$1 in 1960 → $0.93 in 1956

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$1 in 1960 → $0.93 in 1956

Canadian Inflation Rate, $1 in 1960 to 1956

According to Statistics Canada consumer price index, prices in 1956 are 7.01% lower than average prices throughout 1960. The dollar experienced an average inflation rate of 1.83% per year during this period, meaning the real value of a dollar decreased.

In other words, $1 in 1960 is equivalent in purchasing power to about $0.93 in 1956, a difference of $-0.07 over 4 years.

The 1956 inflation rate was 2.82%. The inflation rate in 1960 was 1.29%. The 1960 inflation rate is lower compared to the average inflation rate of 3.69% per year between 1960 and 2019.


Inflation from 1960 to 1956
Cumulative price change -7.01%
Average inflation rate 1.83%
Converted amount ($1 base) $0.93
Price difference ($1 base) $-0.07
CPI in 1960 15.700
CPI in 1956 14.600
Inflation in 1956 2.82%
Inflation in 1960 1.29%

CAD inflation chart from 1914 to 2017


Buying power of $1 in 1956

This chart shows calculation of buying power equivalence, often referred to as "the value of a dollar" over time for $1 in 1956 (price index tracking began in 1914).

According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:

Year Dollar Value Inflation Rate
1956 $1.00 2.82%
1957 $1.02 2.05%
1958 $1.05 2.68%
1959 $1.06 1.31%
1960 $1.08 1.29%
1961 $1.08 0.00%
1962 $1.10 1.91%
1963 $1.12 1.88%
1964 $1.14 1.84%
1965 $1.17 3.01%
1966 $1.21 3.51%
1967 $1.26 3.95%
1968 $1.32 4.35%
1969 $1.38 4.69%
1970 $1.39 1.00%
1971 $1.46 4.93%
1972 $1.53 5.16%
1973 $1.68 9.38%
1974 $1.89 12.65%
1975 $2.07 9.42%
1976 $2.18 5.63%
1977 $2.39 9.40%
1978 $2.60 8.60%
1979 $2.85 9.76%
1980 $3.16 11.06%
1981 $3.55 12.12%
1982 $3.88 9.27%
1983 $4.05 4.59%
1984 $4.21 3.72%
1985 $4.39 4.40%
1986 $4.58 4.21%
1987 $4.77 4.19%
1988 $4.95 3.88%
1989 $5.21 5.26%
1990 $5.47 4.99%
1991 $5.68 3.75%
1992 $5.80 2.17%
1993 $5.90 1.65%
1994 $5.91 0.23%
1995 $6.01 1.74%
1996 $6.14 2.16%
1997 $6.19 0.78%
1998 $6.25 1.00%
1999 $6.42 2.63%
2000 $6.62 3.20%
2001 $6.67 0.72%
2002 $6.92 3.80%
2003 $7.07 2.08%
2004 $7.22 2.13%
2005 $7.37 2.09%
2006 $7.49 1.67%
2007 $7.67 2.38%
2008 $7.76 1.16%
2009 $7.86 1.32%
2010 $8.05 2.35%
2011 $8.23 2.30%
2012 $8.30 0.83%
2013 $8.40 1.24%
2014 $8.53 1.47%
2015 $8.66 1.61%
2016 $8.79 1.50%
2017 $8.93 1.56%
2018 $8.96 0.31%
2019 $9.14 1.99%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for $1, 1956 to 1960

This inflation calculator uses the following inflation rate formula:

CPI in 1956CPI in 1960
×
1960 CAD value
=
1956 CAD value

Then plug in historical CPI values. The Canadian CPI was 15.7 in the year 1960 and 14.6 in 1956:

14.615.7
×
$1
=
$0.93

$1 in 1960 has the same "purchasing power" or "buying power" as $0.93 in 1956.

To get the total inflation rate for the 4 years between 1956 and 1960, we use the following formula:

CPI in 1956 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

14.6 - 15.715.7
×
100
=
-7%

News headlines from 1956

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

  • Johnny Cash plays his first concert in a prison.
  • The Bank of France issues new franc currency, worth 100 times the value of old francs.
  • France grants independence to Cameroon (previously French Cameroon) after years of fighting.
  • Guided missiles are launched for the first time from a nuclear powered submarine

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: “$1 in 1960 → 1956 | Canada Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 13 Dec. 2019, https://www.officialdata.org/1960-CAD-in-1956?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

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


About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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» Read more about inflation and investment.

Inflation from 1960 to 1956
Cumulative price change -7.01%
Average inflation rate 1.83%
Converted amount ($1 base) $0.93
Price difference ($1 base) $-0.07
CPI in 1960 15.700
CPI in 1956 14.600
Inflation in 1956 2.82%
Inflation in 1960 1.29%
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