Australian inflation rate in 2005: 2.72%

Australia Inflation Calculator

AU$

Inflation in 2005 and Its Effect on Dollar Value

Purchasing power decreased by 2.72% in 2005 compared to the previous year, 2004. On average, you would have to spend 2.72% more money in 2005 than in 2004 for the same item.

In other words, AU$100 in 2004 is equivalent in purchasing power to AU$102.72 in 2005.

The 2004 inflation rate was 2.28%. The inflation rate in 2005 was 2.72%. The 2005 inflation rate is higher compared to the average inflation rate of 2.31% per year between 2005 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2005 was 83. It was 80.8 in the previous year, 2004. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 2004 to 2005
Average inflation rate 2.72%
Converted amount (AU$100 base) AU$102.72
Price difference (AU$100 base) AU$2.72
CPI in 2004 80.8
CPI in 2005 83
Inflation in 2004 2.28%
Inflation in 2005 2.72%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$100, 2004 to 2005

This inflation calculator uses the following inflation rate formula:

CPI in 2005CPI in 2004
×
2004 AUD value
=
2005 AUD value

Then plug in historical CPI values. The Australian CPI was 80.8 in the year 2004 and 83 in 2005:

8380.8
×
AU$100
=
AU$102.72

AU$100 in 2004 has the same "purchasing power" or "buying power" as AU$102.72 in 2005.

To get the total inflation rate for the 1 years between 2004 and 2005, we use the following formula:

CPI in 2005 - CPI in 2004CPI in 2004
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

83 - 80.880.8
×
100
=
3%

News headlines from 2004

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

  • The Humanitarian Ceasefire Agreement is signed by the Sudanese government and two rebel groups.
  • Massachusetts becomes the first United States state to legalize same-sex marriage.
  • The Indonesian elections are won by Susilo Bambang Yudhoyono.

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 2005 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 18 Oct. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2005.

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


» Read more about inflation.