Purchasing power decreased by 9.13% in 1979 compared to the previous year, 1978. On average, you would have to spend 9.13% more money in 1979 than in 1978 for the same item.
In other words, AU$1 in 1978 is equivalent in purchasing power to AU$1.09 in 1979.
The 1978 inflation rate was 7.88%. The inflation rate in 1979 was 9.13%. The 1979 inflation rate is higher compared to the average inflation rate of 4.00% per year between 1979 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1979 was 23.9. It was 21.9 in the previous year, 1978. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||9.13%|
|Converted amount (AU$1 base)||AU$1.09|
|Price difference (AU$1 base)||AU$0.09|
|CPI in 1978||21.900|
|CPI in 1979||23.900|
|Inflation in 1978||7.88%|
|Inflation in 1979||9.13%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 21.9 in the year 1978 and 23.9 in 1979:
AU$1 in 1978 has the same "purchasing power" or "buying power" as AU$1.09 in 1979.
To get the total inflation rate for the 1 years between 1978 and 1979, we use the following formula:
Plugging in the values to this equation, we get:
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 1979 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Feb. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1979.
in2013dollars.com is a reference website maintained by the Official Data Foundation.