Source: https://fred.stlouisfed.org/series/WM2NS
Source: https://fred.stlouisfed.org/series/M2REAL
CONSUMER PRICE INDEX AND M2 MONEY SUPPLY: 1800-2008
(M2 in billions of dollars)
CPI 5-year 10-Year M2 M2SL 5-year 10-year
(1967 Percent Annual- Annual- Money Percent (from Percent Annual- Annual-
Year =100) Change ized ized Supply Change Fed) Change ized ized War Year
---- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --- ----
1800 51.0 0 1800
1801 50.0 -1.96 0 1801
1802 43.0 -14.00 0 1802
1803 45.0 4.65 0 1803
1804 45.0 0.00 0 1804
1805 45.0 0.00 -2.47 0 1805
1806 47.0 4.44 -1.23 0 1806
1807 44.0 -6.38 0.46 0 1807
1808 48.0 9.09 1.30 0 1808
1809 47.0 -2.08 0.87 0 1809
1810 47.0 0.00 0.87 -0.81 0 1810
1811 50.0 6.38 1.25 0.00 0 1811
1812 51.0 2.00 3.00 1.72 1 1812
1813 58.0 13.73 3.86 2.57 1 1813
1814 63.0 8.62 6.03 3.42 1 1814
1815 55.0 -12.70 3.19 2.03 1 1815
1816 51.0 -7.27 0.40 0.82 0 1816
1817 48.0 -5.88 -1.21 0.87 0 1817
1818 46.0 -4.17 -4.53 -0.42 0 1818
1819 46.0 0.00 -6.10 -0.21 0 1819
1820 42.0 -8.70 -5.25 -1.12 0 1820
1821 40.0 -4.76 -4.74 -2.21 0 1821
1822 40.0 0.00 -3.58 -2.40 0 1822
1823 36.0 -10.00 -4.78 -4.66 0 1823
1824 33.0 -8.33 -6.43 -6.26 0 1824
1825 34.0 3.03 -4.14 -4.70 0 1825
1826 34.0 0.00 -3.20 -3.97 0 1826
1827 34.0 0.00 -3.20 -3.39 0 1827
1828 33.0 -2.94 -1.73 -3.27 0 1828
1829 32.0 -3.03 -0.61 -3.56 0 1829
1830 32.0 0.00 -1.21 -2.68 0 1830
1831 32.0 0.00 -1.21 -2.21 0 1831
1832 30.0 -6.25 -2.47 -2.84 0 1832
1833 29.0 -3.33 -2.55 -2.14 0 1833
1834 30.0 3.45 -1.28 -0.95 0 1834
1835 31.0 3.33 -0.63 -0.92 0 1835
1836 33.0 6.45 0.62 -0.30 0 1836
1837 34.0 3.03 2.53 0.00 0 1837
1838 32.0 -5.88 1.99 -0.31 0 1838
1839 32.0 0.00 1.30 0.00 0 1839
1840 30.0 -6.25 -0.65 -0.64 0 1840
1841 31.0 3.33 -1.24 -0.32 0 1841
1842 29.0 -6.45 -3.13 -0.34 0 1842
1843 28.0 -3.45 -2.64 -0.35 0 1843
1844 28.0 0.00 -2.64 -0.69 0 1844
1845 28.0 0.00 -1.37 -1.01 0 1845
1846 27.0 -3.57 -2.73 -1.99 1 1846
1847 28.0 3.70 -0.70 -1.92 1 1847
1848 26.0 -7.14 -1.47 -2.05 1 1848
1849 25.0 -3.85 -2.24 -2.44 0 1849
1850 25.0 0.00 -2.24 -1.81 0 1850
1851 25.0 0.00 -1.53 -2.13 0 1851
1852 25.0 0.00 -2.24 -1.47 0 1852
1853 25.0 0.00 -0.78 -1.13 0 1853
1854 27.0 8.00 1.55 -0.36 0 1854
