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# \$1 in 1960 → \$1.02 in 1962

### Canadian Inflation Rate, \$1 in 1960 to 1962

According to Statistics Canada consumer price index, prices in 1962 are 1.91% higher than average prices since 1960. The Canadian dollar experienced an average inflation rate of 0.95% 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 \$1.02 in 1962, a difference of \$0.02 over 2 years.

The 1960 inflation rate was 1.29%. The inflation rate in 1962 was 1.91%. The 1962 inflation rate is lower compared to the average inflation rate of 3.76% per year between 1962 and 2020.

 Cumulative price change 1.91% Average inflation rate 0.95% Converted amount (\$1 base) \$1.02 Price difference (\$1 base) \$0.02 CPI in 1960 15.700 CPI in 1962 16.000 Inflation in 1960 1.29% Inflation in 1962 1.91%

### Buying power of \$1 in 1960

This chart shows a calculation of buying power equivalence for \$1 in 1960 (price index tracking began in 1914).

For example, if you started with \$1, you would need to end with \$1.02 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$1.02 over time, that means that the "real value" of a single Canadian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1960 dollars, the chart below shows how \$1 buys less over the past 2 years.

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
1960 \$1.00 1.29%
1961 \$1.00 0.00%
1962 \$1.02 1.91%
1963 \$1.04 1.88%
1964 \$1.06 1.84%
1965 \$1.09 3.01%
1966 \$1.13 3.51%
1967 \$1.17 3.95%
1968 \$1.22 4.35%
1969 \$1.28 4.69%
1970 \$1.29 1.00%
1971 \$1.36 4.93%
1972 \$1.43 5.16%
1973 \$1.56 9.38%
1974 \$1.76 12.65%
1975 \$1.92 9.42%
1976 \$2.03 5.63%
1977 \$2.22 9.40%
1978 \$2.41 8.60%
1979 \$2.65 9.76%
1980 \$2.94 11.06%
1981 \$3.30 12.12%
1982 \$3.61 9.27%
1983 \$3.77 4.59%
1984 \$3.91 3.72%
1985 \$4.08 4.40%
1986 \$4.25 4.21%
1987 \$4.43 4.19%
1988 \$4.61 3.88%
1989 \$4.85 5.26%
1990 \$5.09 4.99%
1991 \$5.28 3.75%
1992 \$5.39 2.17%
1993 \$5.48 1.65%
1994 \$5.50 0.23%
1995 \$5.59 1.74%
1996 \$5.71 2.16%
1997 \$5.76 0.78%
1998 \$5.82 1.00%
1999 \$5.97 2.63%
2000 \$6.16 3.20%
2001 \$6.20 0.72%
2002 \$6.44 3.80%
2003 \$6.57 2.08%
2004 \$6.71 2.13%
2005 \$6.85 2.09%
2006 \$6.97 1.67%
2007 \$7.13 2.38%
2008 \$7.22 1.16%
2009 \$7.31 1.32%
2010 \$7.48 2.35%
2011 \$7.66 2.30%
2012 \$7.72 0.83%
2013 \$7.82 1.24%
2014 \$7.93 1.47%
2015 \$8.06 1.61%
2016 \$8.18 1.50%
2017 \$8.31 1.56%
2018 \$8.33 0.31%
2019 \$8.50 1.99%
2020 \$8.69 2.25%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

### How to Calculate Inflation Rate for \$1, 1960 to 1962

This inflation calculator uses the following inflation rate formula:

CPI in 1962CPI in 1960
×
=

Then plug in historical CPI values. The Canadian CPI was 15.7 in the year 1960 and 16 in 1962:

1615.7
×
\$1
=
\$1.02

\$1 in 1960 has the same "purchasing power" or "buying power" as \$1.02 in 1962.

To get the total inflation rate for the 2 years between 1960 and 1962, we use the following formula:

CPI in 1962 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

16 - 15.715.7
×
100
=
2%

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 → 1962 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Jan. 2020, https://www.officialdata.org/1960-CAD-in-1962?amount=1.