********************************************************************************* DATA FOR David Wheelock and Michael Bordo's September/October 1998 REVIEW ARTICLE "Price Stability and Financial Stability: The Historical Record" Pages 41-62. ********************************************************************************* Used in Figures 1 - 5 U.S. CPI Inflation 1775-1996 1774-1946 A Bicentenary Contribution to the History of the Cost of Living in America Authors: David and Solar 1947-1996 Consumer Price Index 1982-84 = 100 Source: BLS Series Plotted: Inflation = (ln(t) - ln(t-1))*100 Raw CPI Raw CPI (Solar) (BLS) 1774 97 . 1775 92 . 1776 105 . 1777 128 . 1778 166 . 1779 147 . 1780 165 . 1781 133 . 1782 146 . 1783 128 . 1784 123 . 1785 117 . 1786 114 . 1787 112 . 1788 107 . 1789 106 . 1790 110 . 1791 113 . 1792 115 . 1793 119 . 1794 132 . 1795 151 . 1796 159 . 1797 153 . 1798 148 . 1799 148 . 1800 151 . 1801 153 . 1802 129 . 1803 136 . 1804 142 . 1805 141 . 1806 147 . 1807 139 . 1808 151 . 1809 148 . 1810 148 . 1811 158 . 1812 160 . 1813 192 . 1814 211 . 1815 185 . 1816 169 . 1817 160 . 1818 153 . 1819 153 . 1820 141 . 1821 136 . 1822 141 . 1823 126 . 1824 116 . 1825 119 . 1826 119 . 1827 120 . 1828 114 . 1829 112 . 1830 111 . 1831 104 . 1832 103 . 1833 101 . 1834 103 . 1835 106 . 1836 112 . 1837 115 . 1838 112 . 1839 112 . 1840 104 . 1841 105 . 1842 98 . 1843 89 . 1844 90 . 1845 91 . 1846 92 . 1847 99 . 1848 95 . 1849 92 . 1850 94 . 1851 92 . 1852 93 . 1853 93 . 1854 101 . 1855 104 . 1856 102 . 1857 105 . 1858 99 . 1859 100 . 1860 100 . 1861 106 . 1862 121 . 1863 151 . 1864 189 . 1865 196 . 1866 191 . 1867 178 . 1868 171 . 1869 164 . 1870 157 . 1871 147 . 1872 147 . 1873 144 . 1874 137 . 1875 132 . 1876 129 . 1877 126 . 1878 120 . 1879 120 . 1880 123 . 1881 123 . 1882 123 . 1883 121 . 1884 118 . 1885 116 . 1886 113 . 1887 114 . 1888 114 . 1889 111 . 1890 109 . 1891 109 . 1892 109 . 1893 108 . 1894 103 . 1895 101 . 1896 101 . 1897 100 . 1898 100 . 1899 100 . 1900 101 . 1901 102 . 1902 103 . 1903 106 . 1904 107 . 1905 106 . 1906 108 . 1907 113 . 1908 111 . 1909 109 . 1910 114 . 1911 114 . 1912 117 . 1913 119 . 1914 120 . 1915 121 . 1916 130 . 1917 153 . 1918 180 . 1919 207 . 1920 240 . 1921 214 . 1922 200 . 1923 204 . 1924 204 . 1925 210 . 1926 211 . 1927 208 . 1928 205 . 1929 205 . 1930 200 . 1931 182 . 1932 163 . 1933 155 . 1934 160 . 1935 164 . 1936 166 . 1937 172 . 1938 169 . 1939 166 . 1940 168 . 1941 176 . 1942 195 . 1943 207 . 1944 210 . 1945 215 . 1946 233 . 1947 267 22.3 1948 . 24.1 1949 . 23.8 1950 . 24.1 1951 . 26 1952 . 26.6 1953 . 26.8 1954 . 26.9 1955 . 26.8 1956 . 27.2 1957 . 28.1 1958 . 28.9 1959 . 