# \$100 in 1929 is worth \$2,324.14 in 1998

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## Value of \$100 from 1929 to 1998

\$100 in 1929 is equivalent in purchasing power to about \$2,324.14 in 1998, an increase of \$2,224.14 over 69 years. The dollar had an average inflation rate of 4.66% per year between 1929 and 1998, producing a cumulative price increase of 2,224.14%.

This means that prices in 1998 are 23.24 times higher than average prices since 1929, according to the Bureau of Statistics consumer price index.

The 1929 inflation rate was 0.00%. The inflation rate in 1998 was 0.75%. The 1998 inflation rate is lower compared to the average inflation rate of 2.46% per year between 1998 and 2021.

 Cumulative price change 2,224.14% Average inflation rate 4.66% Converted amount (\$100 base) \$2,324.14 Price difference (\$100 base) \$2,224.14 CPI in 1929 2.900 CPI in 1998 67.400 Inflation in 1929 0.00% Inflation in 1998 0.75% \$100 in 1929 \$2,324.14 in 1998

AUD Inflation since 1922
Annual Rate, the Bureau of Statistics CPI

## Buying power of \$100 in 1929

This chart shows a calculation of buying power equivalence for \$100 in 1929 (price index tracking began in 1922).

For example, if you started with \$100, you would need to end with \$2,324.14 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$100 is equivalent to \$2,324.14 over time, that means that the "real value" of a single Australian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1929 dollars, the chart below shows how \$100 is worth less over 69 years.

According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 1929-1998
Year Dollar Value Inflation Rate
1929 \$100.00 -
1930 \$93.10 -6.90%
1931 \$86.21 -7.41%
1932 \$82.76 -4.00%
1933 \$79.31 -4.17%
1934 \$79.31 0.00%
1935 \$82.76 4.35%
1936 \$82.76 0.00%
1937 \$86.21 4.17%
1938 \$89.66 4.00%
1939 \$89.66 0.00%
1940 \$93.10 3.85%
1941 \$96.55 3.70%
1942 \$106.90 10.71%
1943 \$110.34 3.23%
1944 \$110.34 0.00%
1945 \$110.34 0.00%
1946 \$110.34 0.00%
1947 \$117.24 6.25%
1948 \$127.59 8.82%
1949 \$137.93 8.11%
1950 \$151.72 10.00%
1951 \$179.31 18.18%
1952 \$210.34 17.31%
1953 \$220.69 4.92%
1954 \$224.14 1.56%
1955 \$227.59 1.54%
1956 \$241.38 6.06%
1957 \$248.28 2.86%
1958 \$248.28 0.00%
1959 \$255.17 2.78%
1960 \$265.52 4.05%
1961 \$268.97 1.30%
1962 \$268.97 0.00%
1963 \$272.41 1.28%
1964 \$279.31 2.53%
1965 \$289.66 3.70%
1966 \$296.55 2.38%
1967 \$306.90 3.49%
1968 \$317.24 3.37%
1969 \$327.59 3.26%
1970 \$337.93 3.16%
1971 \$358.62 6.12%
1972 \$379.31 5.77%
1973 \$413.79 9.09%
1974 \$479.31 15.83%
1975 \$551.72 15.11%
1976 \$624.14 13.13%
1977 \$700.00 12.15%
1978 \$755.17 7.88%
1979 \$824.14 9.13%
1980 \$910.34 10.46%
1981 \$996.55 9.47%
1982 \$1,106.90 11.07%
1983 \$1,220.69 10.28%
1984 \$1,268.97 3.95%
1985 \$1,351.72 6.52%
1986 \$1,475.86 9.18%
1987 \$1,600.00 8.41%
1988 \$1,717.24 7.33%
1989 \$1,844.83 7.43%
1990 \$1,982.76 7.48%
1991 \$2,044.83 3.13%
1992 \$2,065.52 1.01%
1993 \$2,100.00 1.67%
1994 \$2,141.38 1.97%
1995 \$2,241.38 4.67%
1996 \$2,300.00 2.62%
1997 \$2,306.90 0.30%
1998 \$2,324.14 0.75%
1999 \$2,358.62 1.48%
2000 \$2,465.52 4.53%
2001 \$2,572.41 4.34%
2002 \$2,651.72 3.08%
2003 \$2,724.14 2.73%
2004 \$2,786.21 2.28%
2005 \$2,862.07 2.72%
2006 \$2,962.07 3.49%
2007 \$3,031.03 2.33%
2008 \$3,165.52 4.44%
2009 \$3,220.69 1.74%
2010 \$3,313.79 2.89%
2011 \$3,424.14 3.33%
2012 \$3,482.76 1.71%
2013 \$3,568.97 2.48%
2014 \$3,658.62 2.51%
2015 \$3,713.79 1.51%
2016 \$3,762.07 1.30%
2017 \$3,834.48 1.92%
2018 \$3,906.90 1.89%
2019 \$3,968.97 1.59%
2020 \$4,003.45 0.87%
2021 \$4,065.52 1.55%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 63 more rows

This conversion table shows various other 1929 amounts in 1998 dollars, based on the 2,224.14% change in prices:

Conversion: 1929 dollars in 1998
Initial value Equivalent value
\$1 dollar in 1929 \$23.24 dollars in 1998
\$5 dollars in 1929 \$116.21 dollars in 1998
\$10 dollars in 1929 \$232.41 dollars in 1998
\$50 dollars in 1929 \$1,162.07 dollars in 1998
\$100 dollars in 1929 \$2,324.14 dollars in 1998
\$500 dollars in 1929 \$11,620.69 dollars in 1998
\$1,000 dollars in 1929 \$23,241.38 dollars in 1998
\$5,000 dollars in 1929 \$116,206.90 dollars in 1998
\$10,000 dollars in 1929 \$232,413.79 dollars in 1998
\$50,000 dollars in 1929 \$1,162,068.97 dollars in 1998
\$100,000 dollars in 1929 \$2,324,137.93 dollars in 1998
\$500,000 dollars in 1929 \$11,620,689.66 dollars in 1998
\$1,000,000 dollars in 1929 \$23,241,379.31 dollars in 1998

## How to Calculate Inflation Rate for \$100, 1929 to 1998

Our calculations use the following inflation rate formula to calculate the change in value between 1929 and 1998:

CPI in 1998 CPI in 1929
×
1929 AUD value
=
1998 AUD value

Then plug in historical CPI values. The Australian CPI was 2.9 in the year 1929 and 67.4 in 1998:

67.42.9
×
\$100
=
\$2,324.14

\$100 in 1929 has the same "purchasing power" or "buying power" as \$2,324.14 in 1998.

To get the total inflation rate for the 69 years between 1929 and 1998, we use the following formula:

CPI in 1998 - CPI in 1929CPI in 1929
×
100
=
Cumulative inflation rate (69 years)

Plugging in the values to this equation, we get:

67.4 - 2.92.9
×
100
=
2,224%

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

• The world's smallest country, the Vatican City, is created as an enclave of Rome.
• Seven gangsters are killed in Chicago on Al Capone's orders in an event now known as St. Valentine's Day Massacre.
• A final solution of a border dispute between Chile and Peru is reached after the signing of the Treaty of Lima.
• Beginning of the Great Depression with stock market crash known as "Black Thursday".
• ‘Black Thursday’, leads to a Wall Street crash and the biggest depression in the history of the world.

## Data Source & Citation

Raw data for these calculations comes from the government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).

You may use the following MLA citation for this page: “1929 dollars in 1998 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Jul. 2021, https://www.officialdata.org/1929-AUD-in-1998.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.