Inflation in 2016 and its effect on dollar value
$1 in 2015 is equivalent in purchasing power to about $1.02 in 2016. The dollar had an average inflation rate of 1.50% per year between 2015 and 2016, producing a cumulative price increase of 1.50%. Purchasing power decreased by 1.50% in 2016 compared to 2015. On average, you would have to spend 1.50% more money in 2016 than in 2015 for the same item.
This means that prices in 2016 are 1.02 times higher than average prices since 2015, according to Statistics Canada consumer price index.
The 2015 inflation rate was 1.61%. The inflation rate in 2016 was 1.50%. The 2016 inflation rate is higher compared to the average inflation rate of 1.36% per year between 2016 and 2021.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2016 was 128.40. It was 126.50 in the previous year, 2015. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.
⌃
| Average inflation rate | 1.50% |
| Converted amount ($1 base) | $1.02 |
| Price difference ($1 base) | $0.02 |
| CPI in 2015 | 126.500 |
| CPI in 2016 | 128.400 |
| Inflation in 2015 | 1.61% |
| Inflation in 2016 | 1.50% |
| $1 in 2015 | $1.02 in 2016 |
How to Calculate Inflation Rate for $1, 2015 to 2016
Our calculations use the following inflation rate formula to calculate the change in value between 2015 and 2016:
CPI in 2016
CPI in 2015
×
2015 CAD value
=
2016 CAD value
Then plug in historical CPI values. The Canadian CPI was 126.5 in the year 2015 and 128.4 in 2016:
128.4126.5
×
$1
=
$1.02
$1 in 2015 has the same "purchasing power" or "buying power" as $1.02 in 2016.
To get the total inflation rate for the 1 years between 2015 and 2016, we use the following formula:
CPI in 2016 - CPI in 2015CPI in 2015
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
128.4 - 126.5126.5
×
100
=
2%
News headlines from 2015
Politics and news often influence economic performance. Here's what was happening at the time:
- Barack Obama and Raul Castro, hold the first meeting between Cuban and American leaders since the Cuban Revolution.
- The population of India reaches 1 billion (officially). The billionth baby was named Astha Arora.
- Donald Trump announces his intention to join the US presidential campaign.
- China brings an end to its one child policy, 35 years after it was first introduced.
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 2016 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 May. 2021, https://www.officialdata.org/CAD-inflation-rate-in-2016.
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 | 1.50% |
| Converted amount ($1 base) | $1.02 |
| Price difference ($1 base) | $0.02 |
| CPI in 2015 | 126.500 |
| CPI in 2016 | 128.400 |
| Inflation in 2015 | 1.61% |
| Inflation in 2016 | 1.50% |
| $1 in 2015 | $1.02 in 2016 |