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# Australian inflation rate in 1968: 3.37%

### Inflation in 1968 and Its Effect on Dollar Value

Purchasing power decreased by 3.37% in 1968 compared to 1967. On average, you would have to spend 3.37% more money in 1968 than in 1967 for the same item.

In other words, AU\$1 in 1967 is equivalent in purchasing power to about AU\$1.03 in 1968.

The 1967 inflation rate was 3.49%. The inflation rate in 1968 was 3.37%. The 1968 inflation rate is lower compared to the average inflation rate of 5.07% per year between 1968 and 2019.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1968 was 9.20. It was 8.90 in the previous year, 1967. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 3.37% Converted amount (AU\$1 base) AU\$1.03 Price difference (AU\$1 base) AU\$0.03 CPI in 1967 8.900 CPI in 1968 9.200 Inflation in 1967 3.49% Inflation in 1968 3.37%

### How to Calculate Inflation Rate for AU\$1, 1967 to 1968

This inflation calculator uses the following inflation rate formula:

CPI in 1968CPI in 1967
×
1967 AUD value
=
1968 AUD value

Then plug in historical CPI values. The Australian CPI was 8.9 in the year 1967 and 9.2 in 1968:

9.28.9
×
AU\$1
=
AU\$1.03

AU\$1 in 1967 has the same "purchasing power" or "buying power" as AU\$1.03 in 1968.

To get the total inflation rate for the 1 years between 1967 and 1968, we use the following formula:

CPI in 1968 - CPI in 1967CPI in 1967
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.2 - 8.98.9
×
100
=
3%

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

• The largest US airborne assault since WWII occurs in Vietnam, known as Operation Junction City: 25,000 United States and South Vietnamese troops attack the Viet Cong.
• The world's first ATM machine is installed in London.
• The 6-day War begins between Israel and the Arabs.

### 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 1968 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 18 Jul. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1968.