$100 in 2001 is worth $104 in 2003,
because prices increased 3.9% over that period, an average of
1.93% a year.
$100 in 2001 has
the same buying power as
$104
in 2003
Detailed inflation statistics
Cumulative price change
3.9%
Average inflation rate
1.93% per year
Converted amount ($100 base)
$104
Price difference ($100 base)
$3.90
CPI in 2001
177.1
CPI in 2003
184
Inflation in 2001
2.85%
Inflation in 2003
2.28%
$100 in 2001 → 2003
$104
$100 in 2003 → 2001
$96.25
What happened to prices between 2001 and 2003
Between 2001 and 2003, the Consumer Price Index went from 177.1 to 184.
Cumulatively, prices increased 3.9%, which works out to an average of
1.93% per year. Put differently, a dollar in 2001 bought what
$0.96 buys in 2003: the 2001 dollar
lost 3.8% of its purchasing power over
these 2 years.
Inflation fell to 2.8% in 2001 from 3.4% the year before, as a recession that began in March
cut demand and gasoline slid to an average of $1.46 a gallon. The median household earned about
$42,200, roughly flat from 2000, and a new home cost about $175,200. The Federal Reserve cut its
policy rate 11 times over the year, from 6.5% to 1.75%, the lowest since 1961. After the
September 11 attacks, U.S. stock markets closed for four trading days, and air travel dropped
sharply until the following year. Congress had already passed a $1.35 trillion tax cut in June,
which included rebate checks of up to $600. The National Bureau of Economic Research dates the
recession’s end at November, but unemployment kept rising into 2003. A first-class stamp went to
34 cents in January, and the federal minimum wage stayed at $5.15. The Fed’s cuts were the
first step in a long period of very cheap borrowing that would fuel the housing boom.
Every 2001 amount converts to 2003 at the same ratio, 1.04: $1,000 becomes
$1,039, and $10,000 becomes $10,390.
Amount in 2001
Value in 2003
$1.00
$1.04
$5.00
$5.19
$10.00
$10.39
$20.00
$20.78
$50.00
$51.95
$100
$104
$500
$519
$1,000
$1,039
$5,000
$5,195
$10,000
$10,390
$100,000
$103,896
$1,000,000
$1,038,961
Inflation by spending category, 2001–2003
Between 2001 and 2003, medical care rose the most, up 8.9%, while apparel fell 5.0%, against 3.9% for all items. The headline number is an average; here is what $100 of 2001
spending costs in 2003, by category:
Category
Avg. yearly inflation
$100 in 2001 →
All items (CPI-U)
1.93%
$104
Medical care
4.36%
$109
Energy
2.75%
$106
Housing
2.35%
$105
Education & communication
2.16%
$104
Food
1.97%
$104
Core (all items less food & energy)
1.89%
$104
Recreation
1.23%
$102
Transportation
1.06%
$102
Apparel
-2.55%
$94.97
Year by year: CPI and the value of $100 from 2001
$100 from 2001 had already become $102 by
2002, on its way to $104 in 2003; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 2.3% in 2003, and the smallest rise was 1.6% in 2002.
In 2003, prices rose 2.3% and $100 from 2001 had the buying
power of $104; 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 2001 to 2003: $100 is worth $104 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2001-to-2003/
APA: InflationCalculator.com. Inflation from 2001 to 2003. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2001-to-2003/