Canadian inflation rate in 1974: 11.00%

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Inflation in 1974 and its effect on dollar value

$1 in 1973 is equivalent in purchasing power to about $1.11 in 1974. The dollar had an average inflation rate of 11.00% per year between 1973 and 1974, producing a cumulative price increase of 11.00%. Purchasing power decreased by 11.00% in 1974 compared to 1973. On average, you would have to spend 11.00% more money in 1974 than in 1973 for the same item.

This means that prices in 1974 are 1.11 times as high as average prices since 1973, according to Statistics Canada consumer price index.

The inflation rate in 1973 was 7.49%. The inflation rate in 1974 was 11.00%. The 1974 inflation rate is higher compared to the average inflation rate of 3.67% per year between 1974 and 2024.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1974 was 26.16. It was 23.57 in the previous year, 1973. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

⌃
Inflation from 1973 to 1974
Average inflation rate11.00%
Converted amount
$1 base		$1.11
Price difference
$1 base		$0.11
CPI in 197323.567
CPI in 197426.158
Inflation in 19737.49%
Inflation in 197411.00%
$1 in 1973$1.11 in 1974
Recent CAD inflation
Annual Rate, Statistics Canada CPI
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How to calculate inflation rate for $1, 1973 to 1974

Our calculations use the following inflation rate formula to calculate the change in value between 1973 and 1974:

CPI in 1974 CPI in 1973
×
1973 CAD value
=
1974 CAD value

Then plug in historical CPI values. The Canadian CPI was 23.56666667 in the year 1973 and 26.15833333 in 1974:

26.1583333323.56666667
×
$1
=
$1.11

$1 in 1973 has the same "purchasing power" or "buying power" as $1.11 in 1974.

To get the total inflation rate for the 1 years between 1973 and 1974, we use the following formula:

CPI in 1974 - CPI in 1973CPI in 1973
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

26.15833333 - 23.5666666723.56666667
×
100
=
11%

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 1974 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Apr. 2024, https://www.officialdata.org/CAD-inflation-rate-in-1974.

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.

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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Inflation from 1973 to 1974
Average inflation rate11.00%
Converted amount
$1 base		$1.11
Price difference
$1 base		$0.11
CPI in 197323.567
CPI in 197426.158
Inflation in 19737.49%
Inflation in 197411.00%
$1 in 1973$1.11 in 1974