Purchasing power decreased by 2.62% in 1996 compared to the previous year, 1995. On average, you would have to spend 2.62% more money in 1996 than in 1995 for the same item.
In other words, AU$1 in 1995 is equivalent in purchasing power to AU$1.03 in 1996.
The 1995 inflation rate was 4.67%. The inflation rate in 1996 was 2.62%. The 1996 inflation rate is higher compared to the average inflation rate of 2.39% per year between 1996 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1996 was 66.7. It was 65 in the previous year, 1995. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||2.62%|
|Converted amount (AU$1 base)||AU$1.03|
|Price difference (AU$1 base)||AU$0.03|
|CPI in 1995||65.000|
|CPI in 1996||66.700|
|Inflation in 1995||4.67%|
|Inflation in 1996||2.62%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 65 in the year 1995 and 66.7 in 1996:
AU$1 in 1995 has the same "purchasing power" or "buying power" as AU$1.03 in 1996.
To get the total inflation rate for the 1 years between 1995 and 1996, 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 1996 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Feb. 2019, https://www.officialdata.org/Australia-inflation-rate-in-1996.
in2013dollars.com is a reference website maintained by the Official Data Foundation.