CPI-U in 1923
The U.S. Consumer Price Index for All Urban Consumers (CPI-U) averaged 17.1 in 1923 (1982–84 = 100), 1.8% above the 1922 average. From December 1922 to December 1923, prices rose 2.4%. Prices in August 2026 were 19.59 times their 1923 level.
Monthly CPI-U index values, 1923
The highest monthly index in 1923 was 17.3 (December), the lowest 16.8 (January). The 12-month inflation rate ranged from −0.6% in January to +3.6% in September. Historical context — The 1920s (1923–1929): Prices were nearly flat through the Roaring Twenties.
| Month | CPI-U index | Change from prior month | 12-month change |
|---|---|---|---|
| January 1923 | 16.8 | −0.6% | −0.6% |
| February 1923 | 16.8 | 0.0% | −0.6% |
| March 1923 | 16.8 | 0.0% | +0.6% |
| April 1923 | 16.9 | +0.6% | +1.2% |
| May 1923 | 16.9 | 0.0% | +1.2% |
| June 1923 | 17.0 | +0.6% | +1.8% |
| July 1923 | 17.2 | +1.2% | +2.4% |
| August 1923 | 17.1 | −0.6% | +3.0% |
| September 1923 | 17.2 | +0.6% | +3.6% |
| October 1923 | 17.3 | +0.6% | +3.6% |
| November 1923 | 17.3 | 0.0% | +3.0% |
| December 1923 | 17.3 | 0.0% | +2.4% |
CPI-U, U.S. city average, all items, not seasonally adjusted, 1982–84 = 100 (BLS series CUUR0000SA0). Before 2007 the BLS published the index to one decimal place. Annual average 17.1 as published by the BLS.
CPI 1923: common questions
What was the CPI in 1923?
The CPI-U annual average for 1923 was 17.1 on the 1982–84 = 100 base. Monthly values ranged from 16.8 to 17.3.
What was the inflation rate in 1923?
Measured by annual averages, consumer prices rose 1.8% in 1923; December to December the change was +2.4%.
How much is $100 from 1923 worth today?
About $1,958.95 in August 2026 prices, based on the change in CPI-U. Use the inflation calculator for other amounts.