29.2 1960 . 29.6 1961 . 29.9 1962 . 30.2 1963 . 30.6 1964 . 31 1965 . 31.6 1966 . 32.5 1967 . 33.4 1968 . 34.8 1969 . 36.7 1970 . 38.8 1971 . 40.5 1972 . 41.8 1973 . 44.4 1974 . 49.3 1975 . 53.8 1976 . 56.9 1977 . 60.6 1978 . 65.2 1979 . 72.6 1980 . 82.4 1981 . 90.9 1982 . 96.5 1983 . 99.6 1984 . 103.9 1985 . 107.6 1986 . 109.7 1987 . 113.7 1988 . 118.4 1989 . 124 1990 . 130.8 1991 . 136.3 1992 . 140.4 1993 . 144.6 1994 . 148.3 1995 . 152.5 1996 . 157 Figure 3 Number of U.S. Commercial Banks and Branches Failures 1866-1891: FDIC Annual Report (1934), p. 92 (suspended banks that did not reopen) 1892-1913: Banking and Monetary Statistics 1914-41, p. 283- (suspensions) 1866 7 1867 11 1868 10 1869 8 1870 1 1871 11 1872 14 1873 44 1874 43 1875 17 1876 45 1877 74 1878 80 1879 24 1880 13 1881 10 1882 21 1883 29 1884 66 1885 34 1886 21 1887 27 1888 24 1889 20 1890 40 1891 69 1892 80 1893 491 1894 83 1895 110 1896 141 1897 139 1898 63 1899 32 1900 35 1901 65 1902 54 1903 52 1904 125 1905 80 1906 53 1907 90 1908 153 1909 78 1910 58 1911 85 1912 78 1913 103 Figure 4 U.S. Losses on All Banks Relative to All Deposits (%) 1866-1913 A: U.S. National Banks Amount of Losses on Deposits B: a1)1866-1899 = 0.9 * Liabilities US State and Private Banks that Did Not Reopen a2)1900-1912 = (0.9 * Liabilities US State Banks that Did Not Reopen)+(0.9 * Liabilities US Suspended Private Banks) b)US Repayment Factor B=(1/(b/100))*a C: US Deposits of Commercial Banks Other Than National D: Total Deposits of US National Banks FDIC Annual Report(1934,89,92,93,94) Series Plotted: ((A+B)/(C+D))*100 1866 0.120578571 1867 0.096457612 1868 0.012584139 1869 0.013524708 1870 0.001279376 1871 0.095657112 1872 0.087567537 1873 0.337803848 1874 0.117508847 1875 0.42430834 1876 0.2478268 1877 0.39674276 1878 0.741587974 1879 0.114045556 1880 0.026957545 1881 0.06839078 1882 0.101135586 1883 0.052343851 1884 0.292058419 1885 0.104939809 1886 0.019388611 1887 0.099199829 1888 0.05574941 1889 0.025999881 1890 0.099396725 1891 0.194113672 1892 0.025803611 1893 0.454035968 1894 0.102540335 1895 0.093844032 1896 0.142631435 1897 0.151060488 1898 0.036372179 1899 0.04193681 1900 0.035890343 1901 0.041376521 1902 0.026521157 1903 0.020231165 1904 0.089524163 1905 0.052702525 1906 0.028261757 1907 0.296878068 1908 0.20062794 1909 0.052605452 1910 0.04522196 1911 0.038078393 1912 0.022471759 1913 0.027241504 Figure 5 Commercial Paper 1866 - 1913 Choice 60-90 day Two Name Paper "Some theoretical problems suggested by the movements of interest rates, bond yields and stock prices in the United States since 1859" Author: Frederick R. Macaulay Series plotted = Annual standard