Purchasing power decreased by 2.28% in 2004 compared to the previous year, 2003. On average, you would have to spend 2.28% more money in 2004 than in 2003 for the same item.
In other words, AU$1 in 2003 is equivalent in purchasing power to AU$1.02 in 2004.
The 2003 inflation rate was 2.73%. The inflation rate in 2004 was 2.28%. The 2004 inflation rate is lower compared to the average inflation rate of 2.34% per year between 2004 and 2018.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2004 was 80.8. It was 79 in the previous year, 2003. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||2.28%|
|Converted amount (AU$1 base)||AU$1.02|
|Price difference (AU$1 base)||AU$0.02|
|CPI in 2003||79.000|
|CPI in 2004||80.800|
|Inflation in 2003||2.73%|
|Inflation in 2004||2.28%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 79 in the year 2003 and 80.8 in 2004:
AU$1 in 2003 has the same "purchasing power" or "buying power" as AU$1.02 in 2004.
To get the total inflation rate for the 1 years between 2003 and 2004, 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 2004 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 19 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2004.
in2013dollars.com is a reference website maintained by the Official Data Foundation.