Canadian inflation rate in 1984: 3.72%

\$

Inflation in 1984 and Its Effect on Dollar Value

Purchasing power decreased by 3.72% in 1984 compared to 1983. On average, you would have to spend 3.72% more money in 1984 than in 1983 for the same item.

In other words, \$1 in 1983 is equivalent in purchasing power to about \$1.04 in 1984.

The 1983 inflation rate was 4.59%. The inflation rate in 1984 was 3.72%. The 1984 inflation rate is higher compared to the average inflation rate of 2.24% per year between 1984 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1984 was 61.40. It was 59.20 in the previous year, 1983. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 3.72% Converted amount (\$1 base) \$1.04 Price difference (\$1 base) \$0.04 CPI in 1983 59.200 CPI in 1984 61.400 Inflation in 1983 4.59% Inflation in 1984 3.72%

How to Calculate Inflation Rate for \$1, 1983 to 1984

This inflation calculator uses the following inflation rate formula:

CPI in 1984CPI in 1983
×
=

Then plug in historical CPI values. The Canadian CPI was 59.2 in the year 1983 and 61.4 in 1984:

61.459.2
×
\$1
=
\$1.04

\$1 in 1983 has the same "purchasing power" or "buying power" as \$1.04 in 1984.

To get the total inflation rate for the 1 years between 1983 and 1984, we use the following formula:

CPI in 1984 - CPI in 1983CPI in 1983
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

61.4 - 59.259.2
×
100
=
4%

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

• 26 million pounds in gold, diamonds and cash is stolen from Brink's-Mat warehouse at Heathrow Airport in London, which is considered to be one of the world's greatest robberies.
• Ronald Reagan ends the United States embargo against Guatemala.

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 1984 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 5 Apr. 2020, https://www.officialdata.org/CAD-inflation-rate-in-1984.