deviation of monthly data 01/01/1866 7.37 02/01/1866 7.28 03/01/1866 7.32 04/01/1866 6.69 05/01/1866 6.05 06/01/1866 5.56 07/01/1866 5.89 08/01/1866 5.89 09/01/1866 5.25 10/01/1866 5.45 11/01/1866 6.69 12/01/1866 6.88 01/01/1867 7.40 02/01/1867 7.06 03/01/1867 7.19 04/01/1867 7.17 05/01/1867 6.67 06/01/1867 7.38 07/01/1867 6.55 08/01/1867 6.50 09/01/1867 7.12 10/01/1867 8.40 11/01/1867 8.56 12/01/1867 7.94 01/01/1868 7.06 02/01/1868 6.50 03/01/1868 7.67 04/01/1868 8.00 05/01/1868 6.62 06/01/1868 5.72 07/01/1868 6.50 08/01/1868 6.62 09/01/1868 6.75 10/01/1868 7.44 11/01/1868 10.00 12/01/1868 8.25 01/01/1869 8.31 02/01/1869 7.69 03/01/1869 9.40 04/01/1869 9.88 05/01/1869 7.81 06/01/1869 9.65 07/01/1869 10.25 08/01/1869 9.56 09/01/1869 10.94 10/01/1869 10.38 11/01/1869 11.94 12/01/1869 10.17 01/01/1870 9.00 02/01/1870 7.38 03/01/1870 7.50 04/01/1870 7.19 05/01/1870 6.38 06/01/1870 5.46 07/01/1870 6.38 08/01/1870 7.18 09/01/1870 7.25 10/01/1870 7.28 11/01/1870 7.25 12/01/1870 8.75 01/01/1871 7.22 02/01/1871 6.62 03/01/1871 6.25 04/01/1871 6.78 05/01/1871 5.50 06/01/1871 5.06 07/01/1871 4.90 08/01/1871 5.52 09/01/1871 6.66 10/01/1871 10.03 11/01/1871 9.28 12/01/1871 9.94 01/01/1872 8.30 02/01/1872 7.56 03/01/1872 8.62 04/01/1872 8.66 05/01/1872 7.20 06/01/1872 6.00 07/01/1872 6.45 08/01/1872 7.56 09/01/1872 10.00 10/01/1872 10.80 11/01/1872 11.62 12/01/1872 10.83 01/01/1873 9.28 02/01/1873 9.38 03/01/1873 10.12 04/01/1873 11.40 05/01/1873 8.12 06/01/1873 6.83 07/01/1873 6.44 08/01/1873 7.06 09/01/1873 14.28 10/01/1873 16.50 11/01/1873 14.50 12/01/1873 9.80 01/01/1874 7.44 02/01/1874 6.00 03/01/1874 6.14 04/01/1874 6.25 05/01/1874 5.66 06/01/1874 5.56 07/01/1874 5.61 08/01/1874 5.44 09/01/1874 6.25 10/01/1874 5.81 11/01/1874 5.62 12/01/1874 6.00 01/01/1875 5.25 02/01/1875 5.19 03/01/1875 5.90 04/01/1875 5.44 05/01/1875 4.56 06/01/1875 4.55 07/01/1875 4.31 08/01/1875 4.94 09/01/1875 5.89 10/01/1875 6.31 11/01/1875 6.39 12/01/1875 6.61 01/01/1876 6.44 02/01/1876 5.33 03/01/1876 5.39 04/01/1876 5.50 05/01/1876 5.05 06/01/1876 4.75 07/01/1876 3.81 08/01/1876 3.60 09/01/1876 4.75 10/01/1876 5.67 11/01/1876 5.44 12/01/1876 5.88 01/01/1877 5.55 02/01/1877 4.50 03/01/1877 4.44 04/01/1877 4.38 05/01/1877 4.00 06/01/1877 4.06 07/01/1877 4.14 08/01/1877 5.64 09/01/1877 6.38 10/01/1877 7.25 11/01/1877 6.19 12/01/1877 5.62 01/01/1878 5.85 02/01/1878 5.31 03/01/1878 5.12 04/01/1878 5.36 05/01/1878 4.53 06/01/1878 3.81 07/01/1878 3.60 08/01/1878 3.81 09/01/1878 4.62 10/01/1878 5.45 11/01/1878 5.12 12/01/1878 5.06 01/01/1879 4.33 02/01/1879 3.81 03/01/1879 5.06 04/01/1879 5.45 05/01/1879 4.44 06/01/1879 4.25 07/01/1879 3.90 08/01/1879 5.56 