# Canadian inflation rate in 1962: 1.06%

\$

## Inflation in 1962 and its effect on dollar value

\$1 in 1961 is equivalent in purchasing power to about \$1.01 in 1962. The dollar had an average inflation rate of 1.06% per year between 1961 and 1962, producing a cumulative price increase of 1.06%. Purchasing power decreased by 1.06% in 1962 compared to 1961. On average, you would have to spend 1.06% more money in 1962 than in 1961 for the same item.

This means that prices in 1962 are 1.01 times as high as average prices since 1961, according to Statistics Canada consumer price index.

The inflation rate in 1961 was 1.02%. The inflation rate in 1962 was 1.06%. The 1962 inflation rate is lower compared to the average inflation rate of 3.84% per year between 1962 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1962 was 15.87. It was 15.70 in the previous year, 1961. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 1.06% Converted amount\$1 base \$1.01 Price difference\$1 base \$0.01 CPI in 1961 15.700 CPI in 1962 15.867 Inflation in 1961 1.02% Inflation in 1962 1.06% \$1 in 1961 \$1.01 in 1962

## How to calculate inflation rate for \$1, 1961 to 1962

Our calculations use the following inflation rate formula to calculate the change in value between 1961 and 1962:

CPI in 1962 CPI in 1961
×
=

Then plug in historical CPI values. The Canadian CPI was 15.7 in the year 1961 and 15.86666667 in 1962:

15.8666666715.7
×
\$1
=
\$1.01

\$1 in 1961 has the same "purchasing power" or "buying power" as \$1.01 in 1962.

To get the total inflation rate for the 1 years between 1961 and 1962, we use the following formula:

CPI in 1962 - CPI in 1961CPI in 1961
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

15.86666667 - 15.715.7
×
100
=
1%

## 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 1962 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 1 Dec. 2023, https://www.officialdata.org/CAD-inflation-rate-in-1962.

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. 