1855 28.0 3.70 2.29 0.00 0 1855
1856 27.0 -3.57 1.55 0.00 0 1856
1857 28.0 3.70 2.29 0.00 0 1857
1858 26.0 -7.14 0.79 0.00 0 1858
1859 27.0 3.85 0.00 0.77 0 1859
1860 27.0 0.00 -0.72 0.77 0 1860
1861 27.0 0.00 0.00 0.77 1 1861
1862 30.0 11.11 1.39 1.84 1 1862
1863 37.0 23.33 7.31 4.00 1 1863
1864 47.0 27.03 11.72 5.70 1 1864
1865 46.0 -2.13 11.24 5.09 1 1865
1866 44.0 -4.35 10.26 5.00 0 1866
1867 42.0 -4.55 6.96 4.14 1.28 0 1867
1868 40.0 -4.76 1.57 4.40 1.27 -0.78 0 1868
1869 40.0 0.00 -3.17 4.01 1.28 0.79 0 1869
1870 38.0 -5.00 -3.75 3.48 1.35 5.47 0 1870
1871 36.0 -5.26 -3.93 2.92 1.50 11.11 0 1871
1872 36.0 0.00 -3.04 1.84 1.61 7.33 4.69 0 1872
1873 36.0 0.00 -2.09 -0.27 1.62 0.62 4.99 0 1873
1874 34.0 -5.56 -3.20 -3.19 1.65 1.85 5.21 0 1874
1875 33.0 -2.94 -2.78 -3.27 1.72 4.24 4.96 0 1875
1876 32.0 -3.03 -2.33 -3.13 1.68 -2.33 2.29 0 1876
1877 32.0 0.00 -2.33 -2.68 1.65 -1.79 0.49 2.57 0 1877
1878 29.0 -9.38 -4.23 -3.16 1.58 -4.24 -0.50 2.21 0 1878
1879 28.0 -3.45 -3.81 -3.50 1.66 5.06 0.12 2.63 0 1879
1880 29.0 3.57 -2.55 -2.67 2.03 22.29 3.37 4.16 0 1880
1881 29.0 0.00 -1.95 -2.14 2.44 20.20 7.75 4.99 0 1881
1882 29.0 0.00 -1.95 -2.14 2.63 7.79 9.77 5.03 0 1882
1883 28.0 -3.45 -0.70 -2.48 2.80 6.46 12.12 5.62 0 1883
1884 27.0 -3.57 -0.72 -2.28 2.80 0.00 11.02 5.43 0 1884
1885 27.0 0.00 -1.42 -1.99 2.87 2.50 7.17 5.25 0 1885
1886 27.0 0.00 -1.42 -1.68 3.10 8.01 4.90 6.32 0 1886
1887 27.0 0.00 -1.42 -1.68 3.31 6.77 4.71 7.21 0 1887
1888 27.0 0.00 -0.72 -0.71 3.40 2.72 3.96 7.96 0 1888
1889 27.0 0.00 0.00 -0.36 3.60 5.88 5.15 8.05 0 1889
1890 27.0 0.00 0.00 -0.71 3.92 8.89 6.43 6.80 0 1890
1891 27.0 0.00 0.00 -0.71 4.08 4.08 5.65 5.28 0 1891
1892 27.0 0.00 0.00 -0.71 4.43 8.58 6.00 5.35 0 1892
1893 27.0 0.00 0.00 -0.36 4.26 -3.84 4.61 4.29 0 1893
1894 26.0 -3.70 -0.75 -0.38 4.28 0.47 3.52 4.33 0 1894
1895 25.0 -3.85 -1.53 -0.77 4.43 3.50 2.48 4.44 0 1895
1896 25.0 0.00 -1.53 -0.77 4.35 -1.81 1.29 3.45 0 1896
1897 25.0 0.00 -1.53 -0.77 4.64 6.67 0.93 3.44 0 1897
1898 25.0 0.00 -1.53 -0.77 5.26 13.36 4.31 4.46 0 1898
1899 25.0 0.00 -0.78 -0.77 6.09 15.78 7.31 5.40 0 1899
1900 25.0 0.00 0.00 -0.77 6.60 8.37 8.30 5.35 0 1900
1901 25.0 0.00 0.00 -0.77 7.48 13.33 11.45 6.25 0 1901
