CONSUMER PRICE INDEX AND M2 MONEY SUPPLY: 1800-2003
(M2 in billions of dollars)
CPI CPI-U 10-Year M2 M2 10-Year
(1967 1982-84 Percent Trailing Money (from Percent Percent Trailing
Year =100) =100) Change Average Supply ERP) Change Change Average Year
---- ----- ------ ------ ------- ------ ------ ------ ------ ------- ----
1800 51.0
1801 50.0 -1.96
1802 43.0 -14.00
1803 45.0 4.65
1804 45.0 0.00
1805 45.0 0.00
1806 47.0 4.44
1807 44.0 -6.38
1808 48.0 9.09
1809 47.0 -2.08
1810 47.0 0.00 -0.62
1811 50.0 6.38 0.21
1812 51.0 2.00 1.81
1813 58.0 13.73 2.72
1814 63.0 8.62 3.58
1815 55.0 -12.70 2.31
1816 51.0 -7.27 1.14
1817 48.0 -5.88 1.19
1818 46.0 -4.17 -0.14
1819 46.0 0.00 0.07
1820 42.0 -8.70 -0.80
1821 40.0 -4.76 -1.91
1822 40.0 0.00 -2.11
1823 36.0 -10.00 -4.49
1824 33.0 -8.33 -6.18
1825 34.0 3.03 -4.61
1826 34.0 0.00 -3.88
1827 34.0 0.00 -3.29
1828 33.0 -2.94 -3.17
1829 32.0 -3.03 -3.47
1830 32.0 0.00 -2.60
1831 32.0 0.00 -2.13
1832 30.0 -6.25 -2.75
1833 29.0 -3.33 -2.09
1834 30.0 3.45 -0.91
1835 31.0 3.33 -0.88
1836 33.0 6.45 -0.23
1837 34.0 3.03 0.07
1838 32.0 -5.88 -0.22
1839 32.0 0.00 0.08
1840 30.0 -6.25 -0.55
1841 31.0 3.33 -0.21
1842 29.0 -6.45 -0.23
1843 28.0 -3.45 -0.24
1844 28.0 0.00 -0.59
1845 28.0 0.00 -0.92
1846 27.0 -3.57 -1.92
1847 28.0 3.70 -1.86
1848 26.0 -7.14 -1.98
1849 25.0 -3.85 -2.37
1850 25.0 0.00 -1.74
1851 25.0 0.00 -2.08
1852 25.0 0.00 -1.43
1853 25.0 0.00 -1.09
1854 27.0 8.00 -0.29
1855 28.0 3.70 0.08
1856 27.0 -3.57 0.08
1857 28.0 3.70 0.08
1858 26.0 -7.14 0.08
1859 27.0 3.85 0.85
1860 27.0 0.00 0.85
1861 27.0 0.00 0.85
1862 30.0 11.11 1.97
1863 37.0 23.33 4.30 M2 M2 10-Year
1864 47.0 27.03 6.20 Money (from Percent Percent Trailing
1865 46.0 -2.13 5.62 Supply ERP) Change Change Average Year
1866 44.0 -4.35 5.54 ------ ------ ------ ------ ------- ----
1867 42.0 -4.55 4.72 1.28 1867
1868 40.0 -4.76 4.95 1.27 -0.78 1868
1869 40.0 0.00 4.57 1.28 0.79 1869
1870 38.0 -5.00 4.07 1.35 5.47 1870
1871 36.0 -5.26 3.54 1.50 11.11 1871
1872 36.0 0.00 2.43 1.61 7.33 1872
1873 36.0 0.00 0.10 1.62 0.62 1873
1874 34.0 -5.56 -3.16 1.65 1.85 1874
1875 33.0 -2.94 -3.24 1.72 4.24 1875
1876 32.0 -3.03 -3.11 1.68 -2.33 1876
1877 32.0 0.00 -2.66 1.65 -1.79 2.65 1877
1878 29.0 -9.38 -3.12 1.58 -4.24 2.31 1878
1879 28.0 -3.45 -3.46 1.66 5.06 2.73 1879
1880 29.0 3.57 -2.60 2.03 22.29 4.42 1880
1881 29.0 0.00 -2.08 2.44 20.20 5.32 1881
1882 29.0 0.00 -2.08 2.63 7.79 5.37 1882
1883 28.0 -3.45 -2.42 2.80 6.46 5.95 1883
1884 27.0 -3.57 -2.22 2.80 0.00 5.77 1884
1885 27.0 0.00 -1.93 2.87 2.50 5.59 1885
1886 27.0 0.00 -1.63 3.10 8.01 6.63 1886
1887 27.0 0.00 -1.63 3.31 6.77 7.48 1887
1888 27.0 0.00 -0.69 3.40 2.72 8.18 1888
1889 27.0 0.00 -0.34 3.60 5.88 8.26 1889
1890 27.0 0.00 -0.70 3.92 8.89 6.92 1890
1891 27.0 0.00 -0.70 4.08 4.08 5.31 1891
1892 27.0 0.00 -0.70 4.43 8.58 5.39 1892
1893 27.0 0.00 -0.36 4.26 -3.84 4.36 1893
