$100 in 1922 is worth $102 in 1924,
because prices increased 1.8% over that period, an average of
0.89% a year.
$100 in 1922 has
the same buying power as
$102
in 1924
Detailed inflation statistics
Cumulative price change
1.8%
Average inflation rate
0.89% per year
Converted amount ($100 base)
$102
Price difference ($100 base)
$1.79
CPI in 1922
16.8
CPI in 1924
17.1
Inflation in 1922
-6.15%
Inflation in 1924
0.00%
$100 in 1922 → 1924
$102
$100 in 1924 → 1922
$98.25
What happened to prices between 1922 and 1924
Between 1922 and 1924, the Consumer Price Index went from 16.8 to 17.1.
Cumulatively, prices increased 1.8%, which works out to an average of
0.89% per year. Put differently, a dollar in 1922 bought what
$0.98 buys in 1924: the 1922 dollar
lost 1.8% of its purchasing power over
these 2 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 1924 at the same ratio, 1.02: $1,000 becomes
$1,018, and $10,000 becomes $10,179.
Amount in 1922
Value in 1924
$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, 1922–1924
Between 1922 and 1924, food rose the most, up 2.0%, while apparel fell 0.7%, against 1.8% for all items. The headline number is an average; here is what $100 of 1922
spending costs in 1924, by category:
Category
Avg. yearly inflation
$100 in 1922 →
All items (CPI-U)
0.89%
$102
Food
1.00%
$102
Apparel
-0.37%
$99.26
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 1922 had already become $102 by
1923, on its way to $102 in 1924; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 1.8% in 1923, and the smallest rise was 0.0% in 1924.
In 1924, prices rose 0.0% and $100 from 1922 had the buying
power of $102; the year's average CPI of 17.1 is the level
behind every 1924 figure on this page.
Consumer prices held flat in 1924, the CPI’s annual average unchanged from
1923 after swinging from a sharp postwar drop to a modest rise the year
before. That stability, extending the calm that had settled in after the
deflation of 1921 and 1922, became a defining feature of the rest of the
decade. Congress tightened immigration policy further with the Immigration
Act of 1924, signed May 26, which cut the national-origins quota from 3% of
each nationality’s 1910 census population to 2% of its 1890 population,
shifting admissions further toward northern and western Europe and
effectively excluding most immigration from Asia. Abroad, the U.S.-backed
Dawes Plan, adopted that August, reorganized Germany’s war reparations
payments and opened the way for American loans into the German economy,
helping stabilize European currencies after the hyperinflation that had
peaked in 1923. At home, Calvin Coolidge, who had served out
the remainder of Warren Harding’s term after his death the previous year,
won a full term of his own that November, campaigning on continued
prosperity and limited government. First-class postage remained at 2 cents,
a price unchanged since mid-1919.
MLA: “Inflation from 1922 to 1924: $100 is worth $102 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1922-to-1924/
APA: InflationCalculator.com. Inflation from 1922 to 1924. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1922-to-1924/