Inflation in 2007 and its effect on dollar value
$1 in 2006 is equivalent in purchasing power to about $1.02 in 2007. The dollar had an average inflation rate of 2.33% per year between 2006 and 2007, producing a cumulative price increase of 2.33%. Purchasing power decreased by 2.33% in 2007 compared to 2006. On average, you would have to spend 2.33% more money in 2007 than in 2006 for the same item.
This means that prices in 2007 are 1.02 times as high as average prices since 2006, according to the Bureau of Statistics consumer price index.
The inflation rate in 2006 was 3.49%. The inflation rate in 2007 was 2.33%. The 2007 inflation rate is lower compared to the average inflation rate of 2.57% per year between 2007 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2007 was 87.90. It was 85.90 in the previous year, 2006. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 2.33% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2006 | 85.900 |
| CPI in 2007 | 87.900 |
| Inflation in 2006 | 3.49% |
| Inflation in 2007 | 2.33% |
| $1 in 2006 | $1.02 in 2007 |
How to calculate inflation rate for $1, 2006 to 2007
Our calculations use the following inflation rate formula to calculate the change in value between 2006 and 2007:
CPI in 2007 CPI in 2006
