% per year. Put differently, a dollar in 1920 bought what $0.83 buys in 1948.
| Amount in 1920 | Value in 1948 |
|---|---|
| $1.00 | $1.21 |
| $5.00 | $6.03 |
| $10.00 | $12.05 |
| $20.00 | $24.10 |
| $50.00 | $60.25 |
| $100 | $121 |
| $500 | $603 |
| $1,000 | $1,205 |
| $5,000 | $6,025 |
| $10,000 | $12,050 |
| $100,000 | $120,500 |
| $1,000,000 | $1,205,000 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1920 spending costs in 1948, by category:
| Category | Avg. yearly inflation | $100 in 1920 → |
|---|---|---|
| All items (CPI-U) | 0.67% | $121 |
| Food | 0.78% | $124 |
| Apparel | -0.05% | $98.61 |
Not shown because the BLS began these indexes after 1920: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), medical care (1935–), transportation (1935–), recreation (1993–), education & communication (1993–).
| Year | CPI | Inflation rate | $100 from 1920 |
|---|---|---|---|
| 1920 | 20 | 15.6% | $100 |
| 1921 | 17.9 | -10.5% | $89.50 |
| 1922 | 16.8 | -6.1% | $84.00 |
| 1923 | 17.1 | 1.8% | $85.50 |
| 1924 | 17.1 | 0.0% | $85.50 |
| 1925 | 17.5 | 2.3% | $87.50 |
| 1926 | 17.7 | 1.1% | $88.50 |
| 1927 | 17.4 | -1.7% | $87.00 |
| 1928 | 17.1 | -1.7% | $85.50 |
| 1929 | 17.1 | 0.0% | $85.50 |
| 1930 | 16.7 | -2.3% | $83.50 |
| 1931 | 15.2 | -9.0% | $76.00 |
| 1932 | 13.7 | -9.9% | $68.50 |
| 1933 | 13 | -5.1% | $65.00 |
| 1934 | 13.4 | 3.1% | $67.00 |
| 1935 | 13.7 | 2.2% | $68.50 |
| 1936 | 13.9 | 1.5% | $69.50 |
| 1937 | 14.4 | 3.6% | $72.00 |
| 1938 | 14.1 | -2.1% | $70.50 |
| 1939 | 13.9 | -1.4% | $69.50 |
| 1940 | 14 | 0.7% | $70.00 |
| 1941 | 14.7 | 5.0% | $73.50 |
| 1942 | 16.3 | 10.9% | $81.50 |
| 1943 | 17.3 | 6.1% | $86.50 |
| 1944 | 17.6 | 1.7% | $88.00 |
| 1945 | 18 | 2.3% | $90.00 |
| 1946 | 19.5 | 8.3% | $97.50 |
| 1947 | 22.3 | 14.4% | $112 |
| 1948 | 24.1 | 8.1% | $121 |
MLA: “Inflation from 1920 to 1948: $100 is worth $121 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1920-to-1948/
APA: InflationCalculator.com. Inflation from 1920 to 1948. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1920-to-1948/
Source: U.S. Bureau of Labor Statistics, CPI-U annual averages (series CUUR0000SA0; category indexes listed on the data sources page). See how these numbers are calculated.