The first-year performance of freshmen between 1987 and 1992 was investigated for evidence of grade inflation. Grade inflation is defined as "when a grade is viewed as being less rigorous than it ought to be". Performance data were analyzed for fall semester admissions of full-time, first-time freshmen at the University of Missouri System for the 5-year period. The study population included 23,064 students who completed the "core" courses in high school, had valid first-year grade point averages (GPA), high school percentile ranks, and American College Testing (ACT) Program Enhanced or Equated Enhanced Composite test scores. The mean first-year GPA system-wide increased from 2.67 to 2.76 between 1987 and 1992. System-wide, the mean ACT Composite score increased from 24.39 in 1987 to 25.27 in 1992. Mean high school percentile rank for these students increased from 75.24 to 80.56. The primary predictors of first year GPA were found to be high school percentile rank and ACT Composite scores. Since both of these indicators rose during the period, the subsequent increases in mean GPA were not unexpected. Appendices provide detailed tables showing changes in the mean ACT Composite scores, high school percentile ranks, and GPA. (Contains 21 references.) (SW)