Value of $1 from 1970 to 2024
$1 in 1970 is equivalent in purchasing power to about $7.81 today, an increase of $6.81 over 54 years. The dollar had an average inflation rate of 3.88% per year between 1970 and today, producing a cumulative price increase of 680.98%.
This means that today's prices are 7.81 times as high as average prices since 1970, according to Statistics Canada consumer price index. A dollar today only buys 12.804% of what it could buy back then.
The inflation rate in 1970 was 3.35%. The current inflation rate compared to the end of last year is now 1.15%. If this number holds, $1 today will be equivalent in buying power to $1.01 next year.
Contents
- Overview
- Buying Power of $1
- Data Source
⌃
| Cumulative price change | 680.98% |
| Average inflation rate | 3.88% |
| Converted amount $1 base | $7.81 |
| Price difference $1 base | $6.81 |
| CPI in 1970 | 20.333 |
| CPI in 2024 | 158.800 |
| Inflation in 1970 | 3.35% |
| Inflation in 2024 | 1.15% |
| $1 in 1970 | $7.81 in 2024 |
CAD inflation since 1970
Annual Rate, Statistics Canada CPI
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Buying power of $1 in 1970
This chart shows a calculation of buying power equivalence for $1 in 1970 (price index tracking began in 1914).
For example, if you started with $1, you would need to end with $7.81 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
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When $1 is equivalent to $7.81 over time, that means that the "real value" of a single Canadian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1970 dollars, the chart below shows how $1 is worth less over 54 years.
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According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:
| Year | Dollar Value | Inflation Rate |
|---|---|---|
| 1970 | $1.00 | 3.35% |
| 1971 | $1.03 | 2.70% |
| 1972 | $1.08 | 4.99% |
| 1973 | $1.16 | 7.49% |
| 1974 | $1.29 | 11.00% |
| 1975 | $1.42 | 10.67% |
| 1976 | $1.53 | 7.54% |
| 1977 | $1.65 | 7.98% |
| 1978 | $1.80 | 8.97% |
| 1979 | $1.97 | 9.14% |
| 1980 | $2.17 | 10.13% |
| 1981 | $2.44 | 12.47% |
| 1982 | $2.70 | 10.77% |
| 1983 | $2.86 | 5.86% |
| 1984 | $2.98 | 4.30% |
| 1985 | $3.10 | 3.96% |
| 1986 | $3.23 | 4.19% |
| 1987 | $3.37 | 4.36% |
| 1988 | $3.50 | 4.03% |
| 1989 | $3.68 | 4.98% |
| 1990 | $3.85 | 4.78% |
| 1991 | $4.07 | 5.63% |
| 1992 | $4.13 | 1.49% |
| 1993 | $4.21 | 1.87% |
| 1994 | $4.22 | 0.17% |
| 1995 | $4.31 | 2.15% |
| 1996 | $4.37 | 1.57% |
| 1997 | $4.44 | 1.62% |
| 1998 | $4.49 | 1.00% |
| 1999 | $4.57 | 1.73% |
| 2000 | $4.69 | 2.72% |
| 2001 | $4.81 | 2.53% |
| 2002 | $4.92 | 2.26% |
| 2003 | $5.05 | 2.76% |
| 2004 | $5.15 | 1.86% |
| 2005 | $5.26 | 2.21% |
| 2006 | $5.37 | 2.00% |
| 2007 | $5.48 | 2.14% |
| 2008 | $5.61 | 2.37% |
| 2009 | $5.63 | 0.30% |
| 2010 | $5.73 | 1.78% |
| 2011 | $5.89 | 2.91% |
| 2012 | $5.98 | 1.52% |
| 2013 | $6.04 | 0.94% |
| 2014 | $6.16 | 1.91% |
| 2015 | $6.22 | 1.13% |
| 2016 | $6.31 | 1.43% |
| 2017 | $6.41 | 1.60% |
| 2018 | $6.56 | 2.27% |
| 2019 | $6.69 | 1.95% |
| 2020 | $6.74 | 0.72% |
| 2021 | $6.96 | 3.40% |
| 2022 | $7.44 | 6.80% |
| 2023 | $7.72 | 3.81% |
| 2024 | $7.81 | 1.15%* |
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 48 more rows
This conversion table shows various other 1970 amounts in today's dollars, based on the 680.98% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1970 | $7.81 dollars today |
| $5 dollars in 1970 | $39.05 dollars today |
| $10 dollars in 1970 | $78.10 dollars today |
| $50 dollars in 1970 | $390.49 dollars today |
| $100 dollars in 1970 | $780.98 dollars today |
| $500 dollars in 1970 | $3,904.92 dollars today |
| $1,000 dollars in 1970 | $7,809.84 dollars today |
| $5,000 dollars in 1970 | $39,049.18 dollars today |
| $10,000 dollars in 1970 | $78,098.36 dollars today |
| $50,000 dollars in 1970 | $390,491.80 dollars today |
| $100,000 dollars in 1970 | $780,983.61 dollars today |
| $500,000 dollars in 1970 | $3,904,918.03 dollars today |
| $1,000,000 dollars in 1970 | $7,809,836.07 dollars today |
How to calculate inflation rate for $1 since 1970
Our calculations use the following inflation rate formula to calculate the change in value between 1970 and today:
CPI today CPI in 1970
×
1970 CAD value
=
Today's value
Then plug in historical CPI values. The Canadian CPI was 20.33333333 in the year 1970 and 158.8 in 2024:
158.820.33333333
×
$1
=
$7.81
$1 in 1970 has the same "purchasing power" or "buying power" as $7.81 in 2024.
To get the total inflation rate for the 54 years between 1970 and 2024, we use the following formula:
CPI in 2024 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (54 years)
Plugging in the values to this equation, we get:
158.8 - 20.3333333320.33333333
×
100
=
681%
Data source & citation
Raw data for these calculations comes from the government of Canada's annual Consumer Price Index (CPI), established in 1914 and computed by Statistics Canada (StatCan).
You may use the following MLA citation for this page: “$1 in 1970 → 2024 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 15 May. 2024, https://www.officialdata.org/ca/inflation/1970?amount=1.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
About the author
Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.
