U.S. inflation · 1928–1939
$100 in 1928 has the same buying power as
$81.29
in 1939
| Cumulative price change | -18.7% |
|---|---|
| Average inflation rate | -1.87% per year |
| Converted amount ($100 base) | $81.29 |
| Price difference ($100 base) | -$18.71 |
| CPI in 1928 | 17.1 |
| CPI in 1939 | 13.9 |
| Inflation in 1928 | -1.72% |
| Inflation in 1939 | -1.42% |
| $100 in 1928 → 1939 | $81.29 |
| $100 in 1939 → 1928 | $123 |
Between 1928 and 1939, the Consumer Price Index went from 17.1 to 13.9. Cumulatively, prices declined 18.7%, which works out to an average of -1.87% per year. Put differently, a dollar in 1928 bought what $1.23 buys in 1939.
| Amount in 1928 | Value in 1939 |
|---|---|
| $1.00 | $0.81 |
| $5.00 | $4.06 |
| $10.00 | $8.13 |
| $20.00 | $16.26 |
| $50.00 | $40.64 |
| $100 | $81.29 |
| $500 | $406 |
| $1,000 | $813 |
| $5,000 | $4,064 |
| $10,000 | $8,129 |
| $100,000 | $81,287 |
| $1,000,000 | $812,865 |
The headline number is an average. Individual categories moved very differently over this period. Here is what $100 of 1928 spending costs in 1939, by category:
| Category | Avg. yearly inflation | $100 in 1928 → |
|---|---|---|
| All items (CPI-U) | -1.87% | $81.29 |
| Apparel | -1.32% | $86.40 |
| Food | -2.89% | $72.39 |
Not shown because the BLS began these indexes after 1928: 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 1928 |
|---|---|---|---|
| 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 |
MLA: “Inflation from 1928 to 1939: $100 is worth $81.29 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1928-to-1939/
APA: InflationCalculator.com. Inflation from 1928 to 1939. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1928-to-1939/
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.