# Canadian inflation rate in 1957: 2.05%

\$

## Inflation in 1957 and its effect on dollar value

Purchasing power decreased by 2.05% in 1957 compared to 1956. On average, you would have to spend 2.05% more money in 1957 than in 1956 for the same item.

In other words, \$1 in 1956 is equivalent in purchasing power to about \$1.02 in 1957.

The 1956 inflation rate was 2.82%. The inflation rate in 1957 was 2.05%. The 1957 inflation rate is lower compared to the average inflation rate of 3.58% per year between 1957 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1957 was 14.90. It was 14.60 in the previous year, 1956. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 2.05% Converted amount (\$1 base) \$1.02 Price difference (\$1 base) \$0.02 CPI in 1956 14.600 CPI in 1957 14.900 Inflation in 1956 2.82% Inflation in 1957 2.05%

## How to Calculate Inflation Rate for \$1, 1956 to 1957

Our calculations use the following inflation rate formula to calculate the change in value between 1956 and 1957:

CPI in 1957 CPI in 1956
×
=

Then plug in historical CPI values. The Canadian CPI was 14.6 in the year 1956 and 14.9 in 1957:

14.914.6
×
\$1
=
\$1.02

\$1 in 1956 has the same "purchasing power" or "buying power" as \$1.02 in 1957.

To get the total inflation rate for the 1 years between 1956 and 1957, we use the following formula:

CPI in 1957 - CPI in 1956CPI in 1956
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

14.9 - 14.614.6
×
100
=
2%

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

• Nikita Khrushchev criticises Stalin at 20th Soviet Party Conference.
• Morocco declares independence from France, tearing up the Treaty of Fez.
• IBM introduces the first computer with a hard drive, RAMAC 305, which weighs over one ton.
• President Eisenhower orders the desegregation of Little Rock schools.
• Shippingport Atomic Power Station in Pennsylvania becomes the world's first nuclear power station to generate electricity.

## 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 1957 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 3 Jun. 2020, https://www.officialdata.org/CAD-inflation-rate-in-1957.

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

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.

 Average inflation rate 2.05% Converted amount (\$1 base) \$1.02 Price difference (\$1 base) \$0.02 CPI in 1956 14.600 CPI in 1957 14.900 Inflation in 1956 2.82% Inflation in 1957 2.05%