\$1 in 2005 is worth \$1.28 today

\$

Value of \$1 from 2005 to 2021

\$1 in 2005 is equivalent in purchasing power to about \$1.28 today, an increase of \$0.28 over 16 years. The dollar had an average inflation rate of 1.54% per year between 2005 and today, producing a cumulative price increase of 27.70%.

This means that today's prices are 1.28 times higher than average prices since 2005, according to Statistics Canada consumer price index. A dollar today only buys 78.13% of what it could buy back then.

The 2005 inflation rate was 2.09%. The current year-over-year inflation rate (2020 to 2021) is now 0.73%1. If this number holds, \$1 today will be equivalent in buying power to \$1.01 next year.

 Cumulative price change 27.70% Average inflation rate 1.54% Converted amount (\$1 base) \$1.28 Price difference (\$1 base) \$0.28 CPI in 2005 107.600 CPI in 2021 137.400 Inflation in 2005 2.09% Inflation in 2021 0.73% \$1 in 2005 \$1.28 in 2021

Buying power of \$1 in 2005

This chart shows a calculation of buying power equivalence for \$1 in 2005 (price index tracking began in 1914).

For example, if you started with \$1, you would need to end with \$1.28 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$1.28 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 2005 dollars, the chart below shows how \$1 is worth less over 16 years.

According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 2005-2021
Year Dollar Value Inflation Rate
2005 \$1.00 2.09%
2006 \$1.02 1.67%
2007 \$1.04 2.38%
2008 \$1.05 1.16%
2009 \$1.07 1.32%
2010 \$1.09 2.35%
2011 \$1.12 2.30%
2012 \$1.13 0.83%
2013 \$1.14 1.24%
2014 \$1.16 1.47%
2015 \$1.18 1.61%
2016 \$1.19 1.50%
2017 \$1.21 1.56%
2018 \$1.22 0.31%
2019 \$1.24 1.99%
2020 \$1.27 2.25%
2021 \$1.28 0.73%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 10 more rows

This conversion table shows various other 2005 amounts in today's dollars, based on the 27.70% change in prices:

Conversion: 2005 dollars today
Initial value Equivalent value
\$1 dollar in 2005 \$1.28 dollars today
\$5 dollars in 2005 \$6.38 dollars today
\$10 dollars in 2005 \$12.77 dollars today
\$50 dollars in 2005 \$63.85 dollars today
\$100 dollars in 2005 \$127.70 dollars today
\$500 dollars in 2005 \$638.48 dollars today
\$1,000 dollars in 2005 \$1,276.95 dollars today
\$5,000 dollars in 2005 \$6,384.76 dollars today
\$10,000 dollars in 2005 \$12,769.52 dollars today
\$50,000 dollars in 2005 \$63,847.58 dollars today
\$100,000 dollars in 2005 \$127,695.17 dollars today
\$500,000 dollars in 2005 \$638,475.84 dollars today
\$1,000,000 dollars in 2005 \$1,276,951.67 dollars today

How to Calculate Inflation Rate for \$1 since 2005

Our calculations use the following inflation rate formula to calculate the change in value between 2005 and today:

CPI today CPI in 2005
×
=
Today's value

Then plug in historical CPI values. The Canadian CPI was 107.6 in the year 2005 and 137.4 in 2021:

137.4107.6
×
\$1
=
\$1.28

\$1 in 2005 has the same "purchasing power" or "buying power" as \$1.28 in 2021.

To get the total inflation rate for the 16 years between 2005 and 2021, we use the following formula:

CPI in 2021 - CPI in 2005CPI in 2005
×
100
=
Cumulative inflation rate (16 years)

Plugging in the values to this equation, we get:

137.4 - 107.6107.6
×
100
=
28%

Politics and news often influence economic performance. Here's what was happening at the time:

• Egyptian President Hosni Mubarak asks Parliament to amend Article 76 and orders constitutional changes in order to allow multi-candidate presidential elections.
• Syria's 29-year-long military domination of Lebanon ends, after it withdraws the last of its 14,000 troops under international pressure.
• A coordinated bomb attack hits London's public transport system, during the morning rush hour, killing 52 and injuring a further 700 people.
• Angela Merkel becomes first female Chancellor of Germany.

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 2005 → 2021 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 24 Sep. 2021, https://www.officialdata.org/canada/inflation/2005?amount=1&endYear=2021.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.