$100 in 1922 is worth $102 in 1923,
because prices increased 1.8% over that period, an average of
1.79% a year.
$100 in 1922 has
the same buying power as
$102
in 1923
Detailed inflation statistics
Cumulative price change
1.8%
Average inflation rate
1.79% per year
Converted amount ($100 base)
$102
Price difference ($100 base)
$1.79
CPI in 1922
16.8
CPI in 1923
17.1
Inflation in 1922
-6.15%
Inflation in 1923
1.79%
$100 in 1922 → 1923
$102
$100 in 1923 → 1922
$98.25
What happened to prices between 1922 and 1923
Between 1922 and 1923, the Consumer Price Index went from 16.8 to 17.1.
Cumulatively, prices increased 1.8%, which works out to an average of
1.79% per year. Put differently, a dollar in 1922 bought what
$0.98 buys in 1923: the 1922 dollar
lost 1.8% of its purchasing power over
these 1 years.
Consumer prices fell another 6.1% in 1922, the second straight year of
decline, even as the broader economy climbed out of the Depression of
1920-21 and industrial production rebounded. The CPI had now given back
roughly a third of its wartime runup, though it stayed well above the
1913 baseline. Congress moved to shield that recovery from
foreign competition: the Fordney-McCumber Tariff Act, signed September 21,
raised duties on hundreds of imported goods to some of the highest levels in
U.S. history, a policy meant to protect farmers and manufacturers still
adjusting to postwar prices. Labor tension flared even as prices fell.
Roughly half a million bituminous coal miners struck that April over wage
cuts employers had imposed as prices dropped, and hundreds of thousands of
railroad shop workers walked out in July in a separate dispute over pay and
work rules, together the largest strike wave since 1919. Both disputes
dragged on for months and drew federal mediation before ending without full
concessions for the workers. First-class postage remained at 2 cents.
Every 1922 amount converts to 1923 at the same ratio, 1.02: $1,000 becomes
$1,018, and $10,000 becomes $10,179.
Amount in 1922
Value in 1923
$1.00
$1.02
$5.00
$5.09
$10.00
$10.18
$20.00
$20.36
$50.00
$50.89
$100
$102
$500
$509
$1,000
$1,018
$5,000
$5,089
$10,000
$10,179
$100,000
$101,786
$1,000,000
$1,017,857
Inflation by spending category, 1922–1923
Between 1922 and 1923, food rose the most, up 3.4%, while apparel rose the least, up 0.4%, against 1.8% for all items. The headline number is an average; here is what $100 of 1922
spending costs in 1923, by category:
Category
Avg. yearly inflation
$100 in 1922 →
All items (CPI-U)
1.79%
$102
Food
3.36%
$103
Apparel
0.37%
$100
Not shown because the BLS began these indexes after 1922: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), medical care (1935–), transportation (1935–), recreation (1993–), education & communication (1993–).
Year by year: CPI and the value of $100 from 1922
$100 from 1922grew to $102 by 1923; each row
shows the CPI, that year's inflation rate, and the running value.
In 1923, prices rose 1.8% and $100 from 1922 had the buying
power of $102; the year's average CPI of 17.1 is the level
behind every 1923 figure on this page.
Consumer prices rose 1.8% in 1923, the first increase since 1920 and a sign
the postwar deflation had run its course; the economy settled into the
steadier growth that defined much of the rest of the decade. The year’s
biggest shock was political rather than economic: Warren Harding died August
2 in San Francisco while returning from a trip to Alaska, and Vice President
Calvin Coolidge was sworn in the next day at his family’s farmhouse in
Plymouth Notch, Vermont, administered the oath of office by his own father,
a notary public, by lamplight. Coolidge would go on to preside over the low,
stable inflation of the “Roaring Twenties.” The contrast with Germany that
year was stark. The Weimar Republic’s currency collapse reached its peak in
November 1923, with prices doubling every few days and a loaf of bread
costing billions of marks; Germany introduced a new currency, the
Rentenmark, that month to halt the spiral. U.S. consumer prices, by
comparison, had moved in single digits or held flat every year since 1921, a
gap that shaped how American economists would later think about what made
the postwar inflation of Europe so different from the mild swings at home.
First-class postage stayed at 2 cents.
MLA: “Inflation from 1922 to 1923: $100 is worth $102 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1922-to-1923/
APA: InflationCalculator.com. Inflation from 1922 to 1923. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1922-to-1923/