09/01/1879 5.78 10/01/1879 5.94 11/01/1879 6.25 12/01/1879 5.95 01/01/1880 5.38 02/01/1880 5.31 03/01/1880 5.50 04/01/1880 5.50 05/01/1880 5.19 06/01/1880 4.55 07/01/1880 4.44 08/01/1880 5.03 09/01/1880 5.25 10/01/1880 5.12 11/01/1880 5.44 12/01/1880 6.00 01/01/1881 5.25 02/01/1881 5.38 03/01/1881 5.55 04/01/1881 5.19 05/01/1881 4.06 06/01/1881 3.50 07/01/1881 4.00 08/01/1881 4.95 09/01/1881 5.69 10/01/1881 6.25 11/01/1881 6.30 12/01/1881 6.25 01/01/1882 5.50 02/01/1882 5.47 03/01/1882 5.64 04/01/1882 5.06 05/01/1882 4.85 06/01/1882 5.12 07/01/1882 4.62 08/01/1882 5.65 09/01/1882 6.75 10/01/1882 6.67 11/01/1882 6.50 12/01/1882 5.88 01/01/1883 5.50 02/01/1883 5.38 03/01/1883 6.38 04/01/1883 5.81 05/01/1883 5.35 06/01/1883 5.50 07/01/1883 4.78 08/01/1883 5.61 09/01/1883 6.00 10/01/1883 6.00 11/01/1883 5.69 12/01/1883 5.50 01/01/1884 4.89 02/01/1884 4.75 03/01/1884 4.62 04/01/1884 4.72 05/01/1884 5.06 06/01/1884 5.75 07/01/1884 5.95 08/01/1884 5.50 09/01/1884 5.50 10/01/1884 5.50 11/01/1884 5.19 12/01/1884 5.00 01/01/1885 4.69 02/01/1885 4.50 03/01/1885 4.47 04/01/1885 3.97 05/01/1885 3.68 06/01/1885 3.55 07/01/1885 3.50 08/01/1885 3.68 09/01/1885 3.75 10/01/1885 4.00 11/01/1885 4.44 12/01/1885 4.50 01/01/1886 4.31 02/01/1886 3.90 03/01/1886 3.87 04/01/1886 4.25 05/01/1886 4.06 06/01/1886 3.85 07/01/1886 3.94 08/01/1886 5.19 09/01/1886 5.81 10/01/1886 6.06 11/01/1886 5.92 12/01/1886 5.97 01/01/1887 5.50 02/01/1887 4.81 03/01/1887 5.35 04/01/1887 5.38 05/01/1887 5.21 06/01/1887 5.13 07/01/1887 6.19 08/01/1887 6.35 09/01/1887 6.94 10/01/1887 6.38 11/01/1887 5.75 12/01/1887 6.00 01/01/1888 5.60 02/01/1888 4.85 03/01/1888 5.22 04/01/1888 5.40 05/01/1888 4.82 06/01/1888 4.25 07/01/1888 4.08 08/01/1888 4.36 09/01/1888 5.28 10/01/1888 5.07 11/01/1888 4.75 12/01/1888 4.97 01/01/1889 4.65 02/01/1889 4.25 03/01/1889 4.50 04/01/1889 4.29 05/01/1889 3.85 06/01/1889 3.88 07/01/1889 4.40 08/01/1889 5.16 09/01/1889 5.28 10/01/1889 6.00 11/01/1889 6.00 12/01/1889 6.09 01/01/1890 5.35 02/01/1890 5.03 03/01/1890 5.50 04/01/1890 5.11 05/01/1890 5.06 06/01/1890 5.00 07/01/1890 5.05 08/01/1890 5.59 09/01/1890 5.75 10/01/1890 5.90 11/01/1890 6.75 12/01/1890 7.33 01/01/1891 5.83 02/01/1891 5.00 03/01/1891 5.25 04/01/1891 5.08 05/01/1891 5.38 06/01/1891 5.50 07/01/1891 5.60 08/01/1891 5.75 09/01/1891 5.78 10/01/1891 5.58 11/01/1891 5.06 12/01/1891 4.83 01/01/1892 4.16 02/01/1892 3.69 03/01/1892 3.98 04/01/1892 3.47 05/01/1892 3.16 06/01/1892 2.95 07/01/1892 3.47 08/01/1892 3.96 09/01/1892 4.71 10/01/1892 5.16 11/01/1892 5.14 12/01/1892 5.50 01/01/1893 5.10 02/01/1893 4.97 03/01/1893 6.80 04/01/1893 5.75 05/01/1893 6.69 06/01/1893 8.47 07/01/1893 