# \$1 in 1955 is worth \$9.61 today

\$

## Value of \$1 from 1955 to 2020

According to Statistics Canada consumer price index, today's prices in 2020 are 860.56% higher than average prices since 1955. The Canadian dollar experienced an average inflation rate of 3.54% per year during this period, causing the real value of a dollar to decrease.

In other words, \$1 in 1955 is equivalent in purchasing power to about \$9.61 in 2020, a difference of \$8.61 over 65 years.

The 1955 inflation rate was 0.71%. The current year-over-year inflation rate (2019 to 2020) is now 2.25%1. If this number holds, \$1 today will be equivalent in buying power to \$1.02 next year.

 Cumulative price change 860.56% Average inflation rate 3.54% Converted amount (\$1 base) \$9.61 Price difference (\$1 base) \$8.61 CPI in 1955 14.200 CPI in 2020 136.400 Inflation in 1955 0.71% Inflation in 2020 2.25%

## Buying power of \$1 in 1955

This chart shows a calculation of buying power equivalence for \$1 in 1955 (price index tracking began in 1914).

For example, if you started with \$1, you would need to end with \$9.61 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$9.61 over time, that means that the "real value" of a single Canadian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1955 dollars, the chart below shows how \$1 is worth less over 65 years.

According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 1955-2020
Year Dollar Value Inflation Rate
1955 \$1.00 0.71%
1956 \$1.03 2.82%
1957 \$1.05 2.05%
1958 \$1.08 2.68%
1959 \$1.09 1.31%
1960 \$1.11 1.29%
1961 \$1.11 0.00%
1962 \$1.13 1.91%
1963 \$1.15 1.88%
1964 \$1.17 1.84%
1965 \$1.20 3.01%
1966 \$1.25 3.51%
1967 \$1.30 3.95%
1968 \$1.35 4.35%
1969 \$1.42 4.69%
1970 \$1.43 1.00%
1971 \$1.50 4.93%
1972 \$1.58 5.16%
1973 \$1.73 9.38%
1974 \$1.94 12.65%
1975 \$2.13 9.42%
1976 \$2.25 5.63%
1977 \$2.46 9.40%
1978 \$2.67 8.60%
1979 \$2.93 9.76%
1980 \$3.25 11.06%
1981 \$3.65 12.12%
1982 \$3.99 9.27%
1983 \$4.17 4.59%
1984 \$4.32 3.72%
1985 \$4.51 4.40%
1986 \$4.70 4.21%
1987 \$4.90 4.19%
1988 \$5.09 3.88%
1989 \$5.36 5.26%
1990 \$5.63 4.99%
1991 \$5.84 3.75%
1992 \$5.96 2.17%
1993 \$6.06 1.65%
1994 \$6.08 0.23%
1995 \$6.18 1.74%
1996 \$6.32 2.16%
1997 \$6.37 0.78%
1998 \$6.43 1.00%
1999 \$6.60 2.63%
2000 \$6.81 3.20%
2001 \$6.86 0.72%
2002 \$7.12 3.80%
2003 \$7.27 2.08%
2004 \$7.42 2.13%
2005 \$7.58 2.09%
2006 \$7.70 1.67%
2007 \$7.89 2.38%
2008 \$7.98 1.16%
2009 \$8.08 1.32%
2010 \$8.27 2.35%
2011 \$8.46 2.30%
2012 \$8.54 0.83%
2013 \$8.64 1.24%
2014 \$8.77 1.47%
2015 \$8.91 1.61%
2016 \$9.04 1.50%
2017 \$9.18 1.56%
2018 \$9.21 0.31%
2019 \$9.39 1.99%
2020 \$9.61 2.25%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 59 more rows

This conversion table shows various other 1955 amounts in today's dollars, based on the 860.56% change in prices:

Conversion Table: Value of a dollar today
Initial value Equivalent value
\$1 dollar in 1955 \$9.61 dollars today
\$5 dollars in 1955 \$48.03 dollars today
\$10 dollars in 1955 \$96.06 dollars today
\$50 dollars in 1955 \$480.28 dollars today
\$100 dollars in 1955 \$960.56 dollars today
\$500 dollars in 1955 \$4,802.82 dollars today
\$1,000 dollars in 1955 \$9,605.63 dollars today
\$5,000 dollars in 1955 \$48,028.17 dollars today
\$10,000 dollars in 1955 \$96,056.34 dollars today
\$50,000 dollars in 1955 \$480,281.69 dollars today
\$100,000 dollars in 1955 \$960,563.38 dollars today
\$500,000 dollars in 1955 \$4,802,816.90 dollars today
\$1,000,000 dollars in 1955 \$9,605,633.80 dollars today

## How to Calculate Inflation Rate for \$1 since 1955

Our calculations use the following inflation rate formula to calculate the change in value between 1955 and today:

CPI today CPI in 1955
×
=
Today's value

Then plug in historical CPI values. The Canadian CPI was 14.2 in the year 1955 and 136.4 in 2020:

136.414.2
×
\$1
=
\$9.61

\$1 in 1955 has the same "purchasing power" or "buying power" as \$9.61 in 2020.

To get the total inflation rate for the 65 years between 1955 and 2020, we use the following formula:

CPI in 2020 - CPI in 1955CPI in 1955
×
100
=
Cumulative inflation rate (65 years)

Plugging in the values to this equation, we get:

136.4 - 14.214.2
×
100
=
861%

Politics and news often influence economic performance. Here's what was happening at the time:

• The occupying powers grant full Sovereignty to West Germany.
• The Mainau Declaration against nuclear weapons is signed by 18 Nobel laureates.
• Rosa Parks is arrested in Montgomery, Alabama for refusing to give her seat to a white person and move to the back of the bus.

## 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: “\$1 in 1955 → 2020 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Sep. 2020, https://www.officialdata.org/canada/inflation/1955?amount=1.

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.