1902 26.0 4.00 0.79 -0.38 8.17 9.22 11.98 6.31 0 1902
1903 27.0 3.85 1.55 0.00 8.68 6.24 10.54 7.38 0 1903
1904 27.0 0.00 1.55 0.38 9.24 6.45 8.70 8.00 0 1904
1905 27.0 0.00 1.55 0.77 10.24 10.82 9.18 8.74 0 1905
1906 27.0 0.00 1.55 0.77 11.08 8.20 8.18 9.80 0 1906
1907 28.0 3.70 1.49 1.14 11.60 4.69 7.26 9.60 0 1907
1908 27.0 -3.57 0.00 0.77 11.44 -1.38 5.68 8.08 0 1908
1909 27.0 0.00 0.00 0.77 12.68 10.84 6.53 7.61 0 1909
1910 28.0 3.70 0.73 1.14 13.34 5.21 5.43 7.29 0 1910
1911 28.0 0.00 0.73 1.14 14.12 5.85 4.97 6.56 0 1911
1912 29.0 3.57 0.70 1.10 15.13 7.15 5.46 6.36 0 1912
1913 29.7 2.41 1.92 0.96 15.73 3.97 6.58 6.13 0 1913
1914 30.1 1.35 2.20 1.09 16.39 4.20 5.27 5.90 0 1914
1915 30.4 1.00 1.66 1.19 17.59 7.32 5.69 5.56 0 1915
1916 32.7 7.57 3.15 1.93 20.85 18.53 8.11 6.53 0 1916
1917 38.4 17.43 5.78 3.21 24.37 16.88 10.00 7.71 1 1917
1918 45.1 17.45 8.71 5.26 26.73 9.68 11.19 8.86 1 1918
1919 51.8 14.86 11.47 6.73 31.01 16.01 13.60 9.35 0 1919
1920 60.0 15.83 14.57 7.92 34.80 12.22 14.62 10.06 0 1920
1921 53.6 -10.67 10.39 6.71 32.85 -5.60 9.52 8.81 0 1921
1922 50.2 -6.34 5.51 5.64 33.72 2.65 6.71 8.34 0 1922
1923 51.1 1.79 2.53 5.58 36.60 8.54 6.49 8.81 0 1923
1924 51.2 0.20 -0.23 5.46 38.58 5.41 4.47 8.94 0 1924
1925 52.5 2.54 -2.64 5.62 42.05 8.99 3.86 9.11 0 1925
1926 53.0 0.95 -0.22 4.95 43.68 3.88 5.86 7.68 0 1926
1927 52.0 -1.89 0.71 3.08 44.73 2.40 5.81 6.26 0 1927
1928 51.3 -1.35 0.08 1.30 46.42 3.78 4.87 5.67 0 1928
1929 51.3 0.00 0.04 -0.10 46.60 0.39 3.85 4.16 0 1929
1930 50.0 -2.53 -0.97 -1.81 45.73 -1.87 1.69 2.77 0 1930
1931 45.6 -8.80 -2.96 -1.60 42.69 -6.65 -0.46 2.65 0 1931
1932 40.9 -10.31 -4.69 -2.03 36.05 -15.55 -4.22 0.67 0 1932
1933 38.8 -5.13 -5.43 -2.72 32.22 -10.62 -7.04 -1.27 0 1933
1934 40.1 3.35 -4.81 -2.41 34.36 6.64 -5.91 -1.15 0 1934
1935 41.1 2.49 -3.84 -2.42 39.07 13.71 -3.10 -0.73 0 1935
1936 41.5 0.97 -1.87 -2.42 43.48 11.29 0.37 -0.05 0 1936
1937 43.0 3.61 1.01 -1.88 45.68 5.06 4.85 0.21 0 1937
1938 42.2 -1.86 1.69 -1.93 45.51 -0.37 7.15 -0.20 0 1938
1939 41.6 -1.42 0.74 -2.07 49.27 8.26 7.47 0.56 0 1939
1940 42.0 0.96 0.43 -1.73 55.20 12.04 7.16 1.90 0 1940
1941 44.1 5.00 1.22 -0.33 62.51 13.24 7.53 3.89 1 1941
1942 48.8 10.66 2.56 1.78 71.16 13.84 9.27 7.04 1 1942
