$100 in 1924 is worth $100 in 1928,
because prices increased 0.0% over that period, an average of
0.00% a year.
$100 in 1924 has
the same buying power as
$100
in 1928
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 1924
17.1
CPI in 1928
17.1
Inflation in 1924
0.00%
Inflation in 1928
-1.72%
$100 in 1924 → 1928
$100
$100 in 1928 → 1924
$100
What happened to prices between 1924 and 1928
Between 1924 and 1928, 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 1924 bought what
$1.00 buys in 1928: the 1924 dollar
lost 0.0% of its purchasing power over
these 4 years.
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.
Every 1924 amount converts to 1928 at the same ratio, 1.00: $1,000 becomes
$1,000, and $10,000 becomes $10,000.
Amount in 1924
Value in 1928
$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, 1924–1928
Between 1924 and 1928, food rose the most, up 7.2%, while apparel fell 6.7%, against 0.0% for all items. The headline number is an average; here is what $100 of 1924
spending costs in 1928, by category:
Category
Avg. yearly inflation
$100 in 1924 →
All items (CPI-U)
0.00%
$100
Food
1.76%
$107
Apparel
-1.72%
$93.28
Not shown because the BLS began these indexes after 1924: 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 1924
$100 from 1924 had already become $104 by
1926, on its way to $100 in 1928; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 2.3% in 1925, and prices fell 1.7% in 1928, the deepest deflation of the period.
In 1928, prices fell 1.7% and $100 from 1924 had the buying
power of $100; the year's average CPI of 17.1 is the level
behind every 1928 figure on this page.
Consumer prices fell 1.7% in 1928, the second straight year of mild decline
even as the stock market climbed sharply, a widening gap between asset
prices and the cost of living that later economists pointed to as an early
warning sign. The Federal Reserve tightened policy repeatedly over the year,
raising its discount rate in an effort to slow the flood of borrowed money
pouring into stock purchases without derailing the broader economy, a
balancing act it ultimately failed to manage. Herbert Hoover won the
presidential election that November, defeating Democrat Al Smith on a
platform built around continuing the prosperity of the Coolidge years; few
voters or policymakers anticipated how quickly that prosperity would end.
First-class postage remained at 2 cents, a price that had now held for nine
straight years.
MLA: “Inflation from 1924 to 1928: $100 is worth $100 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1924-to-1928/
APA: InflationCalculator.com. Inflation from 1924 to 1928. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1924-to-1928/