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U.S. inflation, year by year
U.S. inflation has averaged 3.2% a year since 1913, with extremes
from 18.0% in 1918 to a 10.5% deflation in 1921.
Each year in review covers that year's rate, what things cost, and the economic events that
moved prices, with sources. 113 years are written so far; new ones are added every
week. For a quick conversion from any year, use the
inflation-by-year browser or the calculator .
1910s 1913 — 1914 1.0% Ford doubles factory pay to $5 a day 1915 1.0% A German U-boat sinks the Lusitania 1916 7.9% Consumer prices jump 7.9% for the year 1917 17.4% The United States declares war on Germany 1918 18.0% Consumer prices rise 18.0% for the year, the fastest on record 1919 14.6% Postwar prices keep climbing even after the fighting stops 1920s 1920 15.6% Consumer prices rise 15.6% for the year, capping the wartime surge 1921 -10.5% Consumer prices fall 10.5% as the postwar depression bottoms out 1922 -6.1% Consumer prices fall 6.1%, the second straight year of deflation 1923 1.8% Consumer prices rise 1.8%, the first increase in three years 1924 0.0% Consumer prices hold flat for the year 1925 2.3% Consumer prices rise 2.3% 1926 1.1% Consumer prices rise 1.1% 1927 -1.7% Consumer prices fall 1.7% 1928 -1.7% Consumer prices fall 1.7% for the second straight year 1929 0.0% Consumer prices hold flat as the decade ends 1930s 1930 -2.3% Consumer prices fall 2.3% as the Depression deepens 1931 -9.0% Consumer prices fall 9.0% as deflation accelerates 1932 -9.9% Consumer prices fall 9.9%, the steepest annual drop of the Depression 1933 -5.1% Consumer prices fall 5.1%, marking the Depression's trough 1934 3.1% Consumer prices rise 3.1%, the first increase in eight years 1935 2.2% Consumer prices rise 2.2% as the recovery continues 1936 1.5% Consumer prices rise 1.5% for a third straight year 1937 3.6% Consumer prices rise 3.6%, the fastest pace since before the Depression 1938 -2.1% Consumer prices fall 2.1% as the 1937-38 recession bites 1939 -1.4% Consumer prices fall 1.4%, closing out a decade of deflation 1940s 1940 0.7% Consumer prices rise 0.7%, a modest gain as defense spending starts to build 1941 5.0% Consumer prices rise 5.0% as rearmament accelerates 1942 10.9% Consumer prices rise 10.9%, the fastest increase since 1920 1943 6.1% Consumer prices rise 6.1% as the "Hold the Line" order takes effect 1944 1.7% Consumer prices rise 1.7%, the slowest wartime increase 1945 2.3% Consumer prices rise 2.3% as wartime controls hold even after fighting ends 1946 8.3% Consumer prices rise 8.3% as wartime price controls unravel 1947 14.4% Consumer prices rise 14.4%, the fastest increase since 1920 1948 8.1% Consumer prices rise 8.1%, a second straight year of sharp postwar inflation 1949 -1.2% Consumer prices fall 1.2%, the first annual decline since 1939 1950s 1950 1.3% Consumer prices rise 1.3%, a mild year before the Korean War hits 1951 7.9% Consumer prices rise 7.9%, the fastest increase since 1947 1952 1.9% Consumer prices rise 1.9% as wartime controls hold 1953 0.8% Consumer prices rise 0.8% as Korean War inflation cools 1954 0.7% Consumer prices rise 0.7% amid a mild recession 1955 -0.4% Consumer prices fall 0.4%, the first decline since 1949 1956 1.5% Congress raises the federal minimum wage to $1 an hour 1957 3.3% Consumer prices rise 3.3%, the sharpest increase since 1951 1958 2.8% Consumer prices rise 2.8% even as the recession deepens 1959 0.7% Consumer prices rise 0.7% as the economy rebounds 1960s 1960 1.7% Consumer prices rise 1.7% as a mild recession takes hold 1961 1.0% Consumer prices rise 1.0% as the economy climbs out of recession 1962 1.0% Consumer prices rise 1.0% for a second straight year 1963 1.3% Consumer prices rise 1.3% as the expansion enters its third year 1964 1.3% Consumer prices rise 1.3%, matching the year before 1965 1.6% Consumer prices rise 1.6%, a pickup that marks the start of the Great Inflation 1966 2.9% Consumer prices rise 2.9%, nearly double the pace of the year before 1967 3.1% Consumer prices rise 3.1% as Vietnam spending keeps climbing 1968 4.2% Consumer prices rise 4.2%, the fastest pace in 17 years 1969 5.5% Consumer prices rise 5.5%, the fastest pace since the Korean