Australian inflation rate in 2003: 2.73%

Australia Inflation Calculator

AU$

Inflation in 2003 and Its Effect on Dollar Value

Purchasing power decreased by 2.73% in 2003 compared to the previous year, 2002. On average, you would have to spend 2.73% more money in 2003 than in 2002 for the same item.

In other words, AU$100 in 2002 is equivalent in purchasing power to AU$102.73 in 2003.

The 2002 inflation rate was 3.08%. The inflation rate in 2003 was 2.73%. The 2003 inflation rate is higher compared to the average inflation rate of 2.34% per year between 2003 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2003 was 79. It was 76.9 in the previous year, 2002. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 2002 to 2003
Average inflation rate 2.73%
Converted amount (AU$100 base) AU$102.73
Price difference (AU$100 base) AU$2.73
CPI in 2002 76.9
CPI in 2003 79
Inflation in 2002 3.08%
Inflation in 2003 2.73%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$100, 2002 to 2003

This inflation calculator uses the following inflation rate formula:

CPI in 2003CPI in 2002
×
2002 AUD value
=
2003 AUD value

Then plug in historical CPI values. The Australian CPI was 76.9 in the year 2002 and 79 in 2003:

7976.9
×
AU$100
=
AU$102.73

AU$100 in 2002 has the same "purchasing power" or "buying power" as AU$102.73 in 2003.

To get the total inflation rate for the 1 years between 2002 and 2003, we use the following formula:

CPI in 2003 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

79 - 76.976.9
×
100
=
3%

News headlines from 2002

Politics and news often influence economic performance. Here's what was happening at the time:

  • United States deploys conventional forces as part of Operation Anaconda during the US invasion of Afghanistan.
  • Jimmy Carter visits Cuba, marking the first time an American president has visited the Island since 1959.
  • It is announced that Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia will become members of the European Union from May 1, 2004.

Data Source & Citation

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 2003 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 18 Oct. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2003.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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