Australian inflation rate in 1973: 9.09%

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Inflation in 1973 and Its Effect on Dollar Value

Purchasing power decreased by 9.09% in 1973 compared to the previous year, 1972. On average, you would have to spend 9.09% more money in 1973 than in 1972 for the same item.

In other words, AU$1 in 1972 is equivalent in purchasing power to AU$1.09 in 1973.

The 1972 inflation rate was 5.77%. The inflation rate in 1973 was 9.09%. The 1973 inflation rate is higher compared to the average inflation rate of 5.08% per year between 1973 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1973 was 12. It was 11 in the previous year, 1972. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 1972 to 1973
Average inflation rate 9.09%
Converted amount (AU$1 base) AU$1.09
Price difference (AU$1 base) AU$0.09
CPI in 1972 11.000
CPI in 1973 12.000
Inflation in 1972 5.77%
Inflation in 1973 9.09%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$1, 1972 to 1973

This inflation calculator uses the following inflation rate formula:

CPI in 1973CPI 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
×
AU$1
=
AU$1.09

AU$1 in 1972 has the same "purchasing power" or "buying power" as AU$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%

News headlines from 1972

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

  • The US's costliest natural disaster, Hurricane Agnes, causes 119 deaths and $3 billion damage.
  • The US Senate,ratifies the first Anti-Ballistic Missile Treaty.
  • A member of the terrorist group Black September kills eleven Israeli athletes at the Munich Olympics.
  • Pong, the first commercially successful video game is released by the co-founder of Atari.

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.” U.S. Official Inflation Data, Alioth Finance, 12 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1973.

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


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