Purchasing power decreased by 1.67% in 1993 compared to the previous year, 1992. On average, you would have to spend 1.67% more money in 1993 than in 1992 for the same item.
In other words, AU$1 in 1992 is equivalent in purchasing power to AU$1.02 in 1993.
The 1992 inflation rate was 1.01%. The inflation rate in 1993 was 1.67%. The 1993 inflation rate is lower compared to the average inflation rate of 2.47% per year between 1993 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1993 was 60.9. It was 59.9 in the previous year, 1992. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||1.67%|
|Converted amount (AU$1 base)||AU$1.02|
|Price difference (AU$1 base)||AU$0.02|
|CPI in 1992||59.900|
|CPI in 1993||60.900|
|Inflation in 1992||1.01%|
|Inflation in 1993||1.67%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 59.9 in the year 1992 and 60.9 in 1993:
AU$1 in 1992 has the same "purchasing power" or "buying power" as AU$1.02 in 1993.
To get the total inflation rate for the 1 years between 1992 and 1993, 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 1993 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Feb. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1993.
in2013dollars.com is a reference website maintained by the Official Data Foundation.