War era 1970s 1970 5.7% Consumer prices rise 5.7% as inflation and unemployment climb together 1971 4.4% Consumer prices rise 4.4%, easing from 1970's pace 1972 3.2% Consumer prices rise just 3.2%, the calmest year of the decade 1973 6.2% Consumer prices rise 6.2% as controls are lifted and an oil embargo begins 1974 11.0% Consumer prices rise 11.0% for the year, the fastest since 1947 1975 9.1% Consumer prices rise 9.1% while unemployment hits 9%, the deepest slump since the 1930s 1976 5.8% Consumer prices rise 5.8%, the calmest pace since 1972 1977 6.5% Consumer prices rise 6.5% as the recovery strengthens 1978 7.6% Consumer prices rise 7.6% as inflation accelerates again 1979 11.3% Consumer prices rise 11.3%, the fastest pace since 1947 1980s 1980 13.5% Annual inflation hits 13.5%, the highest peacetime rate in modern U.S. history 1981 10.3% The Fed pushes its policy rate above 19%, the highest in U.S. history 1982 6.2% Unemployment peaks at 10.8% in November and December, the postwar record until 2020 1983 3.2% The recovery becomes the strongest since the 1950s 1984 4.3% The economy grows 7.2%, the fastest calendar-year growth since 1951 1985 3.6% First-class postage rises to 22 cents in February 1986 1.9% Oil prices collapse, dragging gasoline down by nearly a third 1987 3.6% Alan Greenspan succeeds Paul Volcker as Fed chairman in August 1988 4.1% First-class postage rises to 25 cents in April 1989 4.8% The minimum wage has not risen in eight years, the longest stretch on record 1990s 1990 5.4% Iraq invades Kuwait in August, triggering an oil price shock 1991 4.2% The Gulf War ends in February, and oil prices retreat from their autumn spike 1992 3.0% Bill Clinton wins the presidency in November, with the economy the defining issue 1993 3.0% NAFTA is signed into law in December, linking the U.S., Mexico, and Canada 1994 2.6% NAFTA takes effect on January 1, phasing out tariffs across North America 1995 2.8% A $50 billion rescue package is assembled for Mexico after the peso collapses 1996 3.0% Congress overhauls welfare with a law ending guaranteed cash assistance 1997 2.3% Thailand devalues the baht in July, triggering the Asian financial crisis 1998 1.6% Russia devalues the ruble and defaults on its domestic debt in August 1999 2.2% The euro launches as an accounting currency across 11 European countries 2000s 2000 3.4% The Nasdaq peaks at 5,048 in March, then the dot-com bubble begins to burst 2001 2.8% A recession runs from March to November 2002 1.6% Euro banknotes and coins enter circulation in 12 countries 2003 2.3% The Fed cuts its policy rate to 1.0%, the lowest since 1958 2004 2.7% The Fed begins raising rates in June after holding at 1.0% for a year 2005 3.4% Hurricane Katrina hits the Gulf Coast on August 29 2006 3.2% Ben Bernanke succeeds Alan Greenspan as Fed chair 2007 2.8% Subprime mortgage losses spread to global credit markets in August 2008 3.8% Oil peaks at $147 a barrel on July 11, and the 12-month inflation rate reaches 5.6% 2009 -0.4% Consumer prices fall 0.4% for the year, the first annual deflation since 1955 2010s 2010 1.6% Consumer prices rise 1.6% as the economy climbs out of the Great Recession 2011 3.2% Consumer prices rise 3.2%, the fastest pace since 2007 2012 2.1% Consumer prices rise 2.1% as energy costs plateau 2013 1.5% Consumer prices rise 1.5%, below the Fed's target 2014 1.6% Consumer prices rise 1.6% as oil prices collapse late in the year 2015 0.1% Consumer prices rise just 0.1%, the weakest year since 2009 2016 1.3% Consumer prices rise 1.3% as gasoline hits a decade-plus low 2017 2.1% Consumer prices rise 2.1%, the first year above 2% since 2012 2018 2.4% Consumer prices rise 2.4%, the fastest since 2011 2019 1.8% Consumer prices rise 1.8% in the last full year before the pandemic 2020s 2020 1.2% Consumer prices rise just 1.2% for the year as pandemic lockdowns crush demand 2021 4.7% Inflation accelerates all year, ending December at a 7.0% pace, the fastest since 1982 2022 8.0% Inflation peaks at 9.1% year-over-year in June, a 40-year high 2023 4.1% Consumer prices rise 4.1% on average, down from 2022's 8.0% 2024 2.9% Consumer prices rise 2.9% on average, the slowest since 2020 2025 2.6% Consumer prices rise 2.6% on average