Purchasing power decreased by 15.11% in 1975 compared to 1974. On average, you would have to spend 15.11% more money in 1975 than in 1974 for the same item.
In other words, AU$1 in 1974 is equivalent in purchasing power to about AU$1.15 in 1975.
The 1974 inflation rate was 15.83%. The inflation rate in 1975 was 15.11%. The 1975 inflation rate is higher compared to the average inflation rate of 4.58% per year between 1975 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1975 was 16.00. It was 13.90 in the previous year, 1974. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||15.11%|
|Converted amount (AU$1 base)||AU$1.15|
|Price difference (AU$1 base)||AU$0.15|
|CPI in 1974||13.900|
|CPI in 1975||16.000|
|Inflation in 1974||15.83%|
|Inflation in 1975||15.11%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 13.9 in the year 1974 and 16 in 1975:
AU$1 in 1974 has the same "purchasing power" or "buying power" as AU$1.15 in 1975.
To get the total inflation rate for the 1 years between 1974 and 1975, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
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 1975 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 Apr. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1975.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.