U.S. inflation · 1923–1944
$100 in 1923 has the same buying power as
$103
in 1944
| Cumulative price change | 2.9% |
|---|---|
| Average inflation rate | 0.14% per year |
| Converted amount ($100 base) | $103 |
| Price difference ($100 base) | $2.92 |
| CPI in 1923 | 17.1 |
| CPI in 1944 | 17.6 |
| Inflation in 1923 | 1.79% |
| Inflation in 1944 | 1.73% |
| $100 in 1923 → 1944 | $103 |
| $100 in 1944 → 1923 | $97.16 |
Between 1923 and 1944, the Consumer Price Index went from 17.1 to 17.6. Cumulatively, prices increased 2.9%, which works out to an average of 0.14% per year. Put differently, a dollar in 1923 bought what $0.97 buys in 1944.
| Amount in 1923 | Value in 1944 |
|---|---|
| $1.00 | $1.03 |
| $5.00 | $5.15 |
| $10.00 | $10.29 |
| $20.00 | $20.58 |
| $50.00 | $51.46 |
| $100 | $103 |
| $500 | $515 |
| $1,000 | $1,029 |
| $5,000 | $5,146 |
| $10,000 | $10,292 |
| $100,000 | $102,924 |
| $1,000,000 | $1,029,240 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1923 spending costs in 1944, by category:
| Category | Avg. yearly inflation | $100 in 1923 → |
|---|---|---|
| All items (CPI-U) | 0.14% | $103 |
| Apparel | 0.45% | $110 |
| Food | 0.44% | $110 |
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 |
| 1939 | 13.9 | -1.4% | $81.29 |
| 1940 | 14 | 0.7% | $81.87 |
| 1941 | 14.7 | 5.0% | $85.96 |
| 1942 | 16.3 | 10.9% | $95.32 |
| 1943 | 17.3 | 6.1% | $101 |
| 1944 | 17.6 | 1.7% | $103 |
MLA: “Inflation from 1923 to 1944: $100 is worth $103 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-1944/
APA: InflationCalculator.com. Inflation from 1923 to 1944. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-1944/
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.