Purchasing power decreased by 4.05% in 1960 compared to the previous year, 1959. On average, you would have to spend 4.05% more money in 1960 than in 1959 for the same item.
In other words, AU$1 in 1959 is equivalent in purchasing power to AU$1.04 in 1960.
The 1959 inflation rate was 2.78%. The inflation rate in 1960 was 4.05%. The 1960 inflation rate is lower compared to the average inflation rate of 4.72% per year between 1960 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1960 was 7.7. It was 7.4 in the previous year, 1959. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||4.05%|
|Converted amount (AU$1 base)||AU$1.04|
|Price difference (AU$1 base)||AU$0.04|
|CPI in 1959||7.400|
|CPI in 1960||7.700|
|Inflation in 1959||2.78%|
|Inflation in 1960||4.05%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 7.4 in the year 1959 and 7.7 in 1960:
AU$1 in 1959 has the same "purchasing power" or "buying power" as AU$1.04 in 1960.
To get the total inflation rate for the 1 years between 1959 and 1960, 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 1960 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Nov. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1960.
in2013dollars.com is a reference website maintained by the Official Data Foundation.