Purchasing power decreased by 13.13% in 1976 compared to the previous year, 1975. On average, you would have to spend 13.13% more money in 1976 than in 1975 for the same item.
In other words, AU$1 in 1975 is equivalent in purchasing power to AU$1.13 in 1976.
The 1975 inflation rate was 15.11%. The inflation rate in 1976 was 13.13%. The 1976 inflation rate is higher compared to the average inflation rate of 4.43% per year between 1976 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1976 was 18.1. It was 16 in the previous year, 1975. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||13.13%|
|Converted amount (AU$1 base)||AU$1.13|
|Price difference (AU$1 base)||AU$0.13|
|CPI in 1975||16.000|
|CPI in 1976||18.100|
|Inflation in 1975||15.11%|
|Inflation in 1976||13.13%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 16 in the year 1975 and 18.1 in 1976:
AU$1 in 1975 has the same "purchasing power" or "buying power" as AU$1.13 in 1976.
To get the total inflation rate for the 1 years between 1975 and 1976, 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 1976 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Nov. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1976.
in2013dollars.com is a reference website maintained by the Official Data Foundation.