$100 in 2023 is worth $103 in 2024,
because prices increased 2.9% over that period, an average of
2.95% a year.
$100 in 2023 has
the same buying power as
$103
in 2024
Detailed inflation statistics
Cumulative price change
2.9%
Average inflation rate
2.95% per year
Converted amount ($100 base)
$103
Price difference ($100 base)
$2.95
CPI in 2023
304.702
CPI in 2024
313.689
Inflation in 2023
4.12%
Inflation in 2024
2.95%
$100 in 2023 → 2024
$103
$100 in 2024 → 2023
$97.14
What happened to prices between 2023 and 2024
Between 2023 and 2024, the Consumer Price Index went from 304.702 to 313.689.
Cumulatively, prices increased 2.9%, which works out to an average of
2.95% per year. Put differently, a dollar in 2023 bought what
$0.97 buys in 2024: the 2023 dollar
lost 2.9% of its purchasing power over
these 1 years.
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.
Every 2023 amount converts to 2024 at the same ratio, 1.03: $1,000 becomes
$1,029, and $10,000 becomes $10,295.
Amount in 2023
Value in 2024
$1.00
$1.03
$5.00
$5.15
$10.00
$10.29
$20.00
$20.59
$50.00
$51.47
$100
$103
$500
$515
$1,000
$1,029
$5,000
$5,147
$10,000
$10,295
$100,000
$102,949
$1,000,000
$1,029,494
Inflation by spending category, 2023–2024
Between 2023 and 2024, housing rose the most, up 4.4%, while energy fell 1.3%, against 2.9% for all items. The headline number is an average; here is what $100 of 2023
spending costs in 2024, by category:
Category
Avg. yearly inflation
$100 in 2023 →
All items (CPI-U)
2.95%
$103
Housing
4.37%
$104
Core (all items less food & energy)
3.44%
$103
Medical care
2.69%
$103
Food
2.26%
$102
Recreation
1.51%
$102
Transportation
1.39%
$101
Apparel
0.69%
$101
Education & communication
0.60%
$101
Energy
-1.32%
$98.68
Year by year: CPI and the value of $100 from 2023
$100 from 2023grew to $103 by 2024; each row
shows the CPI, that year's inflation rate, and the running value.
In 2024, prices rose 2.9% and $100 from 2023 had the buying
power of $103; the year's average CPI of 313.689 is the level
behind every 2024 figure on this page.
2024 brought inflation close to normal without fully reaching it. Consumer
prices rose 2.9% on average, the smallest yearly increase since 2020, and the
December-to-December rate was also 2.9%. Gasoline averaged $3.30 a gallon,
below 2023’s $3.52. Shelter stayed the biggest driver of the index, so the
pace of price growth in categories that households can’t easily avoid, such as
rent and insurance, lagged the drop in goods and energy costs.
The Federal Reserve declared progress in September, cutting its policy rate
by half a point, the first reduction since the pandemic emergency, and then
by a quarter point in November and again in December. Mortgage rates near 7%
kept the housing market frozen for many would-be buyers.
Median household income was $83,730, the federal minimum wage stayed at $7.25,
and a first-class stamp rose to 73 cents in July. After the November election,
attention turned to how announced tariffs and tax policy might affect prices
in 2025.
MLA: “Inflation from 2023 to 2024: $100 is worth $103 today.” InflationCalculator.com, U.S. Bureau of Labor Statistics CPI-U data, https://inflationcalculator.com/inflation/2023-to-2024/
APA: InflationCalculator.com. Inflation from 2023 to 2024. Based on U.S. Bureau of Labor Statistics CPI-U data. Retrieved from https://inflationcalculator.com/inflation/2023-to-2024/