$100 in 1998 is worth $143 in 2013,
because prices increased 42.9% over that period, an average of
2.41% a year.
$100 in 1998 has
the same buying power as
$143
in 2013
Detailed inflation statistics
Cumulative price change
42.9%
Average inflation rate
2.41% per year
Converted amount ($100 base)
$143
Price difference ($100 base)
$42.92
CPI in 1998
163
CPI in 2013
232.957
Inflation in 1998
1.56%
Inflation in 2013
1.46%
$100 in 1998 → 2013
$143
$100 in 2013 → 1998
$69.97
What happened to prices between 1998 and 2013
Between 1998 and 2013, the Consumer Price Index went from 163 to 232.957.
Cumulatively, prices increased 42.9%, which works out to an average of
2.41% per year. Put differently, a dollar in 1998 bought what
$0.70 buys in 2013: the 1998 dollar
lost 30.0% of its purchasing power over
these 15 years.
The median household earned about $38,900 in 1998, gas averaged just $1.06 a gallon, its
cheapest of the decade, and a new home cost roughly $152,500. Inflation ran at 1.6% for the
year, the lowest of the 1990s, as a glut of crude oil, worsened by weak demand from Asia’s
slowdown, pushed prices below $11 a barrel by December and pulled pump prices down with them.
The calm at home came alongside real turmoil abroad: in August, Russia devalued the ruble and
defaulted on its domestic debt, rattling markets already unsettled by the Asian financial
crisis, and in September the hedge fund Long-Term Capital Management collapsed after its highly
leveraged bets went bad, prompting the Federal Reserve to organize a private-sector bailout by
more than a dozen banks to prevent a disorderly unwinding of its roughly $100 billion in
positions. The Fed also cut interest rates three times that fall, in September, October, and
November, an insurance policy against the global financial turmoil spreading to the U.S.
economy. Cheap oil and a well-timed set of rate cuts left 1998 as a year the U.S. economy
absorbed two foreign financial crises without much of a dent at home.
Every 1998 amount converts to 2013 at the same ratio, 1.43: $1,000 becomes
$1,429, and $10,000 becomes $14,292.
Amount in 1998
Value in 2013
$1.00
$1.43
$5.00
$7.15
$10.00
$14.29
$20.00
$28.58
$50.00
$71.46
$100
$143
$500
$715
$1,000
$1,429
$5,000
$7,146
$10,000
$14,292
$100,000
$142,918
$1,000,000
$1,429,184
Inflation by spending category, 1998–2013
Between 1998 and 2013, energy rose the most, up 137.5%, while apparel fell 4.2%, against 42.9% for all items. The headline number is an average; here is what $100 of 1998
spending costs in 2013, by category:
Category
Avg. yearly inflation
$100 in 1998 →
All items (CPI-U)
2.41%
$143
Energy
5.94%
$238
Medical care
3.83%
$176
Transportation
2.90%
$154
Food
2.63%
$148
Housing
2.35%
$142
Education & communication
2.04%
$135
Core (all items less food & energy)
2.01%
$135
Recreation
0.88%
$114
Apparel
-0.29%
$95.80
Decade by decade: 1998 to 2013
Prices climbed fastest in the 1990s, averaging 2.78% a year, and slowest in the 2010s (2.23% a year). Each step below chains into the full 1998–2013 change:
Years
Avg. yearly inflation
Price change
$100 from 1998, at end
1998–2000
2.78%
5.6%
$106
2000–2010
2.39%
26.6%
$134
2010–2013
2.23%
6.8%
$143
Year by year: CPI and the value of $100 from 1998
$100 from 1998 had already become $120 by
2005, on its way to $143 in 2013; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 3.8% in 2008, and prices fell 0.4% in 2009, the deepest deflation of the period.
In 2013, prices rose 1.5% and $100 from 1998 had the buying
power of $143; the year's average CPI of 232.957 is the level
behind every 2013 figure on this page.
2013 was a low-inflation year with a lot of noise around the Federal Reserve.
Consumer prices rose 1.5%, below the Fed’s 2% target, and gasoline eased to an
average of $3.51 a gallon. Housing was the exception: the median new home sold
for about $268,900, up sharply from $245,200 in 2012, as the market recovered
from its post-crisis bottom.
The Fed dominated the news. Chairman Ben Bernanke’s May comments about slowing
bond purchases pushed long-term interest rates up by roughly a percentage
point that summer, and mortgages became more expensive within weeks. In
December the Fed finally announced a first small cut to its purchases while
promising to keep short-term rates near zero for a long time.
Washington added its own disruption. A 16-day government shutdown in October
delayed data releases and left a hole in that month’s CPI collection. Median
household income was reported at $53,585, the federal minimum wage stayed at
$7.25, and a first-class stamp cost 46 cents. The decade’s pattern was taking
shape: slow price growth, ultra-low interest rates, and a labor market that
improved gradually.
MLA: “Inflation from 1998 to 2013: $100 is worth $143 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/1998-to-2013/
APA: InflationCalculator.com. Inflation from 1998 to 2013. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/1998-to-2013/