# Canadian inflation rate in 1976: 7.54%

\$

## Inflation in 1976 and its effect on dollar value

\$1 in 1975 is equivalent in purchasing power to about \$1.08 in 1976. The dollar had an average inflation rate of 7.54% per year between 1975 and 1976, producing a cumulative price increase of 7.54%. Purchasing power decreased by 7.54% in 1976 compared to 1975. On average, you would have to spend 7.54% more money in 1976 than in 1975 for the same item.

This means that prices in 1976 are 1.08 times higher than average prices since 1975, according to Statistics Canada consumer price index.

The inflation rate in 1975 was 10.67%. The inflation rate in 1976 was 7.54%. The 1976 inflation rate is higher compared to the average inflation rate of 3.50% per year between 1976 and 2022.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1976 was 31.13. It was 28.95 in the previous year, 1975. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 7.54% Converted amount (\$1 base) \$1.08 Price difference (\$1 base) \$0.08 CPI in 1975 28.950 CPI in 1976 31.133 Inflation in 1975 10.67% Inflation in 1976 7.54% \$1 in 1975 \$1.08 in 1976

## How to calculate inflation rate for \$1, 1975 to 1976

Our calculations use the following inflation rate formula to calculate the change in value between 1975 and 1976:

CPI in 1976 CPI in 1975
×
=

Then plug in historical CPI values. The Canadian CPI was 28.95 in the year 1975 and 31.13333333 in 1976:

31.1333333328.95
×
\$1
=
\$1.08

\$1 in 1975 has the same "purchasing power" or "buying power" as \$1.08 in 1976.

To get the total inflation rate for the 1 years between 1975 and 1976, we use the following formula:

CPI in 1976 - CPI in 1975CPI in 1975
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

31.13333333 - 28.9528.95
×
100
=
8%

## 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 1976 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 17 Aug. 2022, https://www.officialdata.org/CAD-inflation-rate-in-1976.

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. 