# Canadian inflation rate in 1941: 5.96%

\$

## Inflation in 1941 and its effect on dollar value

\$1 in 1940 is equivalent in purchasing power to about \$1.06 in 1941. The dollar had an average inflation rate of 5.96% per year between 1940 and 1941, producing a cumulative price increase of 5.96%. Purchasing power decreased by 5.96% in 1941 compared to 1940. On average, you would have to spend 5.96% more money in 1941 than in 1940 for the same item.

This means that prices in 1941 are 1.06 times as high as average prices since 1940, according to Statistics Canada consumer price index.

The inflation rate in 1940 was 4.25%. The inflation rate in 1941 was 5.96%. The 1941 inflation rate is higher compared to the average inflation rate of 3.67% per year between 1941 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1941 was 8.45. It was 7.98 in the previous year, 1940. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 5.96% Converted amount\$1 base \$1.06 Price difference\$1 base \$0.06 CPI in 1940 7.975 CPI in 1941 8.450 Inflation in 1940 4.25% Inflation in 1941 5.96% \$1 in 1940 \$1.06 in 1941

## How to calculate inflation rate for \$1, 1940 to 1941

Our calculations use the following inflation rate formula to calculate the change in value between 1940 and 1941:

CPI in 1941 CPI in 1940
×
=

Then plug in historical CPI values. The Canadian CPI was 7.975 in the year 1940 and 8.45 in 1941:

8.457.975
×
\$1
=
\$1.06

\$1 in 1940 has the same "purchasing power" or "buying power" as \$1.06 in 1941.

To get the total inflation rate for the 1 years between 1940 and 1941, we use the following formula:

CPI in 1941 - CPI in 1940CPI in 1940
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

8.45 - 7.9757.975
×
100
=
6%

## 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 1941 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Sep. 2023, https://www.officialdata.org/CAD-inflation-rate-in-1941.

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. 