Inflation in 1973 and its effect on dollar value
$1 in 1972 is equivalent in purchasing power to about $1.09 in 1973. The dollar had an average inflation rate of 9.09% per year between 1972 and 1973, producing a cumulative price increase of 9.09%. Purchasing power decreased by 9.09% in 1973 compared to 1972. On average, you would have to spend 9.09% more money in 1973 than in 1972 for the same item.
This means that prices in 1973 are 1.09 times as high as average prices since 1972, according to the Bureau of Statistics consumer price index.
The inflation rate in 1972 was 5.77%. The inflation rate in 1973 was 9.09%. The 1973 inflation rate is higher compared to the average inflation rate of 4.86% per year between 1973 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1973 was 12.00. It was 11.00 in the previous year, 1972. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 9.09% |
| Converted amount $1 base | $1.09 |
| Price difference $1 base | $0.09 |
| CPI in 1972 | 11.000 |
| CPI in 1973 | 12.000 |
| Inflation in 1972 | 5.77% |
| Inflation in 1973 | 9.09% |
| $1 in 1972 | $1.09 in 1973 |
How to calculate inflation rate for $1, 1972 to 1973
Our calculations use the following inflation rate formula to calculate the change in value between 1972 and 1973:
CPI in 1973 CPI in 1972
×
1972 AUD value
=
1973 AUD value
Then plug in historical CPI values. The Australian CPI was 11 in the year 1972 and 12 in 1973:
1211
×
$1
=
$1.09
$1 in 1972 has the same "purchasing power" or "buying power" as $1.09 in 1973.
To get the total inflation rate for the 1 years between 1972 and 1973, we use the following formula:
CPI in 1973 - CPI in 1972CPI in 1972
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
12 - 1111
×
100
=
9%
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 1973 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Apr. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1973.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Average inflation rate | 9.09% |
| Converted amount $1 base | $1.09 |
| Price difference $1 base | $0.09 |
| CPI in 1972 | 11.000 |
| CPI in 1973 | 12.000 |
| Inflation in 1972 | 5.77% |
| Inflation in 1973 | 9.09% |
| $1 in 1972 | $1.09 in 1973 |