# Canadian inflation rate in 1957: 3.32%

\$

## Inflation in 1957 and its effect on dollar value

\$1 in 1956 is equivalent in purchasing power to about \$1.03 in 1957. The dollar had an average inflation rate of 3.32% per year between 1956 and 1957, producing a cumulative price increase of 3.32%. Purchasing power decreased by 3.32% in 1957 compared to 1956. On average, you would have to spend 3.32% more money in 1957 than in 1956 for the same item.

This means that prices in 1957 are 1.03 times as high as average prices since 1956, according to Statistics Canada consumer price index.

The inflation rate in 1956 was 1.36%. The inflation rate in 1957 was 3.32%. The 1957 inflation rate is lower compared to the average inflation rate of 3.69% per year between 1957 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1957 was 14.80. It was 14.33 in the previous year, 1956. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 3.32% Converted amount\$1 base \$1.03 Price difference\$1 base \$0.03 CPI in 1956 14.325 CPI in 1957 14.800 Inflation in 1956 1.36% Inflation in 1957 3.32% \$1 in 1956 \$1.03 in 1957

## 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 14.325 in the year 1956 and 14.8 in 1957:

14.814.325
×
\$1
=
\$1.03

\$1 in 1956 has the same "purchasing power" or "buying power" as \$1.03 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:

14.8 - 14.32514.325
×
100
=
3%

## 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, 27 Sep. 2023, https://www.officialdata.org/CAD-inflation-rate-in-1957.

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. 