U.S. inflation rate in 1923: 1.79%

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U.S. Inflation Rate, 1923-2017 ($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, the dollar experienced an average inflation rate of 2.87% per year. Prices in 2017 are 1331.0% higher than prices in 1923.

In other words, $1 in the year 1923 is equivalent to $14.31 in 2017, a difference of $13.31 over 94 years.

The current inflation rate in 2017 is 1.99%1. If this number holds, $1 today will be equivalent to $1.02 next year.

Inflation from 1923 to 2017
Cumulative price change 1331.00%
Average inflation rate 2.87%
Price difference ($1 base) $13.31
CPI in 1923 17.1
CPI in 2017 244.786


U.S. inflation from 1913 to 2017


Inflation rates for specific categories

Fresh fruits · Medical care · Gasoline (all types) · 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 2017 / CPI in 1923 * 1923 USD value = 2017 USD value

Then plug in historical CPI values. The U.S. CPI was 17.1 in the year 1923 and 244.786 in 2017:

244.786 / 17.1 * $1 = $14.31

$1 in 1923 has the same "purchasing power" as $14.31 in 2017.


News headlines from 1923

Politics and news often play an important role in economic performance.

  • 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.
  • 5,000 storm troopers demonstrate against the 'November crime', Hitler is arrested after seeking to take advantage of the chaotic conditions in Germany.

Inflation Data Source: 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.


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