10.88 08/01/1893 10.60 09/01/1893 8.28 10/01/1893 5.91 11/01/1893 4.38 12/01/1893 3.66 01/01/1894 3.48 02/01/1894 3.30 03/01/1894 3.03 04/01/1894 3.10 05/01/1894 2.93 06/01/1894 2.91 07/01/1894 3.00 08/01/1894 3.07 09/01/1894 3.28 10/01/1894 2.76 11/01/1894 2.79 12/01/1894 2.88 01/01/1895 3.10 02/01/1895 3.62 03/01/1895 3.91 04/01/1895 3.97 05/01/1895 2.77 06/01/1895 2.62 07/01/1895 2.94 08/01/1895 3.47 09/01/1895 4.03 10/01/1895 4.78 11/01/1895 4.13 12/01/1895 4.75 01/01/1896 6.00 02/01/1896 5.81 03/01/1896 5.22 04/01/1896 5.27 05/01/1896 4.53 06/01/1896 4.25 07/01/1896 5.05 08/01/1896 7.81 09/01/1896 8.30 10/01/1896 8.36 11/01/1896 5.34 12/01/1896 3.73 01/01/1897 3.31 02/01/1897 3.00 03/01/1897 3.33 04/01/1897 3.53 05/01/1897 3.53 06/01/1897 3.12 07/01/1897 3.40 08/01/1897 3.72 09/01/1897 4.10 10/01/1897 4.19 11/01/1897 3.38 12/01/1897 3.42 01/01/1898 3.25 02/01/1898 3.12 03/01/1898 4.65 04/01/1898 5.75 05/01/1898 4.65 06/01/1898 3.24 07/01/1898 3.66 08/01/1898 3.64 09/01/1898 4.11 10/01/1898 3.41 11/01/1898 3.30 12/01/1898 3.03 01/01/1899 2.90 02/01/1899 3.05 03/01/1899 3.86 04/01/1899 3.69 05/01/1899 3.60 06/01/1899 3.31 07/01/1899 3.66 08/01/1899 4.35 09/01/1899 4.94 10/01/1899 5.19 11/01/1899 5.42 12/01/1899 5.88 01/01/00 4.93 02/01/00 4.40 03/01/00 4.88 04/01/00 4.25 05/01/00 3.70 06/01/00 3.68 07/01/00 4.03 08/01/00 4.19 09/01/00 4.34 10/01/00 5.05 11/01/00 4.40 12/01/00 4.75 01/01/01 4.03 02/01/01 3.69 03/01/01 3.75 04/01/01 3.97 05/01/01 3.97 06/01/01 3.94 07/01/01 4.30 08/01/01 4.50 09/01/01 4.94 10/01/01 4.65 11/01/01 4.72 12/01/01 4.94 01/01/02 4.50 02/01/02 4.00 03/01/02 4.34 04/01/02 4.48 05/01/02 4.53 06/01/02 4.44 07/01/02 4.62 08/01/02 4.84 09/01/02 5.61 10/01/02 5.94 11/01/02 5.75 12/01/02 6.00 01/01/03 5.12 02/01/03 4.84 03/01/03 5.61 04/01/03 5.22 05/01/03 4.75 06/01/03 5.08 07/01/03 5.44 08/01/03 5.94 09/01/03 6.00 10/01/03 5.84 11/01/03 5.97 12/01/03 5.85 01/01/04 4.88 02/01/04 4.78 03/01/04 4.68 04/01/04 4.06 05/01/04 3.92 06/01/04 3.61 07/01/04 3.53 08/01/04 3.88 09/01/04 4.31 10/01/04 4.40 11/01/04 4.13 12/01/04 4.28 01/01/05 3.97 02/01/05 3.83 03/01/05 3.93 04/01/05 3.97 05/01/05 3.98 06/01/05 3.75 07/01/05 4.12 08/01/05 4.20 09/01/05 4.72 10/01/05 4.95 11/01/05 5.58 12/01/05 5.81 01/01/06 5.05 02/01/06 5.03 03/01/06 5.28 04/01/06 5.44 05/01/06 5.32 06/01/06 5.25 07/01/06 5.46 08/01/06 5.96 09/01/06 6.56 10/01/06 6.30 11/01/06 6.25 12/01/06 6.25 01/01/07 6.15 02/01/07 5.94 03/01/07 6.18 04/01/07 5.94 05/01/07 5.47 06/01/07 5.44 07/01/07 5.75 08/01/07 6.25 09/01/07 6.81 10/01/07 7.10 11/01/07 7.25 12/01/07 7.83 01/01/08 6.47 02/01/08 5.06 03/01/08 5.68 04/01/08 4.46 05/01/08 3.94 06/01/08 3.64 