Prices are now 23.8x higher than in 1938
According to the Bureau of Labor Statistics, something that cost $100 in 1938 costs about $2,375.74 today. The inflation rate in 1938 was -2.1%, and total inflation from 1938 to August 2026 was 2,276%.
The federal minimum wage was $0.25 an hour at the end of 1938, or about $5.94 an hour in today's dollars.
The S&P 500 index started 1938 at 11.31. With dividends reinvested, $100 invested in the S&P 500 in 1938 would have grown to about $1,346,844.69 by 2026, before adjusting for inflation.
Some costs rose much faster than others. Compared with overall inflation, heating oil rose the most since 1938 (212% more than inflation), and clothing rose the least (74% less).
| All prices, on average | $2,375.74 |
| Food | $2,868.60 |
| Eggs | $776.60 |
| Meat | $3,096.21 |
| Sugar and sweets | $2,952.61 |
| Rent | $1,883.36 |
| Electricity | $1,035.83 |
| Natural gas | $2,112.26 |
| Heating oil | $7,420.43 |
Cost of living in 1938 by category
The Bureau of Labor Statistics began publishing average prices for individual items in 1980. For 1938, these comparisons use the consumer price index for each spending category: each row shows what something that cost $100 in 1938 costs in August 2026, and how that compares with overall inflation of 2,276%.
Food & drink
| Category | $100 in 1938 today | Compared with inflation |
|---|---|---|
| Food | $100 in 1938 today$2,868.60 | Compared with inflation21% more than inflation |
| Eggs | $100 in 1938 today$776.60 | Compared with inflation67% less than inflation |
| Meat | $100 in 1938 today$3,096.21 | Compared with inflation30% more than inflation |
| Sugar and sweets | $100 in 1938 today$2,952.61 | Compared with inflation24% more than inflation |
Housing & energy
| Category | $100 in 1938 today | Compared with inflation |
|---|---|---|
| Rent | $100 in 1938 today$1,883.36 | Compared with inflation21% less than inflation |
| Electricity | $100 in 1938 today$1,035.83 | Compared with inflation56% less than inflation |
| Natural gas | $100 in 1938 today$2,112.26 | Compared with inflation11% less than inflation |
| Heating oil | $100 in 1938 today$7,420.43 | Compared with inflation212% more than inflation |
Transportation
| Category | $100 in 1938 today | Compared with inflation |
|---|---|---|
| Gasoline | $100 in 1938 today$2,416.05 | Compared with inflation2% more than inflation |
| Public transportation | $100 in 1938 today$3,206.08 | Compared with inflation35% more than inflation |
Other costs
| Category | $100 in 1938 today | Compared with inflation |
|---|---|---|
| Clothing | $100 in 1938 today$618.56 | Compared with inflation74% less than inflation |
| Medical care | $100 in 1938 today$5,751.80 | Compared with inflation142% more than inflation |
Frequently asked questions
How much is $1 from 1938 worth today?
$1 in 1938 has about the same buying power as $23.76 today, according to the Bureau of Labor Statistics consumer price index.
What was the inflation rate in 1938?
The U.S. inflation rate in 1938 was -2.1%, measured as the change in the consumer price index from 1937 to 1938.
What was the minimum wage in 1938?
The federal minimum wage at the end of 1938 was $0.25 an hour, or about $5.94 an hour in today's dollars.
Which costs rose the most since 1938?
Of the spending categories tracked since 1938, heating oil rose the most relative to overall inflation: something that cost $100 in 1938 costs about $7420.43 today. Clothing rose the least, to about $618.56.
Where these numbers come from
Category comparisons use the Bureau of Labor Statistics consumer price index for each category, from the 1938 annual average to August 2026. Overall inflation uses the same consumer price index as our 1938 inflation calculator. The federal minimum wage is from the U.S. Department of Labor, via the Federal Reserve Bank of St. Louis. S&P 500 values are from Robert Shiller's historical stock market data.
Prices in other years
- 1914
- 1915
- 1916
- 1917
- 1918
- 1919
- 1920
- 1921
- 1922
- 1923
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- 1926
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- 1937
- 1938
- 1939
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- 2009
- 2010
- 2011
- 2012
- 2013
- 2014
- 2015
- 2016
- 2017
- 2018
- 2019
- 2020
- 2021
- 2022
- 2023
- 2024
- 2025
| All prices, on average | $2,375.74 |
| Food | $2,868.60 |
| Eggs | $776.60 |
| Meat | $3,096.21 |
| Sugar and sweets | $2,952.61 |
| Rent | $1,883.36 |
| Electricity | $1,035.83 |
| Natural gas | $2,112.26 |
| Heating oil | $7,420.43 |