$100 in 2003 is worth $117 in 2008,
because prices increased 17.0% over that period, an average of
3.19% a year.
$100 in 2003 has
the same buying power as
$117
in 2008
Detailed inflation statistics
Cumulative price change
17.0%
Average inflation rate
3.19% per year
Converted amount ($100 base)
$117
Price difference ($100 base)
$17.01
CPI in 2003
184
CPI in 2008
215.303
Inflation in 2003
2.28%
Inflation in 2008
3.84%
$100 in 2003 → 2008
$117
$100 in 2008 → 2003
$85.46
What happened to prices between 2003 and 2008
Between 2003 and 2008, the Consumer Price Index went from 184 to 215.303.
Cumulatively, prices increased 17.0%, which works out to an average of
3.19% per year. Put differently, a dollar in 2003 bought what
$0.85 buys in 2008: the 2003 dollar
lost 14.5% of its purchasing power over
these 5 years.
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.
Every 2003 amount converts to 2008 at the same ratio, 1.17: $1,000 becomes
$1,170, and $10,000 becomes $11,701.
Amount in 2003
Value in 2008
$1.00
$1.17
$5.00
$5.85
$10.00
$11.70
$20.00
$23.40
$50.00
$58.51
$100
$117
$500
$585
$1,000
$1,170
$5,000
$5,851
$10,000
$11,701
$100,000
$117,013
$1,000,000
$1,170,125
Inflation by spending category, 2003–2008
Between 2003 and 2008, energy rose the most, up 73.4%, while apparel fell 1.6%, against 17.0% for all items. The headline number is an average; here is what $100 of 2003
spending costs in 2008, by category:
Category
Avg. yearly inflation
$100 in 2003 →
All items (CPI-U)
3.19%
$117
Energy
11.64%
$173
Transportation
4.41%
$124
Medical care
4.15%
$123
Food
3.53%
$119
Housing
3.19%
$117
Education & communication
2.40%
$113
Core (all items less food & energy)
2.22%
$112
Recreation
1.05%
$105
Apparel
-0.33%
$98.35
Year by year: CPI and the value of $100 from 2003
$100 from 2003 had already become $106 by
2005, on its way to $117 in 2008; 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 the smallest rise was 2.7% in 2004.
In 2008, prices rose 3.8% and $100 from 2003 had the buying
power of $117; the year's average CPI of 215.303 is the level
behind every 2008 figure on this page.
Inflation averaged 3.8% in 2008, but that figure hides a swing. The 12-month rate reached 5.6% in
July, when oil hit $147 a barrel and gasoline passed $4 a gallon, then fell to 0.1% by December
as crude dropped near $40. For the year, gas averaged $3.27, the highest yet. The financial
system broke in the fall: Lehman Brothers filed for bankruptcy on September 15, Congress
created the $700 billion TARP bank rescue on October 3, and the Federal Reserve cut its policy
rate to a range of 0–0.25% in December. The median household earned about $50,300, barely
above 2007, and the median new home price fell to $232,100. The minimum wage rose to $6.55 in
July, and a first-class stamp cost 42 cents. The price collapse at the end of 2008 set up the
deflation of 2009.
MLA: “Inflation from 2003 to 2008: $100 is worth $117 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2003-to-2008/
APA: InflationCalculator.com. Inflation from 2003 to 2008. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2003-to-2008/