AU\$

Australian inflation rate in 1964: 2.53%

Inflation in 1964 and Its Effect on Dollar Value

Purchasing power decreased by 2.53% in 1964 compared to 1963. On average, you would have to spend 2.53% more money in 1964 than in 1963 for the same item.

In other words, AU\$1 in 1963 is equivalent in purchasing power to about AU\$1.03 in 1964.

The 1963 inflation rate was 1.28%. The inflation rate in 1964 was 2.53%. The 1964 inflation rate is lower compared to the average inflation rate of 4.94% per year between 1964 and 2019.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1964 was 8.10. It was 7.90 in the previous year, 1963. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 2.53% Converted amount (AU\$1 base) AU\$1.03 Price difference (AU\$1 base) AU\$0.03 CPI in 1963 7.900 CPI in 1964 8.100 Inflation in 1963 1.28% Inflation in 1964 2.53%

How to Calculate Inflation Rate for AU\$1, 1963 to 1964

This inflation calculator uses the following inflation rate formula:

CPI in 1964CPI in 1963
×
1963 AUD value
=
1964 AUD value

Then plug in historical CPI values. The Australian CPI was 7.9 in the year 1963 and 8.1 in 1964:

8.17.9
×
AU\$1
=
AU\$1.03

AU\$1 in 1963 has the same "purchasing power" or "buying power" as AU\$1.03 in 1964.

To get the total inflation rate for the 1 years between 1963 and 1964, we use the following formula:

CPI in 1964 - CPI in 1963CPI in 1963
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

8.1 - 7.97.9
×
100
=
3%

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

• Iran is besieged and Ayatollah Khomeini is arrested.
• President John F. Kennedy says segregation is morally wrong and appeals for action.
• Sarawak is granted independence from British colonial rule.
• The "I have a dream" speech is delivered by Martin Luther King Jr addressing civil rights march in Washington.
• John F. Kennedy is assassinated by Lee Harvey Oswald in Dallas.

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 1964 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 Jun. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1964.