$100 in 1921 is worth $828 in 1994,
because prices increased 727.9% over that period, an average of
2.94% a year.
$100 in 1921 has
the same buying power as
$828
in 1994
Detailed inflation statistics
Cumulative price change
727.9%
Average inflation rate
2.94% per year
Converted amount ($100 base)
$828
Price difference ($100 base)
$728
CPI in 1921
17.9
CPI in 1994
148.2
Inflation in 1921
-10.50%
Inflation in 1994
2.56%
$100 in 1921 → 1994
$828
$100 in 1994 → 1921
$12.08
What happened to prices between 1921 and 1994
Between 1921 and 1994, the Consumer Price Index went from 17.9 to 148.2.
Cumulatively, prices increased 727.9%, which works out to an average of
2.94% per year. Put differently, a dollar in 1921 bought what
$0.12 buys in 1994: the 1921 dollar
lost 87.9% of its purchasing power over
these 73 years.
Consumer prices fell 10.5% in 1921, the mirror image of the wartime
inflation that had more than doubled the cost of living between
1913 and 1920. The Depression of 1920-21, one
of the sharpest contractions in U.S. history, bottomed out that July
according to the National Bureau of Economic Research, even though it had
lasted barely eighteen months. Unemployment climbed toward one worker in ten
as businesses cut production and prices to work through wartime inventories,
but the same collapse in prices also meant the recovery, once it started,
had room to run without reigniting inflation. Warren Harding took office
March 4, promising a return to “normalcy” after a decade of war, pandemic,
labor unrest, and rapid price swings; his administration moved quickly to
cut top income tax rates and federal spending. Congress also acted on
immigration that year: the Emergency Quota Act, signed May 19, capped annual
arrivals from each country at 3% of that nationality’s population in the
1910 census, the first time the United States had set a numerical ceiling on
immigration. The law favored northern and western Europe and cut total
immigration by more than half compared with prewar levels; Congress
tightened the formula again in 1924. First-class postage held at 2 cents,
unchanged since mid-1919.
Every 1921 amount converts to 1994 at the same ratio, 8.28: $1,000 becomes
$8,279, and $10,000 becomes $82,793.
Amount in 1921
Value in 1994
$1.00
$8.28
$5.00
$41.40
$10.00
$82.79
$20.00
$166
$50.00
$414
$100
$828
$500
$4,140
$1,000
$8,279
$5,000
$41,397
$10,000
$82,793
$100,000
$827,933
$1,000,000
$8,279,330
Inflation by spending category, 1921–1994
Between 1921 and 1994, food rose the most, up 807.5%, while apparel rose the least, up 301.8%, against 727.9% for all items. The headline number is an average; here is what $100 of 1921
spending costs in 1994, by category:
Category
Avg. yearly inflation
$100 in 1921 →
All items (CPI-U)
2.94%
$828
Food
3.07%
$908
Apparel
1.92%
$402
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–).
Decade by decade: 1921 to 1994
Prices climbed fastest in the 1970s, averaging 7.82% a year, and fell in the 1930s (1.7% a year). Each step below chains into the full 1921–1994 change:
Years
Avg. yearly inflation
Price change
$100 from 1921, at end
1921–1930
-0.77%
-6.7%
$93.30
1930–1940
-1.75%
-16.2%
$78.21
1940–1950
5.58%
72.1%
$135
1950–1960
2.08%
22.8%
$165
1960–1970
2.74%
31.1%
$217
1970–1980
7.82%
112.4%
$460
1980–1990
4.72%
58.6%
$730
1990–1994
3.19%
13.4%
$828
Year by year: CPI and the value of $100 from 1921
$100 from 1921 had already become $152 by
1956, on its way to $828 in 1994; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 14.4% in 1947, and prices fell 9.9% in 1932, the deepest deflation of the period.
Long periods are sampled every 5 years; the calculator above covers any pair of years.
The destination year: 1994
In 1994, prices rose 2.6% and $100 from 1921 had the buying
power of $828; the year's average CPI of 148.2 is the level
behind every 1994 figure on this page.
Gas averaged $1.11 a gallon in 1994, a new home cost roughly $130,000, and the median household
earned about $32,300. Inflation ran at 2.6% for the year, the calmest reading since the
mid-1980s, even as the Federal Reserve spent the year raising interest rates precisely to keep
it that way. Chair Alan Greenspan’s Fed lifted the federal funds rate from 3% to 5.5% over six
moves, a preemptive tightening campaign meant to head off inflation before it built rather than
react to it after the fact. The bond market, unprepared for such a rapid climb, sold off
sharply, and the higher rates rippled into places few had expected: Orange County, California,
whose investment pool had bet heavily on rates staying low, filed for bankruptcy in December
after losing an estimated $1.7 billion, the largest municipal bankruptcy in the country’s
history at the time. On the trade front, NAFTA took effect January 1, phasing out tariffs on
thousands of goods moving between the U.S., Mexico, and Canada, the start of a schedule that
would eliminate most remaining barriers over the following decade. It was a year that showed
inflation control could have its own costs, paid out in the bond market and, in Orange County’s
case, a bankruptcy court.
MLA: “Inflation from 1921 to 1994: $100 is worth $828 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1921-to-1994/
APA: InflationCalculator.com. Inflation from 1921 to 1994. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1921-to-1994/