Based on the inflation rate calculator recommended by Bureau of Labor Statistics (BLS), one dollar in 1974 had approximately five times the spending power of a dollar in 2014.
Inflation is the steady increase in the price of consumer goods over time. As prices rise, the spending power of a unit of currency decreases. The overall rate of inflation is based on an average of all consumer good prices available at a given time and does not measure specific spending trends.
The BLS assigns a Consumer Price Index to each year. To calculate the value of a dollar in a past year, divide the CPI for that year by the current CPI. The answer is the value of one dollar in the chosen earlier year.