# Canadian inflation rate in 1963: 1.63%

\$

## Inflation in 1963 and its effect on dollar value

\$1 in 1962 is equivalent in purchasing power to about \$1.02 in 1963. The dollar had an average inflation rate of 1.63% per year between 1962 and 1963, producing a cumulative price increase of 1.63%. Purchasing power decreased by 1.63% in 1963 compared to 1962. On average, you would have to spend 1.63% more money in 1963 than in 1962 for the same item.

This means that prices in 1963 are 1.02 times higher than average prices since 1962, according to Statistics Canada consumer price index.

The inflation rate in 1962 was 1.06%. The inflation rate in 1963 was 1.63%. The 1963 inflation rate is lower compared to the average inflation rate of 3.78% per year between 1963 and 2022.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1963 was 16.13. It was 15.87 in the previous year, 1962. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 1.63% Converted amount (\$1 base) \$1.02 Price difference (\$1 base) \$0.02 CPI in 1962 15.867 CPI in 1963 16.125 Inflation in 1962 1.06% Inflation in 1963 1.63% \$1 in 1962 \$1.02 in 1963

## How to calculate inflation rate for \$1, 1962 to 1963

Our calculations use the following inflation rate formula to calculate the change in value between 1962 and 1963:

CPI in 1963 CPI in 1962
×
=

Then plug in historical CPI values. The Canadian CPI was 15.86666667 in the year 1962 and 16.125 in 1963:

16.12515.86666667
×
\$1
=
\$1.02

\$1 in 1962 has the same "purchasing power" or "buying power" as \$1.02 in 1963.

To get the total inflation rate for the 1 years between 1962 and 1963, we use the following formula:

CPI in 1963 - CPI in 1962CPI in 1962
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

16.125 - 15.8666666715.86666667
×
100
=
2%

## 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 1963 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 30 Jun. 2022, https://www.officialdata.org/CAD-inflation-rate-in-1963.

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