\$

# Canadian inflation rate in 1958: 2.68%

### Inflation in 1958 and Its Effect on Dollar Value

Purchasing power decreased by 2.68% in 1958 compared to 1957. On average, you would have to spend 2.68% more money in 1958 than in 1957 for the same item.

In other words, \$1 in 1957 is equivalent in purchasing power to about \$1.03 in 1958.

The 1957 inflation rate was 2.05%. The inflation rate in 1958 was 2.68%. The 1958 inflation rate is lower compared to the average inflation rate of 3.59% per year between 1958 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1958 was 15.30. It was 14.90 in the previous year, 1957. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 2.68% Converted amount (\$1 base) \$1.03 Price difference (\$1 base) \$0.03 CPI in 1957 14.900 CPI in 1958 15.300 Inflation in 1957 2.05% Inflation in 1958 2.68%

### How to Calculate Inflation Rate for \$1, 1957 to 1958

This inflation calculator uses the following inflation rate formula:

CPI in 1958CPI in 1957
×
=

Then plug in historical CPI values. The Canadian CPI was 14.9 in the year 1957 and 15.3 in 1958:

15.314.9
×
\$1
=
\$1.03

\$1 in 1957 has the same "purchasing power" or "buying power" as \$1.03 in 1958.

To get the total inflation rate for the 1 years between 1957 and 1958, we use the following formula:

CPI in 1958 - CPI in 1957CPI in 1957
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

15.3 - 14.914.9
×
100
=
3%

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

• Great Britain grants the Federation of Malaya independence.

### 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 1958 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Jan. 2020, https://www.officialdata.org/CAD-inflation-rate-in-1958.