According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.62% per year. Prices in 2016 are 1100.0% higher than prices in 1920.
In other words, $3,000 in 1920 is equivalent in purchasing power to $36,001.05 in 2016, a difference of $33,001.05 over 96 years.
The inflation rate in 2016 was 1.26%.
|Cumulative price change||1100.04%|
|Average inflation rate||2.62%|
|Converted amount ($3,000 base)||$36,001.05|
|Price difference ($3,000 base)||$33,001.05|
|CPI in 1920||20|
|CPI in 2016||240.007|
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.
You may use the following MLA citation for this page: “$3,000 in 1920 → 2016 | Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Jun. 2018, https://www.officialdata.org/1920-dollars-in-2016?amount=3000.