Key figures from the graphic
- The highest annual US inflation rate on the graphic is 17.84% in 1917, followed by 17.28% in 1918.
- The lowest is minus 10.94% in 1921, a year of falling prices (deflation), followed by minus 10.30% in 1932.
- All of the 10 lowest years fall between 1921 and 1939. The 10 highest come in three clusters: 1917 to 1920, 1942 and 1947, and 1974 to 1981.
- The most recent values are 4.70% for 2021, 8.00% for 2022 and 3.70% for 2023, the last measured through September.
- All figures are from the graphic by Madison Trust Company, which cites RateInflation.com.
US inflation rate history by year
The graphic is titled “When in U.S. History Were the Highest (& Lowest) Inflation Rates?”. It opens with two arc charts, “The 10 Highest Annual Inflation Rates in U.S. History” in red and “The 10 Lowest Annual Inflation Rates in U.S. History” in blue:
| Rank | 10 highest, year | Rate | 10 lowest, year | Rate |
|---|---|---|---|---|
| 1 | 1917 | 17.84% | 1921 | minus 10.94% |
| 2 | 1918 | 17.28% | 1932 | minus 10.30% |
| 3 | 1920 | 15.63% | 1931 | minus 8.93% |
| 4 | 1919 | 15.24% | 1922 | minus 6.16% |
| 5 | 1947 | 14.39% | 1933 | minus 5.19% |
| 6 | 1980 | 13.55% | 1930 | minus 2.67% |
| 7 | 1979 | 11.25% | 1938 | minus 2.03% |
| 8 | 1974 | 11.06% | 1927 | minus 1.93% |
| 9 | 1942 | 10.92% | 1939 | minus 1.30% |
| 10 | 1981 | 10.34% | 1928 | minus 1.15% |
Below them is a timeline headed “The Annual Inflation Rates from 1914-2023”, with the note: “The timeline below includes the annual inflation rate every year since 1914 when the Consumer Price Index started being used to measure the rate of inflation in the United States.” Positive years are drawn in red to the right of zero and negative years in blue to the left. Every value on the timeline:
| Decade | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 |
|---|---|---|---|---|---|---|---|---|---|---|
| 1910s | 1.35% | 0.92% | 7.67% | 17.84% | 17.28% | 15.24% | ||||
| 1920s | 15.63% | minus 10.94% | minus 6.16% | 1.79% | 0.44% | 2.43% | 0.90% | minus 1.93% | minus 1.15% | 0.00% |
| 1930s | minus 2.67% | minus 8.93% | minus 10.30% | minus 5.19% | 3.48% | 2.55% | 1.03% | 3.73% | minus 2.03% | minus 1.30% |
| 1940s | 0.72% | 5.12% | 10.92% | 5.97% | 1.64% | 2.27% | 8.48% | 14.39% | 7.69% | minus 0.97% |
| 1950s | 1.09% | 7.86% | 2.28% | 0.82% | 0.31% | minus 0.28% | 1.53% | 3.34% | 2.73% | 1.01% |
| 1960s | 1.46% | 1.07% | 1.20% | 1.24% | 1.28% | 1.59% | 3.02% | 2.77% | 4.27% | 5.46% |
| 1970s | 5.84% | 4.29% | 3.27% | 6.18% | 11.06% | 9.14% | 5.75% | 6.50% | 7.63% | 11.25% |
| 1980s | 13.55% | 10.34% | 6.13% | 3.21% | 4.30% | 3.55% | 1.90% | 3.67% | 4.08% | 4.83% |
| 1990s | 5.40% | 4.24% | 3.03% | 2.95% | 2.61% | 2.81% | 2.93% | 2.34% | 1.55% | 2.19% |
| 2000s | 3.38% | 2.83% | 1.59% | 2.27% | 2.68% | 3.39% | 3.23% | 2.85% | 3.84% | minus 0.36% |
| 2010s | 1.64% | 3.16% | 2.07% | 1.47% | 1.62% | 0.12% | 1.26% | 2.13% | 2.44% | 1.81% |
| 2020s | 1.23% | 4.70% | 8.00% | 3.70%* |
*The footnote reads “(through September)”. The footer cites https://www.rateinflation.com/inflation-rate/usa-inflation-rate/ and carries the Madison Trust Company logo.
What drove the highs and lows
Madison Trust links the highest rates, 1917 to 1920, to the First World War and its aftermath, and the deflation of 1921 to the move from a wartime to a peacetime economy [1]. Prices then fell again through the Great Depression, reaching minus 10.30% in 1932 [1]. The 8% rate in 2022 was the highest since the early 1980s [1].
Across the 109 full years from 1914 to 2022, the simple average of the rates on the graphic is 3.26% a year, and 13 of the 110 years shown had falling prices (our arithmetic). The Federal Reserve’s stated aim is inflation of 2% over the longer run, measured by a different index, personal consumption expenditures prices [4].
Checking the figures
We compared every value on the graphic with the annual averages on RateInflation.com, the source the graphic cites, and with the Federal Reserve Bank of Minneapolis CPI table, which uses Bureau of Labor Statistics data [2][3]. All 109 full year values from 1914 to 2022 match RateInflation.com to two decimal places, and the Minneapolis Fed’s one decimal figures agree (for example 17.8% for 1917 and minus 10.9% for 1921) [2][3].
Notes on this infographic
- 2023 is not a full year. The graphic’s 3.70% is the rate through September 2023. The full year 2023 rate was 4.1% (Minneapolis Fed) or 4.116% (RateInflation.com) [2][3].
- Later years. The graphic ends at 2023. The Minneapolis Fed gives 2.9% for 2024 and 2.6% for 2025 [3].
- Why 1914. The national CPI includes estimates back to 1913, so 1914 is the first year with an annual change to measure [3].
Questions about US inflation rate history
What is the highest inflation rate in US history?
17.84% in 1917, according to the graphic and its source [2]. The Minneapolis Fed gives 17.8% for the same year [3].
When did inflation start in the US?
The graphic starts in 1914 because of how the data is measured, not because inflation began then. The Bureau of Labor Statistics published a national consumer price index in 1921 with estimates back to 1913, which is why this timeline begins in 1914 [3]. The Minneapolis Fed also keeps a separate table of estimates for years before 1913 [3].
What is the historical inflation rate?
On the graphic’s figures, the simple average from 1914 to 2022 is 3.26% a year (our arithmetic), with wide swings from minus 10.94% to 17.84%.
Sources
- Madison Trust Company, When in U.S. History Were the Highest and Lowest Inflation Rates?, the original post for this graphic.
- RateInflation.com, American Inflation Rates, 1914 to 2026.
- Federal Reserve Bank of Minneapolis, Consumer Price Index, 1913-.
- Federal Reserve Board, Why does the Federal Reserve aim for inflation of 2 percent over the longer run?.
Last reviewed 29 October 2026
