$100 in 1923 is worth $114 in 1946,
because prices increased 14.0% over that period, an average of
0.57% a year.
$100 in 1923 has
the same buying power as
$114
in 1946
Detailed inflation statistics
Cumulative price change
14.0%
Average inflation rate
0.57% per year
Converted amount ($100 base)
$114
Price difference ($100 base)
$14.04
CPI in 1923
17.1
CPI in 1946
19.5
Inflation in 1923
1.79%
Inflation in 1946
8.33%
$100 in 1923 → 1946
$114
$100 in 1946 → 1923
$87.69
What happened to prices between 1923 and 1946
Between 1923 and 1946, the Consumer Price Index went from 17.1 to 19.5.
Cumulatively, prices increased 14.0%, which works out to an average of
0.57% per year. Put differently, a dollar in 1923 bought what
$0.88 buys in 1946: the 1923 dollar
lost 12.3% of its purchasing power over
these 23 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 1946 at the same ratio, 1.14: $1,000 becomes
$1,140, and $10,000 becomes $11,404.
Amount in 1923
Value in 1946
$1.00
$1.14
$5.00
$5.70
$10.00
$11.40
$20.00
$22.81
$50.00
$57.02
$100
$114
$500
$570
$1,000
$1,140
$5,000
$5,702
$10,000
$11,404
$100,000
$114,035
$1,000,000
$1,140,351
Inflation by spending category, 1923–1946
Between 1923 and 1946, food rose the most, up 28.6%, while apparel rose the least, up 26.9%, against 14.0% for all items. The headline number is an average; here is what $100 of 1923
spending costs in 1946, by category:
Category
Avg. yearly inflation
$100 in 1923 →
All items (CPI-U)
0.57%
$114
Food
1.10%
$129
Apparel
1.04%
$127
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–).
Decade by decade: 1923 to 1946
Prices climbed fastest in the 1940s, averaging 5.68% a year, and fell in the 1930s (1.7% a year). Each step below chains into the full 1923–1946 change:
Years
Avg. yearly inflation
Price change
$100 from 1923, at end
1923–1930
-0.34%
-2.3%
$97.66
1930–1940
-1.75%
-16.2%
$81.87
1940–1946
5.68%
39.3%
$114
Year by year: CPI and the value of $100 from 1923
$100 from 1923 had already become $78.36 by
1934, on its way to $114 in 1946; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 10.9% in 1942, and prices fell 9.9% in 1932, the deepest deflation of the period.
In 1946, prices rose 8.3% and $100 from 1923 had the buying
power of $114; the year's average CPI of 19.5 is the level
behind every 1946 figure on this page.
Consumer prices rose 8.3% in 1946, up sharply from 1945’s
2.3% and the sharpest increase since 1942, as wartime price controls
finally came apart. Congress let the Office of Price Administration’s
authority lapse at the end of June, reinstated a weaker version soon after,
then wound the whole system down through the rest of the year, releasing
years of pent-up demand into the price level almost at once. Meat was the
clearest casualty of the fight over decontrol: farmers withheld livestock
rather than sell at capped prices, producing severe shortages that spring
and summer until ceilings on meat were lifted that October, after which
supplies reappeared almost overnight. Labor cashed in its own wartime
restraint the same year. An estimated 4.6 million workers walked out at
some point in 1946, hitting steel, coal, automakers, and the railroads in
the largest strike wave in U.S. history, as unions pushed for wage gains to
offset cost-of-living increases controls could no longer contain. Amid the
turmoil, Congress made a less visible but lasting change to economic
policy: the Employment Act of 1946, signed that February, committed the
federal government to promoting maximum employment and created the Council
of Economic Advisers. Consumer prices stood 97.0% above their
1913 level, nearly double where the index had started 33
years earlier. First-class postage held at 3 cents, and the minimum wage
stayed at 40 cents an hour.
MLA: “Inflation from 1923 to 1946: $100 is worth $114 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-1946/
APA: InflationCalculator.com. Inflation from 1923 to 1946. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-1946/