# \$1 in 1960 is worth \$0.93 in 1956

\$

## Value of \$1 from 1960 to 1956

According to Statistics Canada consumer price index, prices in 1956 are 7.01% lower than average prices since 1960. The Canadian dollar experienced an average inflation rate of 1.83% per year during this period, causing the real value of a dollar to decrease.

In other words, \$1 in 1960 is equivalent in purchasing power to about \$0.93 in 1956, a difference of \$-0.07 over 4 years.

The 1956 inflation rate was 2.82%. The inflation rate in 1960 was 1.29%. The 1960 inflation rate is lower compared to the average inflation rate of 3.67% per year between 1960 and 2020.

 Cumulative price change -7.01% Average inflation rate 1.83% Converted amount (\$1 base) \$0.93 Price difference (\$1 base) \$-0.07 CPI in 1960 15.700 CPI in 1956 14.600 Inflation in 1956 2.82% Inflation in 1960 1.29%

## Buying power of \$1 in 1956

This chart shows a calculation of buying power equivalence for \$1 in 1956 (price index tracking began in 1914).

For example, if you started with \$1, you would need to end with \$0.93 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1 is equivalent to \$0.93 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 1956 dollars, the chart below shows how \$1 is worth less over 4 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: 1956-1960
Year Dollar Value Inflation Rate
1956 \$1.00 2.82%
1957 \$1.02 2.05%
1958 \$1.05 2.68%
1959 \$1.06 1.31%
1960 \$1.08 1.29%
1961 \$1.08 0.00%
1962 \$1.10 1.91%
1963 \$1.12 1.88%
1964 \$1.14 1.84%
1965 \$1.17 3.01%
1966 \$1.21 3.51%
1967 \$1.26 3.95%
1968 \$1.32 4.35%
1969 \$1.38 4.69%
1970 \$1.39 1.00%
1971 \$1.46 4.93%
1972 \$1.53 5.16%
1973 \$1.68 9.38%
1974 \$1.89 12.65%
1975 \$2.07 9.42%
1976 \$2.18 5.63%
1977 \$2.39 9.40%
1978 \$2.60 8.60%
1979 \$2.85 9.76%
1980 \$3.16 11.06%
1981 \$3.55 12.12%
1982 \$3.88 9.27%
1983 \$4.05 4.59%
1984 \$4.21 3.72%
1985 \$4.39 4.40%
1986 \$4.58 4.21%
1987 \$4.77 4.19%
1988 \$4.95 3.88%
1989 \$5.21 5.26%
1990 \$5.47 4.99%
1991 \$5.68 3.75%
1992 \$5.80 2.17%
1993 \$5.90 1.65%
1994 \$5.91 0.23%
1995 \$6.01 1.74%
1996 \$6.14 2.16%
1997 \$6.19 0.78%
1998 \$6.25 1.00%
1999 \$6.42 2.63%
2000 \$6.62 3.20%
2001 \$6.67 0.72%
2002 \$6.92 3.80%
2003 \$7.07 2.08%
2004 \$7.22 2.13%
2005 \$7.37 2.09%
2006 \$7.49 1.67%
2007 \$7.67 2.38%
2008 \$7.76 1.16%
2009 \$7.86 1.32%
2010 \$8.05 2.35%
2011 \$8.23 2.30%
2012 \$8.30 0.83%
2013 \$8.40 1.24%
2014 \$8.53 1.47%
2015 \$8.66 1.61%
2016 \$8.79 1.50%
2017 \$8.93 1.56%
2018 \$8.96 0.31%
2019 \$9.14 1.99%
2020 \$9.34 2.25%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1956 amounts in 1960 dollars, based on the -7.01% change in prices:

Conversion Table: Value of a dollar in 1960
Initial value Equivalent value
\$1 dollar in 1956 \$1.08 dollars in 1960
\$5 dollars in 1956 \$5.38 dollars in 1960
\$10 dollars in 1956 \$10.75 dollars in 1960
\$50 dollars in 1956 \$53.77 dollars in 1960
\$100 dollars in 1956 \$107.53 dollars in 1960
\$500 dollars in 1956 \$537.67 dollars in 1960
\$1,000 dollars in 1956 \$1,075.34 dollars in 1960
\$5,000 dollars in 1956 \$5,376.71 dollars in 1960
\$10,000 dollars in 1956 \$10,753.42 dollars in 1960
\$50,000 dollars in 1956 \$53,767.12 dollars in 1960
\$100,000 dollars in 1956 \$107,534.25 dollars in 1960
\$500,000 dollars in 1956 \$537,671.23 dollars in 1960
\$1,000,000 dollars in 1956 \$1,075,342.47 dollars in 1960

## How to Calculate Inflation Rate for \$1, 1956 to 1960

Our calculations use the following inflation rate formula to calculate the change in value between 1956 and 1960:

CPI in 1956 CPI in 1960
×
=

Then plug in historical CPI values. The Canadian CPI was 15.7 in the year 1960 and 14.6 in 1956:

14.615.7
×
\$1
=
\$0.93

\$1 in 1960 has the same "purchasing power" or "buying power" as \$0.93 in 1956.

To get the total inflation rate for the 4 years between 1956 and 1960, we use the following formula:

CPI in 1956 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

14.6 - 15.715.7
×
100
=
-7%

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

• Johnny Cash plays his first concert in a prison.
• The Bank of France issues new franc currency, worth 100 times the value of old francs.
• France grants independence to Cameroon (previously French Cameroon) after years of fighting.
• Guided missiles are launched for the first time from a nuclear powered submarine

## 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 1960 → 1956 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Oct. 2020, https://www.officialdata.org/canada/inflation/1960?amount=1&endYear=1956.

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.