07/01/08 3.75 08/01/08 3.60 09/01/08 3.93 10/01/08 4.06 11/01/08 4.03 12/01/08 3.85 01/01/09 3.72 02/01/09 3.53 03/01/09 3.50 04/01/09 3.50 05/01/09 3.44 06/01/09 3.25 07/01/09 3.38 08/01/09 4.04 09/01/09 4.18 10/01/09 5.03 11/01/09 5.05 12/01/09 5.11 01/01/10 4.75 02/01/10 4.44 03/01/10 4.50 04/01/10 4.75 05/01/10 4.75 06/01/10 4.92 07/01/10 5.38 08/01/10 5.43 09/01/10 5.53 10/01/10 5.56 11/01/10 5.50 12/01/10 4.66 01/01/11 3.99 02/01/11 4.06 03/01/11 3.90 04/01/11 3.65 05/01/11 3.62 06/01/11 3.68 07/01/11 3.78 08/01/11 4.19 09/01/11 4.53 10/01/11 4.36 11/01/11 3.94 12/01/11 4.62 01/01/12 3.90 02/01/12 3.75 03/01/12 4.19 04/01/12 4.14 05/01/12 4.19 06/01/12 4.00 07/01/12 4.52 08/01/12 5.00 09/01/12 5.56 10/01/12 5.93 11/01/12 5.72 12/01/12 6.00 01/01/13 4.81 02/01/13 4.90 03/01/13 5.76 04/01/13 5.52 05/01/13 5.35 06/01/13 5.88 07/01/13 6.04 08/01/13 6.00 09/01/13 5.81 10/01/13 5.66 11/01/13 5.56 12/01/13 5.69 Figure 6 United Kingdom CPI Inflation CPI 1790-1850 Domestic and Imported Commodities Index of British Commodity Prices, Based on the Gayer, Rostow, and Schwartz Monthly Index, 1821-5=100 "Abstract of British Historical Statistics, p. 470" Author: BR Mitchell Note for rebasing: 1850 Value for (1790-1850 Series)=73.5 CPI 1851-1879 Overall Index The Sauerbeck-Statist Price Index 1867-77=100 Abstract of British Historical Statistics, p. 474 Author: BR Mitchell Note for rebasing: 1850 Value for (1851-1879 Series)=77 CPI 1880-1990 Consumer Price Index 1913=100 "International Historical Statistics: Europe, 1750-1988" Author: B. R. Mitchell (1992) Series Plotted: Inflation = (ln(t) - ln(t-1))*100 Raw CPI (Mitchell) 1790 89.3 1791 89.7 1792 88.1 1793 96.6 1794 98.5 1795 114.9 1796 116.1 1797 106.2 1798 107.9 1799 124.6 1800 151 1801 155.7 1802 122.2 1803 123.6 1804 124.3 1805 136.2 1806 134.5 1807 131.2 1808 144.5 1809 155 1810 153.4 1811 145.4 1812 163.7 1813 168.9 1814 153.7 1815 129.9 1816 118.6 1817 131.9 1818 138.7 1819 128.1 1820 115.4 1821 99.7 1822 87.9 1823 97.6 1824 101.9 1825 113 1826 100 1827 99.3 1828 96.4 1829 95.8 1830 94.5 1831 95.3 1832 91.5 1833 88.6 1834 86.5 1835 84.5 1836 95.2 1837 94.3 1838 97.8 1839 104.3 1840 102.5 1841 97.7 1842 88.8 1843 79.7 1844 81.1 1845 83.3 1846 86 1847 96.8 1848 81.8 1849 73.9 1850 73.5 1851 75 1852 78 1853 95 1854 102 1855 101 1856 101 1857 105 1858 91 1859 94 1860 99 1861 98 1862 101 1863 103 1864 105 1865 101 1866 102 1867 100 1868 99 1869 98 1870 96 1871 100 1872 109 1873 111 1874 102 1875 96 1876 95 1877 94 1878 87 1879 83 Raw CPI (Bordo) 1880 103 1881 101 1882 100 1883 100 1884 95 1885 89 1886 87 1887 86 1888 86 1889 87 1890 87 1891 87 1892 88 1893 87 1894 83 1895 81 