U.S. inflation rate in 1923: 1.79%

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U.S. Inflation Rate, 1923-2018 ($1)

The consumer price index (CPI) in 1923 was 17.1. the Bureau of Labor Statistics uses this CPI value to track inflation on a monthly basis.

According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.86% per year. Prices in 2018 are 1356.0% higher than prices in 1923.

In other words, $1 in the year 1923 is equivalent in purchasing power to $14.56 in 2018, a difference of $13.56 over 95 years.

The current inflation rate in 2018 is 1.72%1. If this number holds, $1 today will be equivalent to $1.02 next year.

Inflation from 1923 to 2018
Cumulative price change 1356.00%
Average inflation rate 2.86%
Price difference ($1 base) $13.56
CPI in 1923 17.1
CPI in 2018 248.991


U.S. inflation from 1913 to 2017


Inflation rates for specific categories

Jewelry · Airline fares · Baby food · More

Inflation-adjusted measures

S&P 500 price · S&P 500 earnings · Shiller P/E

How to calculate the inflation rate for $1 since 1923

Start with the inflation rate formula:

CPI in 2018 / CPI in 1923 * 1923 USD value = 2018 USD value

Then plug in historical CPI values. The U.S. CPI was 17.1 in the year 1923 and 248.991 in 2018:

248.991 / 17.1 * $1 = $14.56

$1 in 1923 has the same "purchasing power" as $14.56 in 2018.


News headlines from 1923

Politics and news often influence economic performance. Here's what was happening at the time:

  • The inner burial chamber of the Pharaoh Tutankhamun's tomb is opened, leading to the finding of the sarcophagus by Howard Carter.
  • The Disney Brothers Cartoon Studio is founded.
  • Lenin's "Political Testament" is issued which calls for Stalin's removal.
  • In Germany, 5,000 storm troopers demonstrate against the 'November crime', Hitler is arrested after seeking to take advantage of the chaotic conditions.

Inflation Data Source

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “Inflation Rate in 1923 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 23 Apr. 2018, http://www.in2013dollars.com/inflation-rate-in-1923.


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