# \$100 in 2008 is worth \$120.39 today

\$

## Why a dollar today is worth only 83% of a dollar in 2008

Updated: September 11, 2020

According to Statistics Canada consumer price index, today's prices in 2020 are 20.39% higher than average prices since 2008. This means that a dollar today only buys 83.06% of what it could buy in 2008. The Canadian dollar experienced an average inflation rate of 1.56% per year during this period, causing the real value of a dollar to decrease.

In other words, \$100 in 2008 is equivalent in purchasing power to about \$120.39 in 2020, a difference of \$20.39 over 12 years.

The 2008 inflation rate was 1.16%. The current year-over-year inflation rate (2019 to 2020) is now 2.25%1. If this number holds, \$100 today will be equivalent in buying power to \$102.25 next year.

 Cumulative price change 20.39% Average inflation rate 1.56% Converted amount (\$100 base) \$120.39 Price difference (\$100 base) \$20.39 CPI in 2008 113.300 CPI in 2020 136.400 Inflation in 2008 1.16% Inflation in 2020 2.25%

## Buying power of \$100 in 2008

This chart shows a calculation of buying power equivalence for \$100 in 2008 (price index tracking began in 1914).

For example, if you started with \$100, you would need to end with \$120.39 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$100 is equivalent to \$120.39 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 2008 dollars, the chart below shows how \$100 is worth less over 12 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: 2008-2020
Year Dollar Value Inflation Rate
2008 \$100.00 1.16%
2009 \$101.32 1.32%
2010 \$103.71 2.35%
2011 \$106.09 2.30%
2012 \$106.97 0.83%
2013 \$108.30 1.24%
2014 \$109.89 1.47%
2015 \$111.65 1.61%
2016 \$113.33 1.50%
2017 \$115.09 1.56%
2018 \$115.45 0.31%
2019 \$117.74 1.99%
2020 \$120.39 2.25%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 6 more rows

This conversion table shows various other 2008 amounts in today's dollars, based on the 20.39% change in prices:

Conversion Table: Value of a dollar today
Initial value Equivalent value
\$1 dollar in 2008 \$1.20 dollars today
\$5 dollars in 2008 \$6.02 dollars today
\$10 dollars in 2008 \$12.04 dollars today
\$50 dollars in 2008 \$60.19 dollars today
\$100 dollars in 2008 \$120.39 dollars today
\$500 dollars in 2008 \$601.94 dollars today
\$1,000 dollars in 2008 \$1,203.88 dollars today
\$5,000 dollars in 2008 \$6,019.42 dollars today
\$10,000 dollars in 2008 \$12,038.83 dollars today
\$50,000 dollars in 2008 \$60,194.17 dollars today
\$100,000 dollars in 2008 \$120,388.35 dollars today
\$500,000 dollars in 2008 \$601,941.75 dollars today
\$1,000,000 dollars in 2008 \$1,203,883.50 dollars today

## How to Calculate Inflation Rate for \$100 since 2008

Our calculations use the following inflation rate formula to calculate the change in value between 2008 and today:

CPI today CPI in 2008
×
=
Today's value

Then plug in historical CPI values. The Canadian CPI was 113.3 in the year 2008 and 136.4 in 2020:

136.4113.3
×
\$100
=
\$120.39

\$100 in 2008 has the same "purchasing power" or "buying power" as \$120.39 in 2020.

To get the total inflation rate for the 12 years between 2008 and 2020, we use the following formula:

CPI in 2020 - CPI in 2008CPI in 2008
×
100
=
Cumulative inflation rate (12 years)

Plugging in the values to this equation, we get:

136.4 - 113.3113.3
×
100
=
20%

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

• Black Monday: stock markets crash all over the globe, resulting in enormous drops in global stock markets and halts in trading.
• Fidel Castro retires as Cuban President due to ill health, after nearly 50 years in power.
• Barak Obama becomes the first African American to receive the presidential nomination of his party.

## 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: “Value of 2008 dollars today | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 26 Sep. 2020, https://www.officialdata.org/canada/inflation/2008?amount=&startYear=&future_pct=.

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.