1894 26.0 -3.70 -0.37 4.28 0.47 4.41 1894
1895 25.0 -3.85 -0.75 4.43 3.50 4.51 1895
1896 25.0 0.00 -0.75 4.35 -1.81 3.53 1896
1897 25.0 0.00 -0.75 4.64 6.67 3.51 1897
1898 25.0 0.00 -0.75 5.26 13.36 4.58 1898
1899 25.0 0.00 -0.75 6.09 15.78 5.57 1899
1900 25.0 0.00 -0.75 6.60 8.37 5.52 1900
1901 25.0 0.00 -0.75 7.48 13.33 6.44 1901
1902 26.0 4.00 -0.35 8.17 9.22 6.51 1902
1903 27.0 3.85 0.03 8.68 6.24 7.52 1903
1904 27.0 0.00 0.40 9.24 6.45 8.11 1904
1905 27.0 0.00 0.78 10.24 10.82 8.85 1905
1906 27.0 0.00 0.78 11.08 8.20 9.85 1906
1907 28.0 3.70 1.15 11.60 4.69 9.65 1907
1908 27.0 -3.57 0.80 11.44 -1.38 8.17 1908
1909 27.0 0.00 0.80 12.68 10.84 7.68 1909
1910 28.0 3.70 1.17 13.34 5.21 7.36 1910
1911 28.0 0.00 1.17 14.12 5.85 6.61 1911
1912 29.0 3.57 1.13 15.13 7.15 6.41 1912
1913 29.7 2.41 0.98 15.73 3.97 6.18 1913
1914 30.1 1.35 1.12 16.39 4.20 5.95 1914
1915 30.4 1.00 1.22 17.59 7.32 5.60 1915
1916 32.7 7.57 1.97 20.85 18.53 6.64 1916
1917 38.4 17.43 3.35 24.37 16.88 7.86 1917
1918 45.1 17.45 5.45 26.73 9.68 8.96 1918
1919 51.8 14.86 6.93 31.01 16.01 9.48 1919
1920 60.0 15.83 8.15 34.80 12.22 10.18 1920
1921 53.6 -10.67 7.08 32.85 -5.60 9.04 1921
1922 50.2 -6.34 6.09 33.72 2.65 8.59 1922
1923 51.1 1.79 6.03 36.60 8.54 9.04 1923
1924 51.2 0.20 5.91 38.58 5.41 9.17 1924
1925 52.5 2.54 6.06 42.05 8.99 9.33 1925
1926 53.0 0.95 5.40 43.68 3.88 7.87 1926
1927 52.0 -1.89 3.47 44.73 2.40 6.42 1927
1928 51.3 -1.35 1.59 46.42 3.78 5.83 1928
1929 51.3 0.00 0.11 46.60 0.39 4.27 1929
1930 50.0 -2.53 -1.73 45.73 -1.87 2.86 1930
1931 45.6 -8.80 -1.54 42.69 -6.65 2.75 1931
1932 40.9 -10.31 -1.94 36.05 -15.55 0.93 1932
1933 38.8 -5.13 -2.63 32.22 -10.62 -0.98 1933
1934 40.1 3.35 -2.32 34.36 6.64 -0.86 1934
1935 41.1 2.49 -2.32 39.07 13.71 -0.39 1935
1936 41.5 0.97 -2.32 43.48 11.29 0.35 1936
1937 43.0 3.61 -1.77 45.68 5.06 0.62 1937
1938 42.2 -1.86 -1.82 45.51 -0.37 0.20 1938
1939 41.6 -1.42 -1.96 49.27 8.26 0.99 1939
1940 42.0 0.96 -1.61 55.20 12.04 2.38 1940
1941 44.1 5.00 -0.23 62.51 13.24 4.37 1941
1942 48.8 10.66 1.86 71.16 13.84 7.31 1942
1943 51.8 6.15 2.99 89.91 26.35 11.01 1943
1944 52.7 1.74 2.83 106.82 18.81 12.22 1944
1945 53.9 2.28 2.81 126.63 18.55 12.71 1945
1946 58.5 8.53 3.56 138.73 9.56 12.53 1946
1947 66.9 14.36 4.64 146.00 5.24 12.55 1947
1948 72.1 7.77 5.60 148.11 1.45 12.73 1948
1949 71.4 -0.97 5.65 147.46 -0.44 11.86 1949
1950 72.1 0.98 5.65 150.81 2.27 10.89 1950
1951 77.8 7.91 5.94 156.45 3.74 9.94 1951
1952 79.5 2.19 5.09 164.92 5.41 9.09 1952
1953 80.1 0.75 4.55 171.19 3.80 6.84 1953
1954 80.5 0.50 4.43 177.16 3.49 5.31 1954
1955 80.2 -0.37 4.16 183.69 3.69 3.82 1955
1956 81.4 1.50 3.46 186.87 1.73 3.04 1956
1957 84.3 3.56 2.38 191.82 2.65 2.78 1957
1958 86.6 2.73 1.88 201.12 4.85 3.12 1958
1959 87.3 29.1 0.81 2.05 210.09 297.8 4.46 3.61 1959
