Canadian inflation rate in 1942: 4.64%

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Inflation in 1942 and its effect on dollar value

$1 in 1941 is equivalent in purchasing power to about $1.05 in 1942. The dollar had an average inflation rate of 4.64% per year between 1941 and 1942, producing a cumulative price increase of 4.64%. Purchasing power decreased by 4.64% in 1942 compared to 1941. On average, you would have to spend 4.64% more money in 1942 than in 1941 for the same item.

This means that prices in 1942 are 1.05 times as high as average prices since 1941, according to Statistics Canada consumer price index.

The inflation rate in 1941 was 5.96%. The inflation rate in 1942 was 4.64%. The 1942 inflation rate is higher compared to the average inflation rate of 3.58% per year between 1942 and 2024.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1942 was 8.84. It was 8.45 in the previous year, 1941. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

⌃
Inflation from 1941 to 1942
Average inflation rate4.64%
Converted amount
$1 base		$1.05
Price difference
$1 base		$0.05
CPI in 19418.450
CPI in 19428.842
Inflation in 19415.96%
Inflation in 19424.64%
$1 in 1941$1.05 in 1942
Recent CAD inflation
Annual Rate, Statistics Canada CPI
Download

How to calculate inflation rate for $1, 1941 to 1942

Our calculations use the following inflation rate formula to calculate the change in value between 1941 and 1942:

CPI in 1942 CPI in 1941
×
1941 CAD value
=
1942 CAD value

Then plug in historical CPI values. The Canadian CPI was 8.45 in the year 1941 and 8.841666667 in 1942:

8.8416666678.45
×
$1
=
$1.05

$1 in 1941 has the same "purchasing power" or "buying power" as $1.05 in 1942.

To get the total inflation rate for the 1 years between 1941 and 1942, we use the following formula:

CPI in 1942 - CPI in 1941CPI in 1941
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

8.841666667 - 8.458.45
×
100
=
5%

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 1942 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 11 Dec. 2024, https://www.officialdata.org/CAD-inflation-rate-in-1942.

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.

Ian Webster

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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Inflation from 1941 to 1942
Average inflation rate4.64%
Converted amount
$1 base		$1.05
Price difference
$1 base		$0.05
CPI in 19418.450
CPI in 19428.842
Inflation in 19415.96%
Inflation in 19424.64%
$1 in 1941$1.05 in 1942