U.S. inflation · 1931–1978

Value of $100 in 1931, adjusted to 1978

$100 in 1931 is worth $429 in 1978, because prices increased 328.9% over that period, an average of 3.15% a year.

$100 in 1931 has the same buying power as

$429

in 1978

$86$257$42919311943195519661978$100 · 1931$429 · 1978
Detailed inflation statistics
Cumulative price change328.9%
Average inflation rate3.15% per year
Converted amount ($100 base)$429
Price difference ($100 base)$329
CPI in 193115.2
CPI in 197865.2
Inflation in 1931-8.98%
Inflation in 19787.59%
$100 in 1931 → 1978$429
$100 in 1978 → 1931$23.31

What happened to prices between 1931 and 1978

Between 1931 and 1978, the Consumer Price Index went from 15.2 to 65.2. Cumulatively, prices increased 328.9%, which works out to an average of 3.15% per year. Put differently, a dollar in 1931 bought what $0.23 buys in 1978: the 1931 dollar lost 76.7% of its purchasing power over these 47 years.

Consumer prices fell 9.0% in 1931, a sharp acceleration from the 2.3% decline in 1930, as falling wages, collapsing farm prices, and a fresh wave of bank failures fed a downward spiral that the still-contracting economy could not shake. More than 2,000 banks failed during the year, far more than in 1930, as depositors who had watched earlier banks go under pulled their cash out of ones they feared were next. The crisis went international that September, when Britain suspended the gold standard amid a run on sterling. The Federal Reserve’s response made the domestic downturn worse before it made anything better: to defend the dollar’s own gold backing, the Fed raised its discount rate sharply that October, in two steps from 1.5% to 3.5%, tightening credit at the exact moment the economy needed the opposite. Not every headline that year was grim. The Empire State Building opened its doors on May 1, briefly the tallest building in the world, though so much of Manhattan’s office space sat vacant amid the Depression that tenants stayed scarce and New Yorkers took to calling it the “Empty State Building.” Consumer prices had now fallen for two straight years and stood 53.5% above their 1913 level, down from the 68.7% margin of just twelve months before. First-class postage remained at 2 cents.

More about inflation in 1931 →

Common amounts: 1931 dollars in 1978

Every 1931 amount converts to 1978 at the same ratio, 4.29: $1,000 becomes $4,289, and $10,000 becomes $42,895.

Amount in 1931Value in 1978
$1.00$4.29
$5.00$21.45
$10.00$42.89
$20.00$85.79
$50.00$214
$100$429
$500$2,145
$1,000$4,289
$5,000$21,447
$10,000$42,895
$100,000$428,947
$1,000,000$4,289,474

Inflation by spending category, 1931–1978

Between 1931 and 1978, food rose the most, up 458.1%, while apparel rose the least, up 270.0%, against 328.9% for all items. The headline number is an average; here is what $100 of 1931 spending costs in 1978, by category:

Category Avg. yearly inflation $100 in 1931 →
All items (CPI-U) 3.15% $429
Food 3.73% $558
Apparel 2.82% $370

Not shown because the BLS began these indexes after 1931: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), medical care (1935–), transportation (1935–), recreation (1993–), education & communication (1993–).

Decade by decade: 1931 to 1978

Prices climbed fastest in the 1970s, averaging 6.70% a year, and fell in the 1930s (0.9% a year). Each step below chains into the full 1931–1978 change:

Years Avg. yearly inflation Price change $100 from 1931, at end
1931–1940 -0.91% -7.9% $92.11
1940–1950 5.58% 72.1% $159
1950–1960 2.08% 22.8% $195
1960–1970 2.74% 31.1% $255
1970–1978 6.70% 68.0% $429

Year by year: CPI and the value of $100 from 1931

$100 from 1931 had already become $176 by 1955, on its way to $429 in 1978; 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 1931
1931 15.2 -9.0% $100
1933 13 -5.1% $85.53
1935 13.7 2.2% $90.13
1937 14.4 3.6% $94.74
1939 13.9 -1.4% $91.45
1941 14.7 5.0% $96.71
1943 17.3 6.1% $114
1945 18 2.3% $118
1947 22.3 14.4% $147
1949 23.8 -1.2% $157
1951 26 7.9% $171
1953 26.7 0.8% $176
1955 26.8 -0.4% $176
1957 28.1 3.3% $185
1959 29.1 0.7% $191
1961 29.9 1.0% $197
1963 30.6 1.3% $201
1965 31.5 1.6% $207
1967 33.4 3.1% $220
1969 36.7 5.5% $241
1971 40.5 4.4% $266
1973 44.4 6.2% $292
1975 53.8 9.1% $354
1977 60.6 6.5% $399
1978 65.2 7.6% $429

Long periods are sampled every 2 years; the calculator above covers any pair of years.

The destination year: 1978

In 1978, prices rose 7.6% and $100 from 1931 had the buying power of $429; the year's average CPI of 65.2 is the level behind every 1978 figure on this page.

Consumer prices rose 7.6% in 1978, accelerating for a second straight year as rising wages, a weakening dollar, and climbing energy costs outpaced the Federal Reserve’s response. Fed chairman G. William Miller, appointed by Carter that March, kept interest rates too low to slow the trend, a policy later cited as one reason inflation kept building toward the following year’s crisis. California voters responded to their own version of the problem that June, passing Proposition 13 by nearly two to one to cap property tax rates after years of rising home values had pushed tax bills up alongside them. Foreign policy delivered one of the decade’s genuine breakthroughs: President Carter brought Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin together for thirteen days of negotiations at Camp David that September, producing a framework for peace between the two countries that was signed as a treaty the following March. First-class postage rose to 15 cents that May 29, a rate that would hold longer than any other in the decade. The year ended in tragedy: cult leader Jim Jones directed the mass murder-suicide of more than 900 followers at a remote settlement in Guyana that November 18. A median household earned $15,064 in 1978, a new home sold for a median $55,700, and gas averaged 63 cents a gallon. Consumer prices stood 558.6% above their 1913 level, with the decade’s worst inflation still to come.

More about inflation in 1978 →

Cite this page

MLA: “Inflation from 1931 to 1978: $100 is worth $429 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1931-to-1978/

APA: InflationCalculator.com. Inflation from 1931 to 1978. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1931-to-1978/

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.