Consumer prices rose 0.7% in 1959, down sharply from 1958’s 2.8% as the economy recovered briskly from the year before’s recession, with output and employment both rebounding through the year. The map of the country changed that year for the first time since 1912: Alaska joined the union January 3, and Hawaii followed August 21, completing the 50-state United States. Ninety miles from Florida, Cuba changed hands that January, when Fidel Castro’s guerrilla forces overthrew President Fulgencio Batista, who fled the country on the 1st; Castro entered Havana on the 8th, beginning a Communist government that would define Cold War tensions in the hemisphere for decades. Labor and management fought their longest battle of the postwar era that summer: the United Steelworkers walked out July 15 in a dispute over work rules, the longest strike in the industry’s history, before a federal court granted the Eisenhower administration a Taft-Hartley back-to-work order that November. Consumer prices finished the decade 193.9% above their 1913 level, up 20.7% from where they stood in 1950. First-class postage held at 4 cents, and the minimum wage stayed at $1.00 an hour.
Year in review
Inflation in 1959
The U.S. inflation rate in 1959 was 0.7% (CPI: 29.1). Convert 1959 dollars to today →
0.7% 1959 inflation rate
2.1% 1950s average
1.7% peak month (Oct)
0.3% lowest month (Apr)
What things cost in 1959
| First-class stamp | $0.04 |
|---|---|
| Federal minimum wage | $1.00 |
What $100 from 1959 was worth later
| In 1960 | $102 |
|---|---|
| In 1970 | $133 |
| In 1980 | $283 |
| In 1990 | $449 |
| In 2000 | $592 |
| In 2010 | $749 |
| In 2020 | $889 |
| In 2026 | $1,140 |
Inflation in 1959, month by month
| Month | CPI-U | 12-month rate |
|---|---|---|
| January | 29 | 1.4% |
| February | 28.9 | 1.0% |
| March | 28.9 | 0.3% |
| April | 29 | 0.3% |
| May | 29 | 0.3% |
| June | 29.1 | 0.7% |
| July | 29.2 | 0.7% |
| August | 29.2 | 1.0% |
| September | 29.3 | 1.4% |
| October | 29.4 | 1.7% |
| November | 29.4 | 1.4% |
| December | 29.4 | 1.7% |
Economic events of 1959
- Consumer prices rise 0.7% as the economy rebounds The mild gain came as the economy recovered briskly from 1958's recession, with output and employment both rebounding through the year.
- Alaska and Hawaii become the 49th and 50th states Alaska joined the union January 3 and Hawaii followed August 21, completing the country's current 50-state map for the first time.
- Fidel Castro takes power in Cuba Castro's guerrilla forces overthrew President Fulgencio Batista, who fled the country January 1; Castro entered Havana January 8, beginning a Communist government 90 miles from Florida that would define Cold War tensions in the hemisphere for decades.
- Steelworkers strike for 116 days The United Steelworkers walked out July 15 in a dispute over work rules, the longest strike in the industry's history; it ended that November after a federal court granted the Eisenhower administration a Taft-Hartley back-to-work order.
Sources: U.S. Bureau of Labor Statistics, Consumer Price Index history; National Archives (Alaska and Hawaii statehood); U.S. Department of State, Office of the Historian (Cuban Revolution); U.S. Bureau of Labor Statistics, history of work stoppages.
Inflation figures: U.S. Bureau of Labor Statistics, CPI-U annual averages. See the methodology.