The consumer price index (CPI) in 1924 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 2.89% per year. Prices in 2018 are 1350.0% higher than prices in 1924.
In other words, $1 in the year 1924 is equivalent in purchasing power to $14.50 in 2018, a difference of $13.50 over 94 years.
|Cumulative price change||1350.00%|
|Average inflation rate||2.89%|
|Price difference ($1 base)||$13.50|
|CPI in 1924||17.1|
|CPI in 2018||247.867|
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (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 1924 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 16 Feb. 2018, http://www.in2013dollars.com/inflation-rate-in-1924.