# Canadian inflation rate in 2008: 2.37%

\$

## Inflation in 2008 and its effect on dollar value

\$1 in 2007 is equivalent in purchasing power to about \$1.02 in 2008. The dollar had an average inflation rate of 2.37% per year between 2007 and 2008, producing a cumulative price increase of 2.37%. Purchasing power decreased by 2.37% in 2008 compared to 2007. On average, you would have to spend 2.37% more money in 2008 than in 2007 for the same item.

This means that prices in 2008 are 1.02 times as high as average prices since 2007, according to Statistics Canada consumer price index.

The inflation rate in 2007 was 2.14%. The inflation rate in 2008 was 2.37%. The 2008 inflation rate is lower compared to the average inflation rate of 2.38% per year between 2008 and 2023.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2008 was 114.09. It was 111.45 in the previous year, 2007. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.

 Average inflation rate 2.37% Converted amount\$1 base \$1.02 Price difference\$1 base \$0.02 CPI in 2007 111.450 CPI in 2008 114.092 Inflation in 2007 2.14% Inflation in 2008 2.37% \$1 in 2007 \$1.02 in 2008

## How to calculate inflation rate for \$1, 2007 to 2008

Our calculations use the following inflation rate formula to calculate the change in value between 2007 and 2008:

CPI in 2008 CPI in 2007
×
=

Then plug in historical CPI values. The Canadian CPI was 111.45 in the year 2007 and 114.0916667 in 2008:

114.0916667111.45
×
\$1
=
\$1.02

\$1 in 2007 has the same "purchasing power" or "buying power" as \$1.02 in 2008.

To get the total inflation rate for the 1 years between 2007 and 2008, we use the following formula:

CPI in 2008 - CPI in 2007CPI in 2007
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

114.0916667 - 111.45111.45
×
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 2008 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Sep. 2023, https://www.officialdata.org/CAD-inflation-rate-in-2008.

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. 