# Canadian inflation rate in 1996: 1.57%

\$

## Inflation in 1996 and its effect on dollar value

\$1 in 1995 is equivalent in purchasing power to about \$1.02 in 1996. The dollar had an average inflation rate of 1.57% per year between 1995 and 1996, producing a cumulative price increase of 1.57%. Purchasing power decreased by 1.57% in 1996 compared to 1995. On average, you would have to spend 1.57% more money in 1996 than in 1995 for the same item.

This means that prices in 1996 are 1.02 times as high as average prices since 1995, according to Statistics Canada consumer price index.

The inflation rate in 1995 was 2.15%. The inflation rate in 1996 was 1.57%. The 1996 inflation rate is lower compared to the average inflation rate of 2.15% per year between 1996 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1996 was 88.93. It was 87.55 in the previous year, 1995. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 1.57% Converted amount\$1 base \$1.02 Price difference\$1 base \$0.02 CPI in 1995 87.550 CPI in 1996 88.925 Inflation in 1995 2.15% Inflation in 1996 1.57% \$1 in 1995 \$1.02 in 1996

## How to calculate inflation rate for \$1, 1995 to 1996

Our calculations use the following inflation rate formula to calculate the change in value between 1995 and 1996:

CPI in 1996 CPI in 1995
×
=

Then plug in historical CPI values. The Canadian CPI was 87.55 in the year 1995 and 88.925 in 1996:

88.92587.55
×
\$1
=
\$1.02

\$1 in 1995 has the same "purchasing power" or "buying power" as \$1.02 in 1996.

To get the total inflation rate for the 1 years between 1995 and 1996, we use the following formula:

CPI in 1996 - CPI in 1995CPI in 1995
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

88.925 - 87.5587.55
×
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 1996 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 Dec. 2023, https://www.officialdata.org/CAD-inflation-rate-in-1996.

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. 