Between 1940 and 1942, the Consumer Price Index went from 14 to 16.3.
Cumulatively, prices increased 16.4%, which works out to an average of
7.90% per year. Put differently, a dollar in 1940 bought what
$0.86 buys in 1942.
Common amounts: 1940 dollars in 1942
Amount in 1940
Value in 1942
$1.00
$1.16
$5.00
$5.82
$10.00
$11.64
$20.00
$23.29
$50.00
$58.21
$100
$116
$500
$582
$1,000
$1,164
$5,000
$5,821
$10,000
$11,643
$100,000
$116,429
$1,000,000
$1,164,286
Inflation by spending category, 1940–1942
The headline number is an average. Individual categories moved very differently over this
period. Here is what $100 of 1940 spending costs in 1942, by category:
Category
Avg. yearly inflation
$100 in 1940 →
All items (CPI-U)
7.90%
$116
Food
13.28%
$128
Apparel
10.67%
$122
Transportation
6.15%
$113
Medical care
1.43%
$103
Not shown because the BLS began these indexes after 1940: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), recreation (1993–), education & communication (1993–).
MLA: “Inflation from 1940 to 1942: $100 is worth $116 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1940-to-1942/
APA: InflationCalculator.com. Inflation from 1940 to 1942. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1940-to-1942/