1960 88.7 29.6 1.60 2.12 210.67 312.4 0.28 4.90 3.41 1960
1961 89.6 29.9 1.01 1.43 221.24 335.5 5.02 7.39 3.54 1961
1962 90.6 30.2 1.12 1.32 233.92 362.7 5.73 8.11 3.57 1962
1963 91.7 30.6 1.21 1.37 249.15 393.2 6.51 8.41 3.84 1963
1964 92.9 31.0 1.31 1.45 264.73 424.7 6.25 8.01 4.12 1964
1965 94.5 31.5 1.72 1.66 285.89 459.2 7.99 8.12 4.55 1965
1966 97.2 32.4 2.86 1.79 308.02 480.2 7.74 4.57 5.15 1966
1967 100.0 33.4 2.88 1.73 331.78 524.8 7.71 9.29 5.65 1967
1968 104.2 34.8 4.20 1.87 361.60 566.8 8.99 8.00 6.07 1968
1969 109.8 36.7 5.37 2.33 385.17 587.9 6.52 3.72 7.05 1969
1970 116.3 38.8 5.92 2.76 401.29 626.4 4.19 6.55 7.22 1970
1971 121.5 40.5 4.47 3.11 710.1 13.36 7.81 1971
1972 125.4 41.8 3.21 3.32 802.1 12.96 8.30 1972
1973 133.2 44.4 6.22 3.82 855.3 6.63 8.12 1973
1974 147.9 49.3 11.04 4.79 901.9 5.45 7.87 1974
1975 161.4 53.8 9.13 5.53 1016.0 12.65 8.32 1975
1976 170.7 56.9 5.76 5.82 1151.7 13.36 9.20 1976
1977 181.8 60.6 6.50 6.18 1269.9 10.26 9.29 1977
1978 195.6 65.2 7.59 6.52 1365.6 7.54 9.25 1978
1979 217.8 72.6 11.35 7.12 1473.3 7.89 9.66 1979
1980 247.2 82.4 13.50 7.88 1599.4 8.56 9.87 1980
1981 272.7 90.9 10.32 8.46 1754.9 9.72 9.50 1981
1982 289.5 96.5 6.16 8.76 1909.8 8.83 9.09 1982
1983 298.8 99.6 3.21 8.46 2125.9 11.32 9.56 1983
1984 311.7 103.9 4.32 7.78 2309.6 8.64 9.88 1984
1985 322.8 107.6 3.56 7.23 2494.9 8.02 9.41 1985
1986 328.8 109.6 1.86 6.84 2731.6 9.49 9.03 1986
1987 340.8 113.6 3.65 6.55 2830.6 3.62 8.36 1987
1988 354.9 118.3 4.14 6.21 2993.8 5.77 8.19 1988
1989 372.0 124.0 4.82 5.55 3157.4 5.46 7.94 1989
1990 392.1 130.7 5.40 4.74 3277.2 3.79 7.47 1990
1991 408.6 136.2 4.21 4.13 3376.7 3.04 6.80 1991
1992 420.9 140.3 3.01 3.82 3430.8 1.60 6.08 1992
1993 433.5 144.5 2.99 3.80 3483.3 1.53 5.10 1993
1994 444.6 148.2 2.56 3.62 3496.2 0.37 4.27 1994
1995 457.2 152.4 2.83 3.55 3640.0 4.11 3.88 1995
1996 470.7 156.9 2.95 3.66 3815.3 4.82 3.41 1996
1997 481.5 160.5 2.29 3.52 4031.5 5.67 3.62 1997
1998 489.0 163.0 1.56 3.26 4384.4 8.75 3.91 1998
1999 499.8 166.6 2.21 3.00 4650.2 6.06 3.97 1999
2000 516.6 172.2 3.36 2.80 4932.1 6.06 4.20 2000
2001 531.3 177.1 2.85 2.66 5445.1 10.40 4.94 2001
2002 539.7 179.9 1.58 2.52 5792.9 6.39 5.42 2002
2003 552.0 184.0 2.28 2.45 6044.6 4.34 5.70 2003
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* projected
Note: CPI [1967=100] for 1971 to 2003 was calculated by mulitplying CPI
[1982-84=100] by 3; composition of M2 from 1867 to 1970 differs from
that of M2 from 1959 to 2003; the former was used to calculate 10-year
trailing average from 1877 to 1968, the latter was used from 1969 on
Source: 2004 Economic Report of the President, Tables B-60 and B-69
(online at http://www.gpoaccess.gov/usbudget/fy05/pdf/2004_erp.pdf);
Historical Statistics of the United States, Colonial Times to 1970,
Series E 135 and X 415
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