$100 in 2016 is worth $127 in 2023,
because prices increased 27.0% over that period, an average of
3.47% a year.
$100 in 2016 has
the same buying power as
$127
in 2023
Detailed inflation statistics
Cumulative price change
27.0%
Average inflation rate
3.47% per year
Converted amount ($100 base)
$127
Price difference ($100 base)
$26.96
CPI in 2016
240.007
CPI in 2023
304.702
Inflation in 2016
1.26%
Inflation in 2023
4.12%
$100 in 2016 → 2023
$127
$100 in 2023 → 2016
$78.77
What happened to prices between 2016 and 2023
Between 2016 and 2023, the Consumer Price Index went from 240.007 to 304.702.
Cumulatively, prices increased 27.0%, which works out to an average of
3.47% per year. Put differently, a dollar in 2016 bought what
$0.79 buys in 2023: the 2016 dollar
lost 21.2% of its purchasing power over
these 7 years.
2016 opened with the cheapest oil in more than a decade and closed with a
change in political direction. Crude fell to about $26 a barrel in February,
and gasoline averaged $2.14 a gallon for the year, its lowest annual
average since 2004. Headline inflation was 1.3%, a modest rebound from 2015’s
0.1%, though prices excluding food and energy rose faster, driven by rents and
health care.
Median household income rose to $59,039, the second large gain in a row, and
the median new home sold for about $307,800. The federal minimum wage held at
$7.25, and a first-class stamp fell to 47 cents after a January rate cut, a
rare decrease.
Two votes changed the outlook. Britain’s June decision to leave the European
Union unsettled currency markets, and the U.S. election in November raised
expectations of tax cuts, deficits, and faster growth, sending long-term
interest rates higher. OPEC’s November output cut ended the oil slump, and the
Federal Reserve made its second rate increase in December, to 0.50–0.75%.
Every 2016 amount converts to 2023 at the same ratio, 1.27: $1,000 becomes
$1,270, and $10,000 becomes $12,696.
Amount in 2016
Value in 2023
$1.00
$1.27
$5.00
$6.35
$10.00
$12.70
$20.00
$25.39
$50.00
$63.48
$100
$127
$500
$635
$1,000
$1,270
$5,000
$6,348
$10,000
$12,696
$100,000
$126,955
$1,000,000
$1,269,555
Inflation by spending category, 2016–2023
Between 2016 and 2023, energy rose the most, up 49.5%, while apparel rose the least, up 3.6%, against 27.0% for all items. The headline number is an average; here is what $100 of 2016
spending costs in 2023, by category:
Category
Avg. yearly inflation
$100 in 2016 →
All items (CPI-U)
3.47%
$127
Energy
5.91%
$149
Transportation
4.60%
$137
Housing
3.96%
$131
Food
3.85%
$130
Core (all items less food & energy)
3.19%
$125
Medical care
2.44%
$118
Recreation
2.19%
$116
Education & communication
0.61%
$104
Apparel
0.51%
$104
Decade by decade: 2016 to 2023
Prices climbed fastest in the 2020s, averaging 5.59% a year, and slowest in the 2010s (1.90% a year). Each step below chains into the full 2016–2023 change:
Years
Avg. yearly inflation
Price change
$100 from 2016, at end
2016–2020
1.90%
7.8%
$108
2020–2023
5.59%
17.7%
$127
Year by year: CPI and the value of $100 from 2016
$100 from 2016 had already become $107 by
2019, on its way to $127 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 the smallest rise was 1.2% in 2020.
In 2023, prices rose 4.1% and $100 from 2016 had the buying
power of $127; 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 2016 to 2023: $100 is worth $127 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2016-to-2023/
APA: InflationCalculator.com. Inflation from 2016 to 2023. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2016-to-2023/