Between 1942 and 2022, the Consumer Price Index went from 16.3 to 292.655.
Cumulatively, prices increased 1695.4%, which works out to an average of
3.68% per year. Put differently, a dollar in 1942 bought what
$0.06 buys in 2022.
Consumer prices rose 10.9% in 1942, up from 1941’s already
rapid 5.0% and the fastest increase since 1920, as the economy’s crash
conversion to war production collided with shrinking supplies of civilian
goods. The government tried to contain it: the General Maximum Price
Regulation, effective May 18 and known as “General Max,” froze most retail
prices at their highest March level, the broadest price control Washington
had ever attempted. Rationing followed close behind. Sugar rationing began
that May and gasoline rationing went nationwide in December, the leading
edge of a system that would eventually cover meat, coffee, shoes, tires, and
dozens of other goods before the war ended. The year’s other defining
wartime measure had nothing to do with prices. Executive Order 9066, signed
February 19, authorized the military to remove more than 110,000 Japanese
Americans, most of them U.S. citizens, from the West Coast and hold them in
inland internment camps for the war’s duration, one of the era’s starkest
violations of civil liberties. Even with price controls in place, consumer
prices climbed more than 10% for the first time since 1920, leaving the CPI
64.6% above its 1913 level. First-class postage held at 3
cents, and the minimum wage stayed at 30 cents an hour.
The headline number is an average. Individual categories moved very differently over this
period. Here is what $100 of 1942 spending costs in 2022, by category:
Category
Avg. yearly inflation
$100 in 1942 →
All items (CPI-U)
3.68%
$1,795
Medical care
5.04%
$5,108
Food
3.80%
$1,983
Transportation
3.58%
$1,665
Apparel
1.97%
$476
Not shown because the BLS began these indexes after 1942: core (all items less food & energy) (1957–), energy (1957–), housing (1967–), recreation (1993–), education & communication (1993–).
Long periods are sampled every 5 years; the calculator above covers any pair of years.
The destination year: 2022
2022 was the year inflation returned. Consumer prices rose 8.0% on average,
the worst since 1981, driven by pandemic-era supply chains, stimulus-fueled
demand, and an energy shock from the war in Ukraine. Gas briefly topped $5 a
gallon nationally for the first time ever, and “inflation” became the
top-ranked economic concern in nearly every poll of American households.
MLA: “Inflation from 1942 to 2022: $100 is worth $1,795 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1942-to-2022/
APA: InflationCalculator.com. Inflation from 1942 to 2022. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1942-to-2022/