Inflation in 2024 and its effect on dollar value
$1 in 2023 is equivalent in purchasing power to about $1.02 in 2024. The dollar had an average inflation rate of 2.36% per year between 2023 and 2024, producing a cumulative price increase of 2.36%. Purchasing power decreased by 2.36% in 2024 compared to 2023. On average, you would have to spend 2.36% more money in 2024 than in 2023 for the same item.
This means that prices in 2024 are 1.02 times as high as average prices since 2023, according to Statistics Canada consumer price index.
The inflation rate in 2023 was 3.88%. The inflation rate in 2024 was 2.36%.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2024 was 160.82. It was 157.11 in the previous year, 2023. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.
⌃
| Average inflation rate | 2.36% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2023 | 157.110 |
| CPI in 2024 | 160.820 |
| Inflation in 2023 | 3.88% |
| Inflation in 2024 | 2.36% |
| $1 in 2023 | $1.02 in 2024 |
How to calculate inflation rate for $1, 2023 to 2024
Our calculations use the following inflation rate formula to calculate the change in value between 2023 and 2024:
CPI in 2024 CPI in 2023
×
2023 CAD value
=
2024 CAD value
Then plug in historical CPI values. The Canadian CPI was 157.11 in the year 2023 and 160.82 in 2024:
160.82157.11
×
$1
=
$1.02
$1 in 2023 has the same "purchasing power" or "buying power" as $1.02 in 2024.
To get the total inflation rate for the 1 years between 2023 and 2024, we use the following formula:
CPI in 2024 - CPI in 2023CPI in 2023
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
160.82 - 157.11157.11
×
100
=
2%
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: “Inflation Rate in 2024 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 24 Dec. 2024, https://www.officialdata.org/CAD-inflation-rate-in-2024.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Average inflation rate | 2.36% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2023 | 157.110 |
| CPI in 2024 | 160.820 |
| Inflation in 2023 | 3.88% |
| Inflation in 2024 | 2.36% |
| $1 in 2023 | $1.02 in 2024 |