Epilogue: 1920s to Present

The consumer price index (1982–1984 = 100) fell to 16.8 in 1922, then stabilized. It rose only slightly in the mid-1920s and subsided to 17.1 in 1928 and 1929—a record of price stability unmatched during the rest of the century. Subsequent price levels were much more unsettled, beginning with abrupt deflation of the CPI to 13.0 by 1933. After that, except for a few small dips, the CPI rose almost every year, sometimes moderately but with several bursts of rapid inflation.