$100 in 1978 is worth $467 in 2023,
because prices increased 367.3% over that period, an average of
3.49% a year.
$100 in 1978 has
the same buying power as
$467
in 2023
Detailed inflation statistics
Cumulative price change
367.3%
Average inflation rate
3.49% per year
Converted amount ($100 base)
$467
Price difference ($100 base)
$367
CPI in 1978
65.2
CPI in 2023
304.702
Inflation in 1978
7.59%
Inflation in 2023
4.12%
$100 in 1978 → 2023
$467
$100 in 2023 → 1978
$21.40
What happened to prices between 1978 and 2023
Between 1978 and 2023, the Consumer Price Index went from 65.2 to 304.702.
Cumulatively, prices increased 367.3%, which works out to an average of
3.49% per year. Put differently, a dollar in 1978 bought what
$0.21 buys in 2023: the 1978 dollar
lost 78.6% of its purchasing power over
these 45 years.
Consumer prices rose 7.6% in 1978, accelerating for a second straight year as
rising wages, a weakening dollar, and climbing energy costs outpaced the
Federal Reserve’s response. Fed chairman G. William Miller, appointed by
Carter that March, kept interest rates too low to slow the trend, a policy
later cited as one reason inflation kept building toward the following year’s
crisis. California voters responded to their own version of the problem that
June, passing Proposition 13 by nearly two to one to cap property tax rates
after years of rising home values had pushed tax bills up alongside them.
Foreign policy delivered one of the decade’s genuine breakthroughs: President
Carter brought Egyptian President Anwar Sadat and Israeli Prime Minister
Menachem Begin together for thirteen days of negotiations at Camp David that
September, producing a framework for peace between the two countries that was
signed as a treaty the following March. First-class postage rose to 15 cents
that May 29, a rate that would hold longer than any other in the decade. The
year ended in tragedy: cult leader Jim Jones directed the mass murder-suicide
of more than 900 followers at a remote settlement in Guyana that November 18.
A median household earned $15,064 in 1978, a new home sold for a median
$55,700, and gas averaged 63 cents a gallon. Consumer prices stood 558.6%
above their 1913 level, with the decade’s worst inflation
still to come.
Every 1978 amount converts to 2023 at the same ratio, 4.67: $1,000 becomes
$4,673, and $10,000 becomes $46,733.
Amount in 1978
Value in 2023
$1.00
$4.67
$5.00
$23.37
$10.00
$46.73
$20.00
$93.47
$50.00
$234
$100
$467
$500
$2,337
$1,000
$4,673
$5,000
$23,367
$10,000
$46,733
$100,000
$467,334
$1,000,000
$4,673,344
Inflation by spending category, 1978–2023
Between 1978 and 2023, medical care rose the most, up 788.5%, while apparel rose the least, up 60.4%, against 367.3% for all items. The headline number is an average; here is what $100 of 1978
spending costs in 2023, by category:
Category
Avg. yearly inflation
$100 in 1978 →
All items (CPI-U)
3.49%
$467
Medical care
4.97%
$888
Energy
3.82%
$540
Housing
3.70%
$513
Core (all items less food & energy)
3.50%
$471
Food
3.39%
$449
Transportation
3.31%
$433
Apparel
1.06%
$160
Not shown because the BLS began these indexes after 1978: recreation (1993–), education & communication (1993–).
Decade by decade: 1978 to 2023
Prices climbed fastest in the 1970s, averaging 12.42% a year, and slowest in the 2010s (1.73% a year). Each step below chains into the full 1978–2023 change:
Years
Avg. yearly inflation
Price change
$100 from 1978, at end
1978–1980
12.42%
26.4%
$126
1980–1990
4.72%
58.6%
$200
1990–2000
2.80%
31.8%
$264
2000–2010
2.39%
26.6%
$334
2010–2020
1.73%
18.7%
$397
2020–2023
5.59%
17.7%
$467
Year by year: CPI and the value of $100 from 1978
$100 from 1978 had already become $264 by
2000, on its way to $467 in 2023; 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 prices fell 0.4% in 2009, the deepest deflation of the period.
Long periods are sampled every 2 years; the calculator above covers any pair of years.
The destination year: 2023
In 2023, prices rose 4.1% and $100 from 1978 had the buying
power of $467; the year's average CPI of 304.702 is the level
behind every 2023 figure on this page.
2023 was the year inflation came down without a recession. Consumer prices
rose 4.1% on average, roughly half of 2022’s 8.0%, and the December-to-December
rate fell to 3.4%. Gasoline averaged $3.52 a gallon, well below the 2022
average, and supply-chain pressure on goods eased. Shelter, restaurant meals,
and other services stayed expensive, so the CPI kept rising at a rate well
above the pre-pandemic pace.
The Federal Reserve completed its rate-hiking campaign in July, taking the
policy rate to 5.25–5.50%, the highest level in 22 years. The effects showed
up in banking: Silicon Valley Bank failed in March after rate increases eroded
the value of its bond portfolio, the second-largest bank failure in U.S.
history at the time. Despite that, unemployment stayed under 4% all year.
Median household income was $80,610 according to the Census Bureau. The
federal minimum wage stayed at $7.25, and a first-class stamp rose to 66 cents
in July.
MLA: “Inflation from 1978 to 2023: $100 is worth $467 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1978-to-2023/
APA: InflationCalculator.com. Inflation from 1978 to 2023. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1978-to-2023/