$100 in 2018 is worth $121 in 2023,
because prices increased 21.3% over that period, an average of
3.94% a year.
$100 in 2018 has
the same buying power as
$121
in 2023
Detailed inflation statistics
Cumulative price change
21.3%
Average inflation rate
3.94% per year
Converted amount ($100 base)
$121
Price difference ($100 base)
$21.34
CPI in 2018
251.107
CPI in 2023
304.702
Inflation in 2018
2.44%
Inflation in 2023
4.12%
$100 in 2018 → 2023
$121
$100 in 2023 → 2018
$82.41
What happened to prices between 2018 and 2023
Between 2018 and 2023, the Consumer Price Index went from 251.107 to 304.702.
Cumulatively, prices increased 21.3%, which works out to an average of
3.94% per year. Put differently, a dollar in 2018 bought what
$0.82 buys in 2023: the 2018 dollar
lost 17.6% of its purchasing power over
these 5 years.
2018 was the peak of the late-2010s expansion. Consumer prices rose 2.4%,
the fastest since 2011, with gasoline averaging $2.72 a gallon after a summer
high. Unemployment fell to 3.7% in September, the lowest since 1969, and median
household income reached $63,179. The median new home sold for about $331,800,
and a first-class stamp cost 50 cents. The federal minimum wage was still $7.25.
Trade policy became a price factor for the first time in decades. New tariffs
on steel, aluminum, and a growing list of Chinese goods raised costs for
manufacturers and some consumer products, and retaliation cut into exports of
soybeans and other farm goods.
The Federal Reserve, led from February by Jerome Powell, raised rates four
times to 2.25–2.50%. A stock-market drop of nearly 20% in the fourth quarter
led the Fed to signal a pause in early 2019. Oil fell from over $75 a barrel in
October to below $50 by December, which pulled headline inflation lower going
into the next year.
Every 2018 amount converts to 2023 at the same ratio, 1.21: $1,000 becomes
$1,213, and $10,000 becomes $12,134.
Amount in 2018
Value in 2023
$1.00
$1.21
$5.00
$6.07
$10.00
$12.13
$20.00
$24.27
$50.00
$60.67
$100
$121
$500
$607
$1,000
$1,213
$5,000
$6,067
$10,000
$12,134
$100,000
$121,343
$1,000,000
$1,213,435
Inflation by spending category, 2018–2023
Between 2018 and 2023, energy rose the most, up 28.8%, while apparel rose the least, up 3.9%, against 21.3% for all items. The headline number is an average; here is what $100 of 2018
spending costs in 2023, by category:
Category
Avg. yearly inflation
$100 in 2018 →
All items (CPI-U)
3.94%
$121
Energy
5.19%
$129
Food
4.96%
$127
Transportation
4.85%
$127
Housing
4.37%
$124
Core (all items less food & energy)
3.67%
$120
Recreation
2.71%
$114
Medical care
2.53%
$113
Education & communication
1.20%
$106
Apparel
0.77%
$104
Decade by decade: 2018 to 2023
Prices climbed fastest in the 2020s, averaging 5.59% a year, and slowest in the 2010s (1.52% a year). Each step below chains into the full 2018–2023 change:
Years
Avg. yearly inflation
Price change
$100 from 2018, at end
2018–2020
1.52%
3.1%
$103
2020–2023
5.59%
17.7%
$121
Year by year: CPI and the value of $100 from 2018
$100 from 2018 had already become $103 by
2020, on its way to $121 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 2018 had the buying
power of $121; 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 2018 to 2023: $100 is worth $121 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2018-to-2023/
APA: InflationCalculator.com. Inflation from 2018 to 2023. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2018-to-2023/