CPI-U in 1938
The U.S. Consumer Price Index for All Urban Consumers (CPI-U) averaged 14.1 in 1938 (1982–84 = 100), 2.1% below the 1937 average. From December 1937 to December 1938, prices fell 2.8%. Prices in August 2026 were 23.76 times their 1938 level.
Monthly CPI-U index values, 1938
The highest monthly index in 1938 was 14.2 (April), the lowest 14.0 (October). The 12-month inflation rate ranged from −4.1% in October to +0.7% in January. Historical context — Depression recovery (1934–1941): Prices recovered slowly after the 1933 devaluation of the dollar.
| Month | CPI-U index | Change from prior month | 12-month change |
|---|---|---|---|
| January 1938 | 14.2 | −1.4% | +0.7% |
| February 1938 | 14.1 | −0.7% | 0.0% |
| March 1938 | 14.1 | 0.0% | −0.7% |
| April 1938 | 14.2 | +0.7% | −0.7% |
| May 1938 | 14.1 | −0.7% | −2.1% |
| June 1938 | 14.1 | 0.0% | −2.1% |
| July 1938 | 14.1 | 0.0% | −2.8% |
| August 1938 | 14.1 | 0.0% | −2.8% |
| September 1938 | 14.1 | 0.0% | −3.4% |
| October 1938 | 14.0 | −0.7% | −4.1% |
| November 1938 | 14.0 | 0.0% | −3.4% |
| December 1938 | 14.0 | 0.0% | −2.8% |
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 14.1 as published by the BLS.
CPI 1938: common questions
What was the CPI in 1938?
The CPI-U annual average for 1938 was 14.1 on the 1982–84 = 100 base. Monthly values ranged from 14.0 to 14.2.
What was the inflation rate in 1938?
Measured by annual averages, consumer prices fell 2.1% in 1938; December to December the change was −2.8%.
How much is $100 from 1938 worth today?
About $2,375.74 in August 2026 prices, based on the change in CPI-U. Use the inflation calculator for other amounts.