$100 in 1923 is worth $100 in 1924,
because prices increased 0.0% over that period, an average of
0.00% a year.
$100 in 1923 has
the same buying power as
$100
in 1924
Detailed inflation statistics
Cumulative price change
0.0%
Average inflation rate
0.00% per year
Converted amount ($100 base)
$100
Price difference ($100 base)
$0.00
CPI in 1923
17.1
CPI in 1924
17.1
Inflation in 1923
1.79%
Inflation in 1924
0.00%
$100 in 1923 → 1924
$100
$100 in 1924 → 1923
$100
What happened to prices between 1923 and 1924
Between 1923 and 1924, the Consumer Price Index went from 17.1 to 17.1.
Cumulatively, prices increased 0.0%, which works out to an average of
0.00% per year. Put differently, a dollar in 1923 bought what
$1.00 buys in 1924: the 1923 dollar
lost 0.0% of its purchasing power over
these 1 years.
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.
Every 1923 amount converts to 1924 at the same ratio, 1.00: $1,000 becomes
$1,000, and $10,000 becomes $10,000.
Amount in 1923
Value in 1924
$1.00
$1.00
$5.00
$5.00
$10.00
$10.00
$20.00
$20.00
$50.00
$50.00
$100
$100
$500
$500
$1,000
$1,000
$5,000
$5,000
$10,000
$10,000
$100,000
$100,000
$1,000,000
$1,000,000
Inflation by spending category, 1923–1924
Every category fell between 1923 and 1924: food the most, down 1.3%, and apparel the least, down 1.1%. The headline number is an average; here is what $100 of 1923
spending costs in 1924, by category:
Category
Avg. yearly inflation
$100 in 1923 →
All items (CPI-U)
0.00%
$100
Apparel
-1.11%
$98.89
Food
-1.30%
$98.70
Not shown because the BLS began these indexes after 1923: 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 1923
$100 from 1923grew to $100 by 1924; each row
shows the CPI, that year's inflation rate, and the running value.
In 1924, prices rose 0.0% and $100 from 1923 had the buying
power of $100; 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 1923 to 1924: $100 is worth $100 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-1924/
APA: InflationCalculator.com. Inflation from 1923 to 1924. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-1924/