Inflation in 1924 and its effect on dollar value
$1 in 1923 is equivalent in purchasing power to about $0.98 in 1924. The dollar had an average deflation rate of -1.90% per year since 1923, producing a cumulative price change of -1.90%. Purchasing power increased by 1.90% in 1924 compared to 1923. On average, you would have to spend 1.90% less money in 1924 than in 1923 for the same item. This is an example of deflation.
This means that prices in 1924 are 1.9% lower than average prices since 1923, according to Statistics Canada consumer price index.
The inflation rate in 1923 was 0.00%. The inflation rate in 1924 was -1.90%. The 1924 inflation rate is lower compared to the average inflation rate of 2.91% per year between 1924 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1924 was 9.03. It was 9.20 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.
⌃
| Average inflation rate | -1.90% |
| Converted amount $1 base | $0.98 |
| Price difference $1 base | $-0.02 |
| CPI in 1923 | 9.200 |
| CPI in 1924 | 9.025 |
| Inflation in 1923 | 0.00% |
| Inflation in 1924 | -1.90% |
| $1 in 1923 | $0.98 in 1924 |
How to calculate inflation rate for $1, 1923 to 1924
Our calculations use the following inflation rate formula to calculate the change in value between 1923 and 1924:
CPI in 1924 CPI 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 9.025 in 1924:
9.0259.2
×
$1
=
$0.98
$1 in 1923 has the same "purchasing power" or "buying power" as $0.98 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:
9.025 - 9.29.2
×
100
=
-2%
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.” Official Inflation Data, Alioth Finance, 25 Apr. 2024, https://www.officialdata.org/CAD-inflation-rate-in-1924.
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.
| Average inflation rate | -1.90% |
| Converted amount $1 base | $0.98 |
| Price difference $1 base | $-0.02 |
| CPI in 1923 | 9.200 |
| CPI in 1924 | 9.025 |
| Inflation in 1923 | 0.00% |
| Inflation in 1924 | -1.90% |
| $1 in 1923 | $0.98 in 1924 |