$1,368 in 1929 is worth $23,128.72 today

Value of $1,368 from 1929 to 2022

$1,368 in 1929 is equivalent in purchasing power to about $23,128.72 today, an increase of $21,760.72 over 93 years. The dollar had an average inflation rate of 3.09% per year between 1929 and today, producing a cumulative price increase of 1,590.70%.

This means that today's prices are 16.91 times higher than average prices since 1929, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 5.915% of what it could buy back then.

The inflation rate in 1929 was 0.00%. The current inflation rate compared to last year is now 8.26%. If this number holds, $1,368 today will be equivalent in buying power to $1,480.98 next year. The current inflation rate page gives more detail on the latest inflation rates.


Inflation from 1929 to 2022
Cumulative price change 1,590.70%
Average inflation rate 3.09%
Converted amount ($1,368 base) $23,128.72
Price difference ($1,368 base) $21,760.72
CPI in 1929 17.100
CPI in 2022 289.109
Inflation in 1929 0.00%
Inflation in 2022 8.26%
$1,368 in 1929 $23,128.72 in 2022

USD inflation since 1929
Annual Rate, the Bureau of Labor Statistics CPI
Download

Buying power of $1,368 in 1929

This chart shows a calculation of buying power equivalence for $1,368 in 1929 (price index tracking began in 1635).

For example, if you started with $1,368, you would need to end with $23,128.72 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1,368 is equivalent to $23,128.72 over time, that means that the "real value" of a single U.S. 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 $1,368 is worth less over 93 years.

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

Dollar inflation: 1929-2022
Year Dollar Value Inflation Rate
1929 $1,368.00 -
1930 $1,336.00 -2.34%
1931 $1,216.00 -8.98%
1932 $1,096.00 -9.87%
1933 $1,040.00 -5.11%
1934 $1,072.00 3.08%
1935 $1,096.00 2.24%
1936 $1,112.00 1.46%
1937 $1,152.00 3.60%
1938 $1,128.00 -2.08%
1939 $1,112.00 -1.42%
1940 $1,120.00 0.72%
1941 $1,176.00 5.00%
1942 $1,304.00 10.88%
1943 $1,384.00 6.13%
1944 $1,408.00 1.73%
1945 $1,440.00 2.27%
1946 $1,560.00 8.33%
1947 $1,784.00 14.36%
1948 $1,928.00 8.07%
1949 $1,904.00 -1.24%
1950 $1,928.00 1.26%
1951 $2,080.00 7.88%
1952 $2,120.00 1.92%
1953 $2,136.00 0.75%
1954 $2,152.00 0.75%
1955 $2,144.00 -0.37%
1956 $2,176.00 1.49%
1957 $2,248.00 3.31%
1958 $2,312.00 2.85%
1959 $2,328.00 0.69%
1960 $2,368.00 1.72%
1961 $2,392.00 1.01%
1962 $2,416.00 1.00%
1963 $2,448.00 1.32%
1964 $2,480.00 1.31%
1965 $2,520.00 1.61%
1966 $2,592.00 2.86%
1967 $2,672.00 3.09%
1968 $2,784.00 4.19%
1969 $2,936.00 5.46%
1970 $3,104.00 5.72%
1971 $3,240.00 4.38%
1972 $3,344.00 3.21%
1973 $3,552.00 6.22%
1974 $3,944.00 11.04%
1975 $4,304.00 9.13%
1976 $4,552.00 5.76%
1977 $4,848.00 6.50%
1978 $5,216.00 7.59%
1979 $5,808.00 11.35%
1980 $6,592.00 13.50%
1981 $7,272.00 10.32%
1982 $7,720.00 6.16%
1983 $7,968.00 3.21%
1984 $8,312.00 4.32%
1985 $8,608.00 3.56%
1986 $8,768.00 1.86%
1987 $9,088.00 3.65%
1988 $9,464.00 4.14%
1989 $9,920.00 4.82%
1990 $10,456.00 5.40%
1991 $10,896.00 4.21%
1992 $11,224.00 3.01%
1993 $11,560.00 2.99%
1994 $11,856.00 2.56%
1995 $12,192.00 2.83%
1996 $12,552.00 2.95%
1997 $12,840.00 2.29%
1998 $13,040.00 1.56%
1999 $13,328.00 2.21%
2000 $13,776.00 3.36%
2001 $14,168.00 2.85%
2002 $14,392.00 1.58%
2003 $14,720.00 2.28%
2004 $15,112.00 2.66%
2005 $15,624.00 3.39%
2006 $16,128.00 3.23%
2007 $16,587.36 2.85%
2008 $17,224.24 3.84%
2009 $17,162.96 -0.36%
2010 $17,444.48 1.64%
2011 $17,995.12 3.16%
2012 $18,367.52 2.07%
2013 $18,636.56 1.46%
2014 $18,938.88 1.62%
2015 $18,961.36 0.12%
2016 $19,200.56 1.26%
2017 $19,609.60 2.13%
2018 $20,098.40 2.49%
2019 $20,452.60 1.76%
2020 $20,704.93 1.23%
2021 $21,677.61 4.70%
2022 $23,128.72 6.69%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 87 more rows

This conversion table shows various other 1929 amounts in today's dollars, based on the 1,590.70% change in prices:

