U.S. inflation · 1921–1939
$100 in 1921 has the same buying power as
$77.65
in 1939
| Cumulative price change | -22.3% |
|---|---|
| Average inflation rate | -1.40% per year |
| Converted amount ($100 base) | $77.65 |
| Price difference ($100 base) | -$22.35 |
| CPI in 1921 | 17.9 |
| CPI in 1939 | 13.9 |
| Inflation in 1921 | -10.50% |
| Inflation in 1939 | -1.42% |
| $100 in 1921 → 1939 | $77.65 |
| $100 in 1939 → 1921 | $129 |
Between 1921 and 1939, the Consumer Price Index went from 17.9 to 13.9. Cumulatively, prices declined 22.3%, which works out to an average of -1.40% per year. Put differently, a dollar in 1921 bought what $1.29 buys in 1939.
| Amount in 1921 | Value in 1939 |
|---|---|
| $1.00 | $0.78 |
| $5.00 | $3.88 |
| $10.00 | $7.77 |
| $20.00 | $15.53 |
| $50.00 | $38.83 |
| $100 | $77.65 |
| $500 | $388 |
| $1,000 | $777 |
| $5,000 | $3,883 |
| $10,000 | $7,765 |
| $100,000 | $77,654 |
| $1,000,000 | $776,536 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1921 spending costs in 1939, by category:
| Category | Avg. yearly inflation | $100 in 1921 → |
|---|---|---|
| All items (CPI-U) | -1.40% | $77.65 |
| Food | -1.64% | $74.21 |
| Apparel | -2.36% | $65.06 |
Not shown because the BLS began these indexes after 1921: 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 1921 |
|---|---|---|---|
| 1921 | 17.9 | -10.5% | $100 |
| 1922 | 16.8 | -6.1% | $93.85 |
| 1923 | 17.1 | 1.8% | $95.53 |
| 1924 | 17.1 | 0.0% | $95.53 |
| 1925 | 17.5 | 2.3% | $97.77 |
| 1926 | 17.7 | 1.1% | $98.88 |
| 1927 | 17.4 | -1.7% | $97.21 |
| 1928 | 17.1 | -1.7% | $95.53 |
| 1929 | 17.1 | 0.0% | $95.53 |
| 1930 | 16.7 | -2.3% | $93.30 |
| 1931 | 15.2 | -9.0% | $84.92 |
| 1932 | 13.7 | -9.9% | $76.54 |
| 1933 | 13 | -5.1% | $72.63 |
| 1934 | 13.4 | 3.1% | $74.86 |
| 1935 | 13.7 | 2.2% | $76.54 |
| 1936 | 13.9 | 1.5% | $77.65 |
| 1937 | 14.4 | 3.6% | $80.45 |
| 1938 | 14.1 | -2.1% | $78.77 |
| 1939 | 13.9 | -1.4% | $77.65 |
MLA: “Inflation from 1921 to 1939: $100 is worth $77.65 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1921-to-1939/
APA: InflationCalculator.com. Inflation from 1921 to 1939. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1921-to-1939/
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.