1943 51.8 6.15 4.18 2.93 89.91 26.35 14.59 10.81 1 1943
1944 52.7 1.74 4.84 2.77 106.82 18.81 16.74 12.01 1 1944
1945 53.9 2.28 5.12 2.75 126.63 18.55 18.06 12.48 1 1945
1946 58.5 8.53 5.81 3.49 138.73 9.56 17.29 12.30 0 1946
1947 66.9 14.36 6.51 4.52 146.00 5.24 15.46 12.32 0 1947
1948 72.1 7.77 6.84 5.50 148.11 1.45 10.50 12.52 0 1948
1949 71.4 -0.97 6.26 5.55 147.46 -0.44 6.66 11.59 0 1949
1950 72.1 0.98 5.99 5.55 150.81 2.27 3.56 10.57 0 1950
1951 77.8 7.91 5.87 5.84 156.45 3.74 2.43 9.61 0 1951
1952 79.5 2.19 3.51 5.00 164.92 5.41 2.47 8.77 0 1952
1953 80.1 0.75 2.13 4.46 171.19 3.80 2.94 6.65 0 1953
1954 80.5 0.50 2.43 4.33 177.16 3.49 3.74 5.19 0 1954
1955 80.2 -0.37 2.15 4.05 183.69 3.69 4.02 3.79 0 1955
1956 81.4 1.50 0.91 3.36 186.87 1.73 3.62 3.02 0 1956
1957 84.3 3.56 1.18 2.34 191.82 2.65 3.07 2.77 0 1957
1958 86.6 2.73 1.57 1.85 201.12 4.85 3.28 3.11 0 1958
1959 87.3 0.81 1.64 2.03 210.09 4.46 297.8 3.47 3.60 0 1959
1960 88.7 1.60 2.04 2.09 210.67 0.28 312.4 4.90 2.78 3.40 0 1960
1961 89.6 1.01 1.94 1.42 221.24 5.02 335.5 7.39 3.43 3.53 0 1961
1962 90.6 1.12 1.45 1.32 233.92 5.73 362.7 8.11 4.05 3.56 0 1962
1963 91.7 1.21 1.15 1.36 249.15 6.51 393.2 8.41 4.38 3.82 0 1963
1964 92.9 1.31 1.25 1.44 264.73 6.25 424.7 8.01 7.36 4.10 0 1964
1965 94.5 1.72 1.27 1.65 285.89 7.99 459.2 8.12 8.01 4.52 1 1965
1966 97.2 2.86 1.64 1.79 308.02 7.74 480.2 4.57 7.44 5.12 1 1966
1967 100.0 2.88 1.99 1.72 331.78 7.71 524.8 9.29 7.67 5.63 1 1967
1968 104.2 4.20 2.59 1.87 361.60 8.99 566.8 8.00 7.59 6.04 1 1968
1969 109.8 5.37 3.40 2.32 385.17 6.52 587.9 3.72 6.72 7.04 1 1969
1970 116.3 5.92 4.24 2.75 401.29 4.19 626.5 6.57 6.41 7.21 1 1970
1971 121.3 4.30 4.53 3.08 710.3 13.38 8.14 7.79 1 1971
1972 125.3 3.30 4.61 3.30 802.3 12.95 8.86 8.26 1 1972
1973 133.1 6.23 5.02 3.80 855.5 6.63 8.58 8.08 1 1973
1974 147.7 10.97 6.11 4.75 902.1 5.45 8.94 7.82 1 1974
1975 161.2 9.14 6.75 5.49 1016.2 12.65 10.16 8.27 1 1975
1976 170.5 5.77 7.05 5.78 1152.0 13.36 10.15 9.14 0 1976
1977 181.5 6.45 7.69 6.14 1270.3 10.27 9.63 9.24 0 1977
1978 195.4 7.66 7.98 6.49 1366.0 7.53 9.81 9.19 0 1978
1979 217.4 11.26 8.04 7.07 1473.7 7.88 10.31 9.63 0 1979
1980 246.8 13.52 8.89 7.81 1599.8 8.56 9.50 9.83 0 1980
