$1 in 2020 is worth $1.15 in 2023

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Value of $1 from 2020 to 2023

$1 in 2020 is equivalent in purchasing power to about $1.15 in 2023, an increase of $0.15 over 3 years. The dollar had an average inflation rate of 4.66% per year between 2020 and 2023, producing a cumulative price increase of 14.63%.

This means that prices in 2023 are 1.15 times as high as average prices since 2020, according to Statistics Canada consumer price index.

The inflation rate in 2020 was 0.72%. The inflation rate in 2023 was 3.81%. The 2023 inflation rate is higher compared to the average inflation rate of 1.15% per year between 2023 and 2024.


Inflation from 2020 to 2023
Cumulative price change14.63%
Average inflation rate4.66%
Converted amount
$1 base
$1.15
Price difference
$1 base
$0.15
CPI in 2020136.958
CPI in 2023157.000
Inflation in 20200.72%
Inflation in 20233.81%
$1 in 2020$1.15 in 2023

Recent CAD inflation
Annual Rate, Statistics Canada CPI
Download

Buying power of $1 in 2020

This chart shows a calculation of buying power equivalence for $1 in 2020 (price index tracking began in 1914).

For example, if you started with $1, you would need to end with $1.15 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1 is equivalent to $1.15 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 2020 dollars, the chart below shows how $1 is worth less over 3 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: 2020-2023
YearDollar ValueInflation Rate
2020$1.000.72%
2021$1.033.40%
2022$1.106.80%
2023$1.153.81%
2024$1.161.15%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 2020 amounts in 2023 dollars, based on the 14.63% change in prices:

Conversion: 2020 dollars in 2023
Initial valueEquivalent value
$1 dollar in 2020$1.15 dollars in 2023
$5 dollars in 2020$5.73 dollars in 2023
$10 dollars in 2020$11.46 dollars in 2023
$50 dollars in 2020$57.32 dollars in 2023
$100 dollars in 2020$114.63 dollars in 2023
$500 dollars in 2020$573.17 dollars in 2023
$1,000 dollars in 2020$1,146.33 dollars in 2023
$5,000 dollars in 2020$5,731.67 dollars in 2023
$10,000 dollars in 2020$11,463.34 dollars in 2023
$50,000 dollars in 2020$57,316.70 dollars in 2023
$100,000 dollars in 2020$114,633.40 dollars in 2023
$500,000 dollars in 2020$573,167.02 dollars in 2023
$1,000,000 dollars in 2020$1,146,334.04 dollars in 2023

How to calculate inflation rate for $1, 2020 to 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2020 and 2023:

CPI in 2023 CPI in 2020
×
2020 CAD value
=
2023 CAD value

Then plug in historical CPI values. The Canadian CPI was 136.95833333333334 in the year 2020 and 156.99999999999997 in 2023:

156.99999999999997136.95833333333334
×
$1
=
$1.15

$1 in 2020 has the same "purchasing power" or "buying power" as $1.15 in 2023.

To get the total inflation rate for the 3 years between 2020 and 2023, we use the following formula:

CPI in 2023 - CPI in 2020CPI in 2020
×
100
=
Cumulative inflation rate (3 years)

Plugging in the values to this equation, we get:

156.99999999999997 - 136.95833333333334136.95833333333334
×
100
=
15%

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 2020 → 2023 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Mar. 2024, https://www.officialdata.org/canada/inflation/2020?amount=1&endYear=2023.

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


Ian Webster

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.

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» Read more about inflation and investment.

Inflation from 2020 to 2023
Cumulative price change14.63%
Average inflation rate4.66%
Converted amount
$1 base
$1.15
Price difference
$1 base
$0.15
CPI in 2020136.958
CPI in 2023157.000
Inflation in 20200.72%
Inflation in 20233.81%
$1 in 2020$1.15 in 2023