Canadian inflation rate in 1924: -1.09%

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Inflation in 1924 and Its Effect on Dollar Value

Purchasing power increased by 1.09% in 1924 compared to the previous year, 1923. On average, you would have to spend 1.09% less money in 1924 than in 1923 for the same item. This is an example of deflation.

In other words, CA$1 in 1923 is equivalent in purchasing power to CA$0.99 in 1924.

The 1923 inflation rate was 0.00%. The inflation rate in 1924 was -1.09%. The 1924 inflation rate is lower compared to the average inflation rate of 2.90% per year between 1924 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1924 was 9.1. It was 9.2 in the previous year, 1923. The difference in CPI between the years is used by Statistics Canada to officially determine inflation. Because the 1924 CPI is less than 1923 CPI, negative inflation (also known as deflation) has occurred.


Inflation from 1923 to 1924
Average inflation rate -1.09%
Converted amount (CA$1 base) CA$0.99
Price difference (CA$1 base) CA$-0.01
CPI in 1923 9.200
CPI in 1924 9.100
Inflation in 1923 0.00%
Inflation in 1924 -1.09%


CAD inflation chart from 1914 to 2017


How to Calculate Inflation Rate for CA$1, 1923 to 1924

This inflation calculator uses the following inflation rate formula:

CPI in 1924CPI in 1923
×
1923 CAD value
=
1924 CAD value

Then plug in historical CPI values. The Canadian CPI was 9.2 in the year 1923 and 9.1 in 1924:

9.19.2
×
CA$1
=
CA$0.99

CA$1 in 1923 has the same "purchasing power" or "buying power" as CA$0.99 in 1924.

To get the total inflation rate for the 1 years between 1923 and 1924, we use the following formula:

CPI in 1924 - CPI in 1923CPI in 1923
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.1 - 9.29.2
×
100
=
-1%

News headlines from 1923

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

  • The inner burial chamber of the Pharaoh Tutankhamun's tomb is opened, leading to the finding of the sarcophagus by Howard Carter.
  • The Disney Brothers Cartoon Studio is founded.
  • Lenin's "Political Testament" is issued which calls for Stalin's removal.
  • In Germany, 5,000 storm troopers demonstrate against the 'November crime', Hitler is arrested after seeking to take advantage of the chaotic conditions.

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 1924 | Canada Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 13 Dec. 2018, https://www.officialdata.org/CAD-inflation-rate-in-1924.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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