$100 in 1960 is worth $622 in 2003,
because prices increased 521.6% over that period, an average of
4.34% a year.
$100 in 1960 has
the same buying power as
$622
in 2003
Detailed inflation statistics
Cumulative price change
521.6%
Average inflation rate
4.34% per year
Converted amount ($100 base)
$622
Price difference ($100 base)
$522
CPI in 1960
29.6
CPI in 2003
184
Inflation in 1960
1.72%
Inflation in 2003
2.28%
$100 in 1960 → 2003
$622
$100 in 2003 → 1960
$16.09
What happened to prices between 1960 and 2003
Between 1960 and 2003, the Consumer Price Index went from 29.6 to 184.
Cumulatively, prices increased 521.6%, which works out to an average of
4.34% per year. Put differently, a dollar in 1960 bought what
$0.16 buys in 2003: the 1960 dollar
lost 83.9% of its purchasing power over
these 43 years.
Consumer prices rose 1.7% in 1960, up from 1959’s 0.7% even
as the economy slipped into recession that April, a downturn that would
prove the shortest since World War II. The year’s defining political
moment came that November, when John F. Kennedy narrowly defeated Richard
Nixon in one of the closest presidential elections in U.S. history,
decided by roughly two-tenths of a percentage point in the popular vote.
Television played a new role in the race: the first-ever televised
presidential debate that September, watched by an estimated 70 million
people, was widely seen as favoring the telegenic Kennedy. Civil rights
protest took a new form that February, when four Black freshmen at North
Carolina A&T State University sat down at a whites-only Woolworth’s lunch
counter in Greensboro and refused to leave; the sit-in tactic spread to
dozens of Southern cities within weeks. Cold War tensions flared that May,
when a Soviet missile downed an American U-2 spy plane deep inside Soviet
airspace. The pilot, Francis Gary Powers, was captured alive, embarrassing
the Eisenhower administration and collapsing a Paris summit called to ease
relations with Moscow. Consumer prices finished 1960 199.0% above their
1913 level. First-class postage held at 4 cents, and the
minimum wage stayed at $1.00 an hour.
Every 1960 amount converts to 2003 at the same ratio, 6.22: $1,000 becomes
$6,216, and $10,000 becomes $62,162.
Amount in 1960
Value in 2003
$1.00
$6.22
$5.00
$31.08
$10.00
$62.16
$20.00
$124
$50.00
$311
$100
$622
$500
$3,108
$1,000
$6,216
$5,000
$31,081
$10,000
$62,162
$100,000
$621,622
$1,000,000
$6,216,216
Inflation by spending category, 1960–2003
Between 1960 and 2003, medical care rose the most, up 1232.3%, while apparel rose the least, up 164.6%, against 521.6% for all items. The headline number is an average; here is what $100 of 1960
spending costs in 2003, by category:
Category
Avg. yearly inflation
$100 in 1960 →
All items (CPI-U)
4.34%
$622
Medical care
6.21%
$1,332
Core (all items less food & energy)
4.38%
$631
Energy
4.29%
$609
Food
4.25%
$600
Transportation
3.95%
$529
Apparel
2.29%
$265
Not shown because the BLS began these indexes after 1960: housing (1967–), recreation (1993–), education & communication (1993–).
Decade by decade: 1960 to 2003
Prices climbed fastest in the 1970s, averaging 7.82% a year, and slowest in the 2000s (2.23% a year). Each step below chains into the full 1960–2003 change:
Years
Avg. yearly inflation
Price change
$100 from 1960, at end
1960–1970
2.74%
31.1%
$131
1970–1980
7.82%
112.4%
$278
1980–1990
4.72%
58.6%
$442
1990–2000
2.80%
31.8%
$582
2000–2003
2.23%
6.9%
$622
Year by year: CPI and the value of $100 from 1960
$100 from 1960 had already become $326 by
1982, on its way to $622 in 2003; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 13.5% in 1980, and the smallest rise was 1.0% in 1962.
Long periods are sampled every 2 years; the calculator above covers any pair of years.
The destination year: 2003
In 2003, prices rose 2.3% and $100 from 1960 had the buying
power of $622; 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.
MLA: “Inflation from 1960 to 2003: $100 is worth $622 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1960-to-2003/
APA: InflationCalculator.com. Inflation from 1960 to 2003. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1960-to-2003/