1981 272.4 10.37 9.82 8.43 1755.5 9.73 8.79 9.47 0 1981
1982 289.1 6.13 9.76 8.72 1909.3 8.76 8.49 9.06 0 1982
1983 298.4 3.22 8.84 8.41 2125.7 11.33 9.25 9.53 0 1983
1984 311.1 4.26 7.43 7.73 2308.8 8.61 9.39 9.85 0 1984
1985 322.2 3.57 5.48 7.17 2494.6 8.05 9.29 9.40 0 1985
1986 328.4 1.92 3.81 6.77 2731.4 9.49 9.24 9.02 0 1986
1987 340.4 3.65 3.32 6.49 2830.8 3.64 8.19 8.34 0 1987
1988 354.3 4.08 3.49 6.13 2993.9 5.76 7.09 8.16 0 1988
1989 371.3 4.80 3.60 5.50 3158.4 5.49 6.47 7.92 0 1989
1990 391.4 5.41 3.97 4.72 3276.8 3.75 5.61 7.43 0 1990
1991 408.0 4.24 4.44 4.12 3377.0 3.06 4.33 6.76 0 1991
1992 420.3 3.01 4.31 3.81 3430.3 1.58 3.92 6.03 0 1992
1993 432.7 2.95 4.08 3.79 3480.9 1.48 3.06 5.06 0 1993
1994 444.0 2.61 3.64 3.62 3496.7 0.45 2.06 4.24 0 1994
1995 456.5 2.82 3.13 3.55 3640.7 4.12 2.13 3.85 0 1995
1996 469.9 2.94 2.87 3.65 3820.1 4.93 2.50 3.41 0 1996
1997 480.8 2.32 2.73 3.51 4033.4 5.58 3.29 3.60 0 1997
1998 488.3 1.56 2.45 3.26 4377.4 8.53 4.69 3.87 0 1998
1999 499.0 2.19 2.36 3.00 4635.0 5.88 5.80 3.91 0 1999
2000 515.8 3.37 2.47 2.80 4917.2 6.09 6.20 4.14 0 2000
2001 530.4 2.83 2.45 2.66 5431.2 10.45 7.29 4.87 0 2001
2002 538.8 1.58 2.30 2.51 5784.7 6.51 7.48 5.36 0 2002
2003 551.1 2.28 2.45 2.45 6071.7 4.96 6.76 5.72 0 2003
2004 565.8 2.67 2.54 2.45 6412.2 5.61 6.71 6.25 0 2004
2005 585.0 3.39 2.55 2.51 6674.1 4.08 6.30 6.25 0 2005
2006 603.9 3.23 2.63 2.54 7033.6 5.39 5.31 6.29 0 2006
2007 621.1 2.85 2.88 2.59 7438.4 5.76 5.16 6.31 0 2007
2008 645.0 3.84 3.20 2.82 8153.7 9.62 6.07 6.42 0 2008
---- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- --- ----
Note: composition of M2 from 1867 to 1970 differs from that of M2SL from 1959 to 2008;
M2SL was used to calculate the 5-year and 10-year annualized percents from 1964 and
1969, respectively; World War I spans from U.S. entry in 1917 to end of war in 1918;
Vietnam War spans from 1965 when U.S. forces increased from 23,300 to 184,300 to end
of war in 1975
Source: CPI, 1913 to 2008: Bureau of Labor Statistics, Series CUUR0000AA0;
M2, 1959 to 2008: Federal Reserve, Series M2SL;
older data: Historical Statistics of the United States, Colonial Times to 1970,
Series E 135 and X 415;
CPI, 1800 to 1998 figures also at this link