$1 in 1923 is equivalent in purchasing power to about $0.99 in 1924.
The dollar had an average **deflation** rate of -1.09% per year since 1923, producing a cumulative price change of -1.09%.
Purchasing power *increased* by 1.09% in 1924 compared to 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**.

This means that prices in 1924 are 1.09% lower than average prices since 1923, according to Statistics Canada consumer price index.

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 2.84% per year between 1924 and 2021.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1924 was 9.10. 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 | -1.09% |

Converted amount ($1 base) | $0.99 |

Price difference ($1 base) | $-0.01 |

CPI in 1923 | 9.200 |

CPI in 1924 | 9.100 |

Inflation in 1923 | 0.00% |

Inflation in 1924 | -1.09% |

$1 in 1923 | $0.99 in 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 9.1 in 1924:

9.19.2

×

$1

=

$1 in 1923 has the same "purchasing power" or "buying power" as $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

=

Plugging in the values to this equation, we get:

9.1 - 9.29.2

×

100

=

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.

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, 18 Sep. 2021, 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 | -1.09% |

Converted amount ($1 base) | $0.99 |

Price difference ($1 base) | $-0.01 |

CPI in 1923 | 9.200 |

CPI in 1924 | 9.100 |

Inflation in 1923 | 0.00% |

Inflation in 1924 | -1.09% |

$1 in 1923 | $0.99 in 1924 |