$100 in 2008 is worth $142 in 2023,
because prices increased 41.5% over that period, an average of
2.34% a year.
$100 in 2008 has
the same buying power as
$142
in 2023
Detailed inflation statistics
Cumulative price change
41.5%
Average inflation rate
2.34% per year
Converted amount ($100 base)
$142
Price difference ($100 base)
$41.52
CPI in 2008
215.303
CPI in 2023
304.702
Inflation in 2008
3.84%
Inflation in 2023
4.12%
$100 in 2008 → 2023
$142
$100 in 2023 → 2008
$70.66
What happened to prices between 2008 and 2023
Between 2008 and 2023, the Consumer Price Index went from 215.303 to 304.702.
Cumulatively, prices increased 41.5%, which works out to an average of
2.34% per year. Put differently, a dollar in 2008 bought what
$0.71 buys in 2023: the 2008 dollar
lost 29.3% of its purchasing power over
these 15 years.
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.
Every 2008 amount converts to 2023 at the same ratio, 1.42: $1,000 becomes
$1,415, and $10,000 becomes $14,152.
Amount in 2008
Value in 2023
$1.00
$1.42
$5.00
$7.08
$10.00
$14.15
$20.00
$28.30
$50.00
$70.76
$100
$142
$500
$708
$1,000
$1,415
$5,000
$7,076
$10,000
$14,152
$100,000
$141,522
$1,000,000
$1,415,224
Inflation by spending category, 2008–2023
Between 2008 and 2023, food rose the most, up 50.8%, while apparel rose the least, up 9.8%, against 41.5% for all items. The headline number is an average; here is what $100 of 2008
spending costs in 2023, by category:
Category
Avg. yearly inflation
$100 in 2008 →
All items (CPI-U)
2.34%
$142
Food
2.78%
$151
Medical care
2.78%
$151
Housing
2.65%
$148
Core (all items less food & energy)
2.42%
$143
Transportation
2.10%
$137
Recreation
1.23%
$120
Energy
1.21%
$120
Education & communication
1.08%
$117
Apparel
0.63%
$110
Decade by decade: 2008 to 2023
Prices climbed fastest in the 2020s, averaging 5.59% a year, and slowest in the 2000s (0.64% a year). Each step below chains into the full 2008–2023 change:
Years
Avg. yearly inflation
Price change
$100 from 2008, at end
2008–2010
0.64%
1.3%
$101
2010–2020
1.73%
18.7%
$120
2020–2023
5.59%
17.7%
$142
Year by year: CPI and the value of $100 from 2008
$100 from 2008 had already become $110 by
2015, on its way to $142 in 2023; each row shows the CPI, that
year's inflation rate, and the running value.
Within the span, inflation peaked at 8.0% in 2022, and prices fell 0.4% in 2009, the deepest deflation of the period.
In 2023, prices rose 4.1% and $100 from 2008 had the buying
power of $142; 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 2008 to 2023: $100 is worth $142 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2008-to-2023/
APA: InflationCalculator.com. Inflation from 2008 to 2023. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2008-to-2023/