Between 1955 and 2022, the Consumer Price Index went from 26.8 to 292.655.
Cumulatively, prices increased 992.0%, which works out to an average of
3.63% per year. Put differently, a dollar in 1955 bought what
$0.09 buys in 2022.
Consumer prices fell 0.4% in 1955, the first annual decline since 1949,
as a strong rebound from the 1953-54 recession delivered growth without
much price pressure; automakers and appliance makers competed hard on
price for a booming consumer market. Organized labor consolidated that
December, when the American Federation of Labor and the Congress of
Industrial Organizations merged on the 5th under President George Meany,
uniting roughly 15 million workers in the AFL-CIO after two decades as
rival federations. That same day, a different kind of organizing began in
Montgomery, Alabama: four days after Rosa Parks was arrested for refusing
to give up her bus seat to a white passenger, the city’s Black community
began a boycott of its buses that would last more than a year and help
launch the civil rights movement’s mass phase. Markets got a scare that
September: news of Eisenhower’s heart attack on the 24th sent the Dow
Jones Industrial Average to its steepest one-day drop since the 1929
crash when trading resumed that Monday, before stocks recovered as the
president’s health improved. Consumer prices finished 1955 170.7% above
their 1913 level, essentially unchanged from where they
stood a year earlier. First-class postage held at 3 cents, and the
minimum wage stayed at 75 cents an hour.
The headline number is an average. Individual categories moved very differently over this
period. Here is what $100 of 1955 spending costs in 2022, by category:
Category
Avg. yearly inflation
$100 in 1955 →
All items (CPI-U)
3.63%
$1,092
Medical care
5.21%
$3,003
Food
3.64%
$1,099
Transportation
3.55%
$1,032
Apparel
1.63%
$296
Not shown because the BLS began these indexes after 1955: 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 1955 to 2022: $100 is worth $1,092 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1955-to-2022/
APA: InflationCalculator.com. Inflation from 1955 to 2022. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1955-to-2022/