Canadian inflation rate in 1957: 2.05%

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Inflation in 1957 and Its Effect on Dollar Value

Purchasing power decreased by 2.05% in 1957 compared to the previous year, 1956. On average, you would have to spend 2.05% more money in 1957 than in 1956 for the same item.

In other words, CA$1 in 1956 is equivalent in purchasing power to CA$1.02 in 1957.

The 1956 inflation rate was 2.82%. The inflation rate in 1957 was 2.05%. The 1957 inflation rate is lower compared to the average inflation rate of 3.66% per year between 1957 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1957 was 14.9. It was 14.6 in the previous year, 1956. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.


Inflation from 1956 to 1957
Average inflation rate 2.05%
Converted amount (CA$1 base) CA$1.02
Price difference (CA$1 base) CA$0.02
CPI in 1956 14.600
CPI in 1957 14.900
Inflation in 1956 2.82%
Inflation in 1957 2.05%


CAD inflation chart from 1914 to 2017


How to Calculate Inflation Rate for CA$1, 1956 to 1957

This inflation calculator uses the following inflation rate formula:

CPI in 1957CPI in 1956
×
1956 CAD value
=
1957 CAD value

Then plug in historical CPI values. The Canadian CPI was 14.6 in the year 1956 and 14.9 in 1957:

14.914.6
×
CA$1
=
CA$1.02

CA$1 in 1956 has the same "purchasing power" or "buying power" as CA$1.02 in 1957.

To get the total inflation rate for the 1 years between 1956 and 1957, we use the following formula:

CPI in 1957 - CPI in 1956CPI in 1956
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

14.9 - 14.614.6
×
100
=
2%

News headlines from 1956

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

  • Nikita Khrushchev criticises Stalin at 20th Soviet Party Conference.
  • Morocco declares independence from France, tearing up the Treaty of Fez.
  • IBM introduces the first computer with a hard drive, RAMAC 305, which weighs over one ton.
  • President Eisenhower orders the desegregation of Little Rock schools.
  • Shippingport Atomic Power Station in Pennsylvania becomes the world's first nuclear power station to generate electricity.

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 1957 | Canada Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Nov. 2018, https://www.officialdata.org/CAD-inflation-rate-in-1957.

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


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