Australian inflation rate in 1970: 3.16%

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Inflation in 1970 and Its Effect on Dollar Value

Purchasing power decreased by 3.16% in 1970 compared to the previous year, 1969. On average, you would have to spend 3.16% more money in 1970 than in 1969 for the same item.

In other words, AU$1 in 1969 is equivalent in purchasing power to AU$1.03 in 1970.

The 1969 inflation rate was 3.26%. The inflation rate in 1970 was 3.16%. The 1970 inflation rate is lower compared to the average inflation rate of 5.20% per year between 1970 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1970 was 9.8. It was 9.5 in the previous year, 1969. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 1969 to 1970
Average inflation rate 3.16%
Converted amount (AU$1 base) AU$1.03
Price difference (AU$1 base) AU$0.03
CPI in 1969 9.500
CPI in 1970 9.800
Inflation in 1969 3.26%
Inflation in 1970 3.16%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$1, 1969 to 1970

This inflation calculator uses the following inflation rate formula:

CPI in 1970CPI in 1969
×
1969 AUD value
=
1970 AUD value

Then plug in historical CPI values. The Australian CPI was 9.5 in the year 1969 and 9.8 in 1970:

9.89.5
×
AU$1
=
AU$1.03

AU$1 in 1969 has the same "purchasing power" or "buying power" as AU$1.03 in 1970.

To get the total inflation rate for the 1 years between 1969 and 1970, we use the following formula:

CPI in 1970 - CPI in 1969CPI in 1969
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.8 - 9.59.5
×
100
=
3%

News headlines from 1969

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

  • Golda Meir becomes first female Prime Minister of Israel.
  • Colonel Muammar Gaddafi deposes King Idris during the Libyan revolution.
  • Millions protest against the war on Vietnam Moratorium Day.

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 1970 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 16 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1970.

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


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