# Canadian inflation rate in 2002: 2.26%

\$

## Inflation in 2002 and its effect on dollar value

\$1 in 2001 is equivalent in purchasing power to about \$1.02 in 2002. The dollar had an average inflation rate of 2.26% per year between 2001 and 2002, producing a cumulative price increase of 2.26%. Purchasing power decreased by 2.26% in 2002 compared to 2001. On average, you would have to spend 2.26% more money in 2002 than in 2001 for the same item.

This means that prices in 2002 are 1.02 times as high as average prices since 2001, according to Statistics Canada consumer price index.

The inflation rate in 2001 was 2.53%. The inflation rate in 2002 was 2.26%. The 2002 inflation rate is higher compared to the average inflation rate of 2.20% per year between 2002 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2002 was 99.99. It was 97.78 in the previous year, 2001. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 2.26% Converted amount\$1 base \$1.02 Price difference\$1 base \$0.02 CPI in 2001 97.783 CPI in 2002 99.992 Inflation in 2001 2.53% Inflation in 2002 2.26% \$1 in 2001 \$1.02 in 2002

## How to calculate inflation rate for \$1, 2001 to 2002

Our calculations use the following inflation rate formula to calculate the change in value between 2001 and 2002:

CPI in 2002 CPI in 2001
×
=

Then plug in historical CPI values. The Canadian CPI was 97.78333333 in the year 2001 and 99.99166667 in 2002:

99.9916666797.78333333
×
\$1
=
\$1.02

\$1 in 2001 has the same "purchasing power" or "buying power" as \$1.02 in 2002.

To get the total inflation rate for the 1 years between 2001 and 2002, we use the following formula:

CPI in 2002 - CPI in 2001CPI in 2001
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

99.99166667 - 97.7833333397.78333333
×
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 2002 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Nov. 2023, https://www.officialdata.org/CAD-inflation-rate-in-2002.

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. 