Australian inflation rate in 1924: 0.00%

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Australian Inflation Rate, 1924-2017 (AU$1)

The consumer price index (CPI) in 1924 was 2.8. the Bureau of Statistics uses this CPI value to track inflation on a monthly basis.

According to the Bureau of Statistics, the dollar experienced an average inflation rate of 4.02% per year. Prices in 2017 are 3807.1% higher than prices in 1924.

In other words, AU$1 in the year 1924 is equivalent to AU$39.07 in 2017, a difference of AU$38.07 over 93 years.

The current inflation rate in 2017 is 0.64%1. If this number holds, AU$1 today will be equivalent to AU$1.01 next year.

Inflation from 1924 to 2017
Cumulative price change 3807.14%
Average inflation rate 4.02%
Price difference (AU$1 base) AU$38.07
CPI in 1924 2.8
CPI in 2017 109.4


AUD inflation chart from 1922 to 2017


How to calculate the inflation rate for AU$1 since 1924

Start with the inflation rate formula:

CPI in 2017 / CPI in 1924 * 1924 AUD value = 2017 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1924 and 109.4 in 2017:

109.4 / 2.8 * AU$1 = AU$39.07

AU$1 in 1924 has the same "purchasing power" as AU$39.07 in 2017.


Inflation Data Source: The government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).


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