Conversion: 1929 dollars today
Initial value Equivalent value
$1 dollar in 1929 $16.91 dollars today
$5 dollars in 1929 $84.53 dollars today
$10 dollars in 1929 $169.07 dollars today
$50 dollars in 1929 $845.35 dollars today
$100 dollars in 1929 $1,690.70 dollars today
$500 dollars in 1929 $8,453.48 dollars today
$1,000 dollars in 1929 $16,906.96 dollars today
$5,000 dollars in 1929 $84,534.80 dollars today
$10,000 dollars in 1929 $169,069.59 dollars today
$50,000 dollars in 1929 $845,347.95 dollars today
$100,000 dollars in 1929 $1,690,695.91 dollars today
$500,000 dollars in 1929 $8,453,479.53 dollars today
$1,000,000 dollars in 1929 $16,906,959.06 dollars today

Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1929 to 2022 (figures shown are purchasing power equivalents of $1,368):

  • San Francisco, California: 3.35% average rate, $1,368 → $29,420.95, cumulative change of 2,050.65%
  • Seattle, Washington: 3.28% average rate, $1,368 → $27,467.75, cumulative change of 1,907.88%
  • Boston, Massachusetts: 3.12% average rate, $1,368 → $23,757.96, cumulative change of 1,636.69%
  • New York: 3.10% average rate, $1,368 → $23,316.56, cumulative change of 1,604.43%
  • Atlanta, Georgia: 3.04% average rate, $1,368 → $22,248.28, cumulative change of 1,526.34%
  • Houston, Texas: 3.03% average rate, $1,368 → $21,972.01, cumulative change of 1,506.14%
  • Philadelphia, Pennsylvania: 3.01% average rate, $1,368 → $21,654.39, cumulative change of 1,482.92%
  • Chicago, Illinois: 2.96% average rate, $1,368 → $20,646.80, cumulative change of 1,409.27%
  • Detroit, Michigan: 2.94% average rate, $1,368 → $20,281.65, cumulative change of 1,382.58%

San Francisco, California experienced the highest rate of inflation during the 93 years between 1929 and 2022 (3.35%).

Detroit, Michigan experienced the lowest rate of inflation during the 93 years between 1929 and 2022 (2.94%).

Note that some locations showing 0% inflation may have not yet reported latest data.


Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £1,368.00 in 1929 would be equivalent to £92,599.35 in 2022, an absolute change of £91,231.35 and a cumulative change of 6,668.96%.

In Canada, CA$1,368.00 in 1929 would be equivalent to CA$21,354.15 in 2022, an absolute change of CA$19,986.15 and a cumulative change of 1,460.98%.

Compare these numbers to the US's overall absolute change of $21,760.72 and total percent change of 1,590.70%.


Inflation by Spending Category

CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.

This chart shows the average rate of inflation for select CPI categories between 1929 and 2022.

Compare these values to the overall average of 3.09% per year:

Category Avg Inflation (%) Total Inflation (%) $1,368 in 1929 → 2022
Food and beverages 3.94 3,527.29 49,621.37
Housing 4.18 4,404.60 61,622.93
Apparel 1.78 414.86 7,043.24
Transportation 3.39 2,121.40 30,388.80
Medical care 4.66 6,837.76 94,908.59
Recreation 1.22 208.14 4,215.36
Education and communication 1.80 427.69 7,218.84
Other goods and services 4.94 8,737.30 120,894.28

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:

For all these visualizations, it's important to note that not all categories may have been tracked since 1929. This table and charts use the earliest available data for each category.



How to calculate inflation rate for $1,368 since 1929

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

CPI today CPI in 1929
×
1929 USD value
=
Today's value

Then plug in historical CPI values. The U.S. CPI was 17.1 in the year 1929 and 289.109 in 2022:

289.10917.1
×
$1,368
=
$23,128.72

$1,368 in 1929 has the same "purchasing power" or "buying power" as $23,128.72 in 2022.

To get the total inflation rate for the 93 years between 1929 and 2022, we use the following formula:

CPI in 2022 - CPI in 1929CPI in 1929
×
100
=
Cumulative inflation rate (93 years)

Plugging in the values to this equation, we get:

289.109 - 17.117.1
×
100
=
1,591%

Comparison to S&P 500 Index

The average inflation rate of 3.09% has a compounding effect between 1929 and 2022. As noted above, this yearly inflation rate compounds to produce an overall price difference of 1,590.70% over 93 years.

To help put this inflation into perspective, if we had invested $1,368 in the S&P 500 index in 1929, our investment would be nominally worth approximately $7,022,883.93 in 2022. This is a return on investment of 513,268.71%, with an absolute return of $7,021,515.93 on top of the original $1,368.

These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.

The compounding effect of inflation would account for 94.09% of returns ($6,607,499.72) during this period. This means the inflation-adjusted real return of our $1,368 investment is $414,016.22. You may also want to account for capital gains tax, which would take your real return down to around $351,914 for most people.

Investment in S&P 500 Index, 1929-2022
Original Amount Final Amount Change
Nominal $1,368 $7,022,883.93 513,268.71%
Real
Inflation Adjusted
$1,368 $415,384.22 30,264.34%

Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1929 to latest available data for 2022 using average monthly close price.

For more details on the S&P 500 between 1929 and 2022, see the stock market returns calculator.


Data source & citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Inflation data from 1634 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society.

You may use the following MLA citation for this page: “$1,368 in 1929 → 2022 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 17 May. 2022, https://www.officialdata.org/us/inflation/1929?amount=1368.

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.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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» Read more about inflation and investment.

Inflation from 1929 to 2022
Cumulative price change 1,590.70%
Average inflation rate 3.09%
Converted amount ($1,368 base) $23,128.72
Price difference ($1,368 base) $21,760.72
CPI in 1929 17.100
CPI in 2022 289.109
Inflation in 1929 0.00%
Inflation in 2022 8.26%
$1,368 in 1929 $23,128.72 in 2022