1896 81 1897 83 1898 86 1899 84 1900 89 1901 88 1902 88 1903 89 1904 90 1905 90 1906 91 1907 93 1908 91 1909 92 1910 94 1911 95 1912 98 1913 100 1914 101 1915 121 1916 143 1917 173 1918 199 1919 211 1920 244 1921 222 1922 179 1923 171 1924 172 1925 173 1926 169 1927 164 1928 163 1929 161 1930 155 1931 145 1932 141 1933 137 1934 138 1935 140 1936 144 1937 152 1938 153 1939 158 1940 179 1941 197 1942 210 1943 217 1944 222 1945 226 1946 236 1947 249 1948 268 1949 275 1950 283 1951 311 1952 338 1953 349 1954 355 1955 371 1956 389 1957 404 1958 416 1959 418 1960 422 1961 437 1962 455 1963 465 1964 480 1965 503 1966 523.2 1967 534.8 1968 560.8 1969 589.7 1970 630.2 1971 688.0 1972 737.2 1973 806.5 1974 933.7 1975 1162.1 1976 1352.9 1977 1566.8 1978 1696.9 1979 1925.3 1980 2269.3 1981 2541.0 1982 2757.8 1983 2885.0 1984 3029.6 1985 3211.7 1986 3321.5 1987 3460.3 1988 3630.8 1989 3914.1 1990 4284.2 Figure 7 Canadian CPI Inflation 1880-1957 Consumer Price Index 1947=100 "International Historical Statistics: The Americas, 1750-1988" Author: B. R. Mitchell (1993) 1957-1996 Consumer Price Index 1990=100 Source: International Financial Statistics (line 64) Series Plotted: Inflation = (ln(t) - ln(t-1))*100 Raw CPI Raw CPI (Bordo) (IFS) 1880 40.07 . 1881 41.84 . 1882 44.49 . 1883 44.79 . 1884 39.19 . 1885 39.19 . 1886 38.89 . 1887 41.25 . 1888 39.48 . 1889 40.37 . 1890 39.48 . 1891 39.48 . 1892 39.48 . 1893 39.19 . 1894 35.95 . 1895 34.18 . 1896 35.95 . 1897 36.24 . 1898 37.71 . 1899 36.54 . 1900 37.71 . 1901 38.01 . 1902 38.6 . 1903 38.89 . 1904 39.48 . 1905 39.78 . 1906 40.66 . 1907 41.84 . 1908 42.72 . 1909 43.61 . 1910 44.79 . 1911 45.96 . 1912 48.03 . 1913 49.5 . 1914 49.8 . 1915 50.7 . 1916 54.9 . 1917 65 . 1918 73.5 . 1919 80.8 . 1920 93.6 . 1921 82.4 . 1922 75.4 . 1923 75.6 . 1924 74.3 . 1925 75 . 1926 75.8 . 1927 74.5 . 1928 74.8 . 1929 75.7 . 1930 75.2 . 1931 67.8 . 1932 61.6 . 1933 58.7 . 1934 59.5 . 1935 59.9 . 1936 61.1 . 1937 63 . 1938 63.7 . 1939 63.2 . 1940 65.7 . 1941 69.6 . 1942 72.9 . 1943 74.2 . 1944 74.6 . 1945 75 . 1946 77.5 . 1947 84.8 . 1948 97 . 1949 100 . 1950 102.9 . 1951 113.7 . 1952 116.5 . 1953 115.5 . 1954 116.2 . 1955 116.4 . 1956 118.1 . 1957 121.9 18.9 1958 . 19.4 1959 . 19.6 1960 . 19.8 1961 . 20 1962 . 20.2 1963 . 20.6 1964 . 21 1965 . 21.5 1966 . 22.3 1967 . 23.1 1968 . 24 1969 . 25.1 1970 . 26 1971 . 26.7 1972 . 28 1973 . 30.1 1974 . 33.4 1975 . 37 1976 . 39.7 1977 . 42.9 1978 . 46.7 1979 . 51 1980 . 56.2 1981 . 63.2 1982 . 70 1983 . 74.1 1984 . 77.3 1985 . 80.4 1986 . 83.7 1987 . 87.4 1988 . 90.9 1989 . 95.4 1990 . 100 1991 . 105.6 1992 . 107.2 1993 . 109.2 1994 . 109.4 1995 . 111.8 1996 . 113.5