U.S. inflation · 1923–2003
$100 in 1923 has the same buying power as
$1,076
in 2003
| Cumulative price change | 976.0% |
|---|---|
| Average inflation rate | 3.01% per year |
| Converted amount ($100 base) | $1,076 |
| Price difference ($100 base) | $976 |
| CPI in 1923 | 17.1 |
| CPI in 2003 | 184 |
| Inflation in 1923 | 1.79% |
| Inflation in 2003 | 2.28% |
| $100 in 1923 → 2003 | $1,076 |
| $100 in 2003 → 1923 | $9.29 |
Between 1923 and 2003, the Consumer Price Index went from 17.1 to 184. Cumulatively, prices increased 976.0%, which works out to an average of 3.01% per year. Put differently, a dollar in 1923 bought what $0.09 buys in 2003.
| Amount in 1923 | Value in 2003 |
|---|---|
| $1.00 | $10.76 |
| $5.00 | $53.80 |
| $10.00 | $108 |
| $20.00 | $215 |
| $50.00 | $538 |
| $100 | $1,076 |
| $500 | $5,380 |
| $1,000 | $10,760 |
| $5,000 | $53,801 |
| $10,000 | $107,602 |
| $100,000 | $1,076,023 |
| $1,000,000 | $10,760,234 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1923 spending costs in 2003, by category:
| Category | Avg. yearly inflation | $100 in 1923 → |
|---|---|---|
| All items (CPI-U) | 3.01% | $1,076 |
| Food | 3.12% | $1,169 |
| Apparel | 1.89% | $446 |
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 |
| 1928 | 17.1 | -1.7% | $100 |
| 1933 | 13 | -5.1% | $76.02 |
| 1938 | 14.1 | -2.1% | $82.46 |
| 1943 | 17.3 | 6.1% | $101 |
| 1948 | 24.1 | 8.1% | $141 |
| 1953 | 26.7 | 0.8% | $156 |
| 1958 | 28.9 | 2.8% | $169 |
| 1963 | 30.6 | 1.3% | $179 |
| 1968 | 34.8 | 4.2% | $204 |
| 1973 | 44.4 | 6.2% | $260 |
| 1978 | 65.2 | 7.6% | $381 |
| 1983 | 99.6 | 3.2% | $582 |
| 1988 | 118.3 | 4.1% | $692 |
| 1993 | 144.5 | 3.0% | $845 |
| 1998 | 163 | 1.6% | $953 |
| 2003 | 184 | 2.3% | $1,076 |
Long periods are sampled every 5 years; the calculator above covers any pair of years.
MLA: “Inflation from 1923 to 2003: $100 is worth $1,076 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1923-to-2003/
APA: InflationCalculator.com. Inflation from 1923 to 2003. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1923-to-2003/
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.