Inflation in 1723 and its effect on dollar value
$1 in 1722 is equivalent in purchasing power to about $1.02 in 1723. The dollar had an average inflation rate of 2.44% per year between 1722 and 1723, producing a cumulative price increase of 2.44%. Purchasing power decreased by 2.44% in 1723 compared to 1722. On average, you would have to spend 2.44% more money in 1723 than in 1722 for the same item.
This means that prices in 1723 are 1.02 times as high as average prices since 1722, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1722 was 2.50%. The inflation rate in 1723 was 2.44%. The 1723 inflation rate is higher compared to the average inflation rate of 1.45% per year between 1723 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1723 was 4.20. It was 4.10 in the previous year, 1722. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
⌃
| Average inflation rate | 2.44% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 1722 | 4.100 |
| CPI in 1723 | 4.200 |
| Inflation in 1722 | 2.50% |
| Inflation in 1723 | 2.44% |
| $1 in 1722 | $1.02 in 1723 |
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.
This chart shows the average rate of inflation for select CPI categories between 1722 and 1723.
Compare these values to the overall average of 2.44% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1722 → 1723 |
|---|---|---|---|
| Food and beverages | 0.00 | 0.00 | 1.00 |
| Housing | 0.00 | 0.00 | 1.00 |
| Apparel | 0.00 | 0.00 | 1.00 |
| Transportation | 0.00 | 0.00 | 1.00 |
| Medical care | 0.00 | 0.00 | 1.00 |
| Recreation | 0.00 | 0.00 | 1.00 |
| Education and communication | 0.00 | 0.00 | 1.00 |
| Other goods and services | 0.00 | 0.00 | 1.00 |
For all these visualizations, it's important to note that not all categories may have been tracked since 1722. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $1, 1722 to 1723
Our calculations use the following inflation rate formula to calculate the change in value between 1722 and 1723:
CPI in 1723 CPI in 1722
×
1722 USD value
=
1723 USD value
Then plug in historical CPI values. The U.S. CPI was 4.1 in the year 1722 and 4.2 in 1723:
4.24.1
×
$1
=
$1.02
$1 in 1722 has the same "purchasing power" or "buying power" as $1.02 in 1723.
To get the total inflation rate for the 1 years between 1722 and 1723, we use the following formula:
CPI in 1723 - CPI in 1722CPI in 1722
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
4.2 - 4.14.1
×
100
=
2%
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “Inflation Rate in 1723 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Dec. 2024, https://www.officialdata.org/inflation-rate-in-1723.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Average inflation rate | 2.44% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 1722 | 4.100 |
| CPI in 1723 | 4.200 |
| Inflation in 1722 | 2.50% |
| Inflation in 1723 | 2.44% |
| $1 in 1722 | $1.02 in 1723 |