U.S. inflation · 1923–1938
$100 in 1923 has the same buying power as
$82.46
in 1938
| Cumulative price change | -17.5% |
|---|---|
| Average inflation rate | -1.28% per year |
| Converted amount ($100 base) | $82.46 |
| Price difference ($100 base) | -$17.54 |
| CPI in 1923 | 17.1 |
| CPI in 1938 | 14.1 |
| Inflation in 1923 | 1.79% |
| Inflation in 1938 | -2.08% |
| $100 in 1923 → 1938 | $82.46 |
| $100 in 1938 → 1923 | $121 |
Between 1923 and 1938, the Consumer Price Index went from 17.1 to 14.1. Cumulatively, prices declined 17.5%, which works out to an average of -1.28% per year. Put differently, a dollar in 1923 bought what $1.21 buys in 1938.
| Amount in 1923 | Value in 1938 |
|---|---|
| $1.00 | $0.82 |
| $5.00 | $4.12 |
| $10.00 | $8.25 |
| $20.00 | $16.49 |
| $50.00 | $41.23 |
| $100 | $82.46 |
| $500 | $412 |
| $1,000 | $825 |
| $5,000 | $4,123 |
| $10,000 | $8,246 |
| $100,000 | $82,456 |
| $1,000,000 | $824,561 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1923 spending costs in 1938, by category:
| Category | Avg. yearly inflation | $100 in 1923 → |
|---|---|---|
| All items (CPI-U) | -1.28% | $82.46 |
| Apparel | -1.41% | $80.81 |
| Food | -1.59% | $78.57 |
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 | CPI | Inflation rate | $100 from 1923 |
|---|---|---|---|
| 1923 | 17.1 | 1.8% | $100 |
| 1924 | 17.1 | 0.0% | $100 |
| 1925 | 17.5 | 2.3% | $102 |
| 1926 | 17.7 | 1.1% | $104 |
| 1927 | 17.4 | -1.7% | $102 |
| 1928 | 17.1 | -1.7% | $100 |
| 1929 | 17.1 | 0.0% | $100 |
| 1930 | 16.7 | -2.3% | $97.66 |
| 1931 | 15.2 | -9.0% | $88.89 |
| 1932 | 13.7 | -9.9% | $80.12 |
| 1933 | 13 | -5.1% | $76.02 |
| 1934 | 13.4 | 3.1% | $78.36 |
| 1935 | 13.7 | 2.2% | $80.12 |
| 1936 | 13.9 | 1.5% | $81.29 |
| 1937 | 14.4 | 3.6% | $84.21 |
| 1938 | 14.1 | -2.1% | $82.46 |
MLA: “Inflation from 1923 to 1938: $100 is worth $82.46 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-1938/
APA: InflationCalculator.com. Inflation from 1923 to 1938. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-1938/
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.