CPI-U in 1928
The U.S. Consumer Price Index for All Urban Consumers (CPI-U) averaged 17.1 in 1928 (1982–84 = 100), 1.7% below the 1927 average. From December 1927 to December 1928, prices fell 1.2%. Prices in August 2026 were 19.59 times their 1928 level.
Monthly CPI-U index values, 1928
The highest monthly index in 1928 was 17.3 (September), the lowest 17.1 (February). The 12-month inflation rate ranged from −2.8% in June to 0.0% 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 1928 | 17.3 | 0.0% | −1.1% |
| February 1928 | 17.1 | −1.2% | −1.7% |
| March 1928 | 17.1 | 0.0% | −1.2% |
| April 1928 | 17.1 | 0.0% | −1.2% |
| May 1928 | 17.2 | +0.6% | −1.1% |
| June 1928 | 17.1 | −0.6% | −2.8% |
| July 1928 | 17.1 | 0.0% | −1.2% |
| August 1928 | 17.1 | 0.0% | −0.6% |
| September 1928 | 17.3 | +1.2% | 0.0% |
| October 1928 | 17.2 | −0.6% | −1.1% |
| November 1928 | 17.2 | 0.0% | −0.6% |
| December 1928 | 17.1 | −0.6% | −1.2% |
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 1928: common questions
What was the CPI in 1928?
The CPI-U annual average for 1928 was 17.1 on the 1982–84 = 100 base. Monthly values ranged from 17.1 to 17.3.
What was the inflation rate in 1928?
Measured by annual averages, consumer prices fell 1.7% in 1928; December to December the change was −1.2%.
How much is $100 from 1928 worth today?
About $1,958.95 in August 2026 prices, based on the change in CPI-U. Use the inflation calculator for other amounts.