$100 in 2017 is worth $124 in 2023,
because prices increased 24.3% over that period, an average of
3.69% a year.
$100 in 2017 has
the same buying power as
$124
in 2023
Detailed inflation statistics
Cumulative price change
24.3%
Average inflation rate
3.69% per year
Converted amount ($100 base)
$124
Price difference ($100 base)
$24.31
CPI in 2017
245.12
CPI in 2023
304.702
Inflation in 2017
2.13%
Inflation in 2023
4.12%
$100 in 2017 → 2023
$124
$100 in 2023 → 2017
$80.45
What happened to prices between 2017 and 2023
Between 2017 and 2023, the Consumer Price Index went from 245.12 to 304.702.
Cumulatively, prices increased 24.3%, which works out to an average of
3.69% per year. Put differently, a dollar in 2017 bought what
$0.80 buys in 2023: the 2017 dollar
lost 19.6% of its purchasing power over
these 6 years.
2017 pushed consumer prices back above the Federal Reserve’s 2% target. The
CPI rose 2.1%, the first reading over 2% in five years, helped by a rebound
in energy after OPEC’s output cuts and by a storm-related spike at the pump:
Hurricane Harvey shut a large part of Gulf Coast refining in late August.
Gasoline averaged $2.42 a gallon, up from $2.14 in 2016.
Household incomes kept rising. The median household income reached $61,372,
and the median new home sold for about $322,100. The federal minimum wage
stayed at $7.25, its eighth year at that level, and a first-class stamp rose
to 49 cents.
The Fed raised rates three times, to 1.25–1.50%, and in October began
letting its bond holdings shrink. Congress passed the Tax Cuts and Jobs Act
in December, lowering the corporate rate to 21%. Even with unemployment near
4%, core inflation stayed under 2%, a puzzle that shaped Fed debates for the
next two years.
Every 2017 amount converts to 2023 at the same ratio, 1.24: $1,000 becomes
$1,243, and $10,000 becomes $12,431.
Amount in 2017
Value in 2023
$1.00
$1.24
$5.00
$6.22
$10.00
$12.43
$20.00
$24.86
$50.00
$62.15
$100
$124
$500
$622
$1,000
$1,243
$5,000
$6,215
$10,000
$12,431
$100,000
$124,307
$1,000,000
$1,243,073
Inflation by spending category, 2017–2023
Between 2017 and 2023, energy rose the most, up 38.5%, while apparel rose the least, up 4.0%, against 24.3% for all items. The headline number is an average; here is what $100 of 2017
spending costs in 2023, by category:
Category
Avg. yearly inflation
$100 in 2017 →
All items (CPI-U)
3.69%
$124
Energy
5.58%
$138
Transportation
4.80%
$132
Food
4.36%
$129
Housing
4.12%
$127
Core (all items less food & energy)
3.41%
$122
Medical care
2.43%
$116
Recreation
2.33%
$115
Education & communication
1.03%
$106
Apparel
0.65%
$104
Decade by decade: 2017 to 2023
Prices climbed fastest in the 2020s, averaging 5.59% a year, and slowest in the 2010s (1.83% a year). Each step below chains into the full 2017–2023 change:
Years
Avg. yearly inflation
Price change
$100 from 2017, at end
2017–2020
1.83%
5.6%
$106
2020–2023
5.59%
17.7%
$124
Year by year: CPI and the value of $100 from 2017
$100 from 2017 had already become $106 by
2020, on its way to $124 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 2017 had the buying
power of $124; 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 2017 to 2023: $100 is worth $124 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2017-to-2023/
APA: InflationCalculator.com. Inflation from 2017 to 2023. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2017-to-2023/