Australian inflation rate in 1963: 1.28%

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Inflation in 1963 and Its Effect on Dollar Value

Purchasing power decreased by 1.28% in 1963 compared to the previous year, 1962. On average, you would have to spend 1.28% more money in 1963 than in 1962 for the same item.

In other words, AU$1 in 1962 is equivalent in purchasing power to AU$1.01 in 1963.

The 1962 inflation rate was 0.00%. The inflation rate in 1963 was 1.28%. The 1963 inflation rate is lower compared to the average inflation rate of 4.93% per year between 1963 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1963 was 7.9. It was 7.8 in the previous year, 1962. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 1962 to 1963
Average inflation rate 1.28%
Converted amount (AU$1 base) AU$1.01
Price difference (AU$1 base) AU$0.01
CPI in 1962 7.800
CPI in 1963 7.900
Inflation in 1962 0.00%
Inflation in 1963 1.28%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$1, 1962 to 1963

This inflation calculator uses the following inflation rate formula:

CPI in 1963CPI in 1962
×
1962 AUD value
=
1963 AUD value

Then plug in historical CPI values. The Australian CPI was 7.8 in the year 1962 and 7.9 in 1963:

7.97.8
×
AU$1
=
AU$1.01

AU$1 in 1962 has the same "purchasing power" or "buying power" as AU$1.01 in 1963.

To get the total inflation rate for the 1 years between 1962 and 1963, we use the following formula:

CPI in 1963 - CPI in 1962CPI in 1962
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

7.9 - 7.87.8
×
100
=
1%

News headlines from 1962

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

  • The second Vatican Council is convened by Pope John XXIII.
  • The American President, Kennedy, orders the naval blockade of Cuba marking the beginning of the missile crisis.
  • The Cuban missile crisis also known as Black Saturday begins.

Data Source & Citation

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 1963 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 13 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1963.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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