U.S. inflation · 1924–1988

Value of $100 in 1924, adjusted to 1988

$100 in 1924 is worth $692 in 1988, because prices increased 591.8% over that period, an average of 3.07% a year.

$100 in 1924 has the same buying power as

$692

in 1988

$76$384$69219241940195619721988$100 · 1924$692 · 1988
Detailed inflation statistics
Cumulative price change591.8%
Average inflation rate3.07% per year
Converted amount ($100 base)$692
Price difference ($100 base)$592
CPI in 192417.1
CPI in 1988118.3
Inflation in 19240.00%
Inflation in 19884.14%
$100 in 1924 → 1988$692
$100 in 1988 → 1924$14.45

What happened to prices between 1924 and 1988

Between 1924 and 1988, the Consumer Price Index went from 17.1 to 118.3. Cumulatively, prices increased 591.8%, which works out to an average of 3.07% per year. Put differently, a dollar in 1924 bought what $0.14 buys in 1988: the 1924 dollar lost 85.5% of its purchasing power over these 64 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.

More about inflation in 1924 →

Common amounts: 1924 dollars in 1988

Every 1924 amount converts to 1988 at the same ratio, 6.92: $1,000 becomes $6,918, and $10,000 becomes $69,181.

Amount in 1924Value in 1988
$1.00$6.92
$5.00$34.59
$10.00$69.18
$20.00$138
$50.00$346
$100$692
$500$3,459
$1,000$6,918
$5,000$34,591
$10,000$69,181
$100,000$691,813
$1,000,000$6,918,129

Inflation by spending category, 1924–1988

Between 1924 and 1988, food rose the most, up 677.6%, while apparel rose the least, up 330.6%, against 591.8% for all items. The headline number is an average; here is what $100 of 1924 spending costs in 1988, by category:

Category Avg. yearly inflation $100 in 1924 →
All items (CPI-U) 3.07% $692
Food 3.26% $778
Apparel 2.31% $431

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–).

Decade by decade: 1924 to 1988

Prices climbed fastest in the 1970s, averaging 7.82% a year, and fell in the 1930s (1.7% a year). Each step below chains into the full 1924–1988 change:

Years Avg. yearly inflation Price change $100 from 1924, at end
1924–1930 -0.39% -2.3% $97.66
1930–1940 -1.75% -16.2% $81.87
1940–1950 5.58% 72.1% $141
1950–1960 2.08% 22.8% $173
1960–1970 2.74% 31.1% $227
1970–1980 7.82% 112.4% $482
1980–1988 4.62% 43.6% $692

Year by year: CPI and the value of $100 from 1924

$100 from 1924 had already become $157 by 1954, on its way to $692 in 1988; each row shows the CPI, that year's inflation rate, and the running value. Within the span, inflation peaked at 14.4% in 1947, and prices fell 9.9% in 1932, the deepest deflation of the period.

Year CPI Inflation rate $100 from 1924
1924 17.1 0.0% $100
1929 17.1 0.0% $100
1934 13.4 3.1% $78.36
1939 13.9 -1.4% $81.29
1944 17.6 1.7% $103
1949 23.8 -1.2% $139
1954 26.9 0.7% $157
1959 29.1 0.7% $170
1964 31 1.3% $181
1969 36.7 5.5% $215
1974 49.3 11.0% $288
1979 72.6 11.3% $425
1984 103.9 4.3% $608
1988 118.3 4.1% $692

Long periods are sampled every 5 years; the calculator above covers any pair of years.

The destination year: 1988

In 1988, prices rose 4.1% and $100 from 1924 had the buying power of $692; the year's average CPI of 118.3 is the level behind every 1988 figure on this page.

By 1988, the economic expansion that began in the ashes of the 1981-82 recession was in its sixth year, and the Federal Reserve was watching for signs it had run too long. Inflation rose to 4.1%, up from 3.6% the year before, while unemployment fell to its lowest level since 1974. Alan Greenspan’s Fed responded by raising the federal funds rate through the year, from about 6.5% to 8.5%, trying to cool demand before prices accelerated the way they had in the 1970s. Households still felt the difference between this expansion and the last one: gas held near 90 cents a gallon, almost exactly its 1987 price, and median household income rose to roughly $27,200. The one price that moved was postage, which rose from 22 to 25 cents in April, the fourth increase of the decade but a far gentler pace than the string of increases in the late 1970s and early 1980s. In November, Vice President George H.W. Bush won the presidency on the strength of the expansion, promising in his nomination speech to hold the line on taxes. Both the boom and that pledge would run into trouble within two years, as the Fed’s rate increases helped tip the economy toward the 1990-91 recession.

More about inflation in 1988 →

Cite this page

MLA: “Inflation from 1924 to 1988: $100 is worth $692 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1924-to-1988/

APA: InflationCalculator.com. Inflation from 1924 to 1988. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1924-to-1988/

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.