Inflation in 1994 and its effect on dollar value
$1 in 1993 is equivalent in purchasing power to about $1.00 in 1994. The dollar had an average inflation rate of 0.17% per year between 1993 and 1994, producing a cumulative price increase of 0.17%. Purchasing power decreased by 0.17% in 1994 compared to 1993. On average, you would have to spend 0.17% more money in 1994 than in 1993 for the same item.
This means that prices in 1994 are 1.00 times as high as average prices since 1993, according to Statistics Canada consumer price index.
The inflation rate in 1993 was 1.87%. The inflation rate in 1994 was 0.17%. The 1994 inflation rate is lower compared to the average inflation rate of 2.08% per year between 1994 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1994 was 85.71. It was 85.57 in the previous year, 1993. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.
⌃
| Average inflation rate | 0.17% |
| Converted amount $1 base | $1.00 |
| Price difference $1 base | $0.00 |
| CPI in 1993 | 85.567 |
| CPI in 1994 | 85.708 |
| Inflation in 1993 | 1.87% |
| Inflation in 1994 | 0.17% |
| $1 in 1993 | $1.00 in 1994 |
How to calculate inflation rate for $1, 1993 to 1994
Our calculations use the following inflation rate formula to calculate the change in value between 1993 and 1994:
CPI in 1994 CPI in 1993
×
1993 CAD value
=
1994 CAD value
Then plug in historical CPI values. The Canadian CPI was 85.56666667 in the year 1993 and 85.70833333 in 1994:
85.7083333385.56666667
×
$1
=
$1.00
$1 in 1993 has the same "purchasing power" or "buying power" as $1.00 in 1994.
To get the total inflation rate for the 1 years between 1993 and 1994, we use the following formula:
CPI in 1994 - CPI in 1993CPI in 1993
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
85.70833333 - 85.5666666785.56666667
×
100
=
0%
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 1994 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Apr. 2024, https://www.officialdata.org/CAD-inflation-rate-in-1994.
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.
| Average inflation rate | 0.17% |
| Converted amount $1 base | $1.00 |
| Price difference $1 base | $0.00 |
| CPI in 1993 | 85.567 |
| CPI in 1994 | 85.708 |
| Inflation in 1993 | 1.87% |
| Inflation in 1994 | 0.17% |
| $1 in 1993 | $1.00 in 1994 |