Purchasing power decreased by 0.75% in 1998 compared to the previous year, 1997. On average, you would have to spend 0.75% more money in 1998 than in 1997 for the same item.
In other words, AU$1 in 1997 is equivalent in purchasing power to AU$1.01 in 1998.
The 1997 inflation rate was 0.30%. The inflation rate in 1998 was 0.75%. The 1998 inflation rate is lower compared to the average inflation rate of 2.56% per year between 1998 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1998 was 67.4. It was 66.9 in the previous year, 1997. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||0.75%|
|Converted amount (AU$1 base)||AU$1.01|
|Price difference (AU$1 base)||AU$0.01|
|CPI in 1997||66.900|
|CPI in 1998||67.400|
|Inflation in 1997||0.30%|
|Inflation in 1998||0.75%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 66.9 in the year 1997 and 67.4 in 1998:
AU$1 in 1997 has the same "purchasing power" or "buying power" as AU$1.01 in 1998.
To get the total inflation rate for the 1 years between 1997 and 1998, 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 1998 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-1998.
in2013dollars.com is a reference website maintained by the Official Data Foundation.