Purchasing power decreased by 2.86% in 1957 compared to 1956. On average, you would have to spend 2.86% more money in 1957 than in 1956 for the same item.
In other words, AU$1 in 1956 is equivalent in purchasing power to about AU$1.03 in 1957.
The 1956 inflation rate was 6.06%. The inflation rate in 1957 was 2.86%. The 1957 inflation rate is lower compared to the average inflation rate of 4.57% per year between 1957 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1957 was 7.20. It was 7.00 in the previous year, 1956. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||2.86%|
|Converted amount (AU$1 base)||AU$1.03|
|Price difference (AU$1 base)||AU$0.03|
|CPI in 1956||7.000|
|CPI in 1957||7.200|
|Inflation in 1956||6.06%|
|Inflation in 1957||2.86%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 7 in the year 1956 and 7.2 in 1957:
AU$1 in 1956 has the same "purchasing power" or "buying power" as AU$1.03 in 1957.
To get the total inflation rate for the 1 years between 1956 and 1957, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from 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).
You may use the following MLA citation for this page: “Inflation Rate in 1957 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 24 May. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1957.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.