U.S. inflation · 1940–2003

Value of $100 in 1940, adjusted to 2003

$100 in 1940 is worth $1,314 in 2003, because prices increased 1214.3% over that period, an average of 4.17% a year.

$100 in 1940 has the same buying power as

$1,314

in 2003

$100$707$1.3k19401956197219872003$100 · 1940$1.3k · 2003
Detailed inflation statistics
Cumulative price change1214.3%
Average inflation rate4.17% per year
Converted amount ($100 base)$1,314
Price difference ($100 base)$1,214
CPI in 194014
CPI in 2003184
Inflation in 19400.72%
Inflation in 20032.28%
$100 in 1940 → 2003$1,314
$100 in 2003 → 1940$7.61

What happened to prices between 1940 and 2003

Between 1940 and 2003, the Consumer Price Index went from 14 to 184. Cumulatively, prices increased 1214.3%, which works out to an average of 4.17% per year. Put differently, a dollar in 1940 bought what $0.08 buys in 2003: the 1940 dollar lost 92.4% of its purchasing power over these 63 years.

Consumer prices rose 0.7% in 1940, snapping 1939’s decline and marking the first increase since 1937. The gain was modest, and the CPI still stood 18.1% below its 1929 peak, a reminder of how far the recovery from the Depression’s trough had left to go even as defense orders from Britain and France began reaching American factories. War was already reshaping domestic policy well before it touched American soil. Congress passed the Selective Training and Service Act that September, the country’s first peacetime draft, requiring men aged 21 to 35 to register and authorizing the induction of up to 900,000 men a year, more than a year before Pearl Harbor. That November, Franklin Roosevelt won an unprecedented third term, defeating Republican Wendell Willkie after campaigning on keeping the United States out of the war then consuming Europe and Asia. The promise would not hold much longer: within two years, wartime demand would push consumer prices up faster than at any point since the aftermath of World War I. First-class postage held at 3 cents, and the federal minimum wage stayed at 30 cents an hour, the level set the previous October under the Fair Labor Standards Act.

More about inflation in 1940 →

Common amounts: 1940 dollars in 2003

Every 1940 amount converts to 2003 at the same ratio, 13.14: $1,000 becomes $13,143, and $10,000 becomes $131,429.

Amount in 1940Value in 2003
$1.00$13.14
$5.00$65.71
$10.00$131
$20.00$263
$50.00$657
$100$1,314
$500$6,571
$1,000$13,143
$5,000$65,714
$10,000$131,429
$100,000$1,314,286
$1,000,000$13,142,857

Inflation by spending category, 1940–2003

Between 1940 and 2003, medical care rose the most, up 2756.7%, while apparel rose the least, up 454.6%, against 1214.3% for all items. The headline number is an average; here is what $100 of 1940 spending costs in 2003, by category:

Category Avg. yearly inflation $100 in 1940 →
All items (CPI-U) 4.17% $1,314
Medical care 5.47% $2,857
Food 4.39% $1,500
Transportation 3.89% $1,110
Apparel 2.76% $555

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–).

Decade by decade: 1940 to 2003

Prices climbed fastest in the 1970s, averaging 7.82% a year, and slowest in the 1950s (2.08% a year). Each step below chains into the full 1940–2003 change:

Years Avg. yearly inflation Price change $100 from 1940, at end
1940–1950 5.58% 72.1% $172
1950–1960 2.08% 22.8% $211
1960–1970 2.74% 31.1% $277
1970–1980 7.82% 112.4% $589
1980–1990 4.72% 58.6% $934
1990–2000 2.80% 31.8% $1,230
2000–2003 2.23% 6.9% $1,314

Year by year: CPI and the value of $100 from 1940

$100 from 1940 had already become $277 by 1970, on its way to $1,314 in 2003; 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 1.2% in 1949, the deepest deflation of the period.

Year CPI Inflation rate $100 from 1940
1940 14 0.7% $100
1945 18 2.3% $129
1950 24.1 1.3% $172
1955 26.8 -0.4% $191
1960 29.6 1.7% $211
1965 31.5 1.6% $225
1970 38.8 5.7% $277
1975 53.8 9.1% $384
1980 82.4 13.5% $589
1985 107.6 3.6% $769
1990 130.7 5.4% $934
1995 152.4 2.8% $1,089
2000 172.2 3.4% $1,230
2003 184 2.3% $1,314

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

The destination year: 2003

In 2003, prices rose 2.3% and $100 from 1940 had the buying power of $1,314; the year's average CPI of 184 is the level behind every 2003 figure on this page.

Inflation was 2.3% in 2003, up from 1.6% in 2002, as gasoline climbed from $1.36 to $1.59 a gallon around the March invasion of Iraq. Even so, the Federal Reserve spent the year worried about prices being too low: on June 25 it cut its policy rate to 1.0%, the lowest since 1958, and said the risk of deflation, though small, deserved a response. The median household earned about $43,300 and a new home cost roughly $195,000. Congress passed a second round of tax cuts in May, and the economy grew faster in the second half of the year than at any point since 1999. Hiring lagged the recovery, and unemployment peaked at 6.3% in June. A first-class stamp stayed at 37 cents and the federal minimum wage at $5.15.

More about inflation in 2003 →

Cite this page

MLA: “Inflation from 1940 to 2003: $100 is worth $1,314 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1940-to-2003/

APA: InflationCalculator.com. Inflation from 1940 to 2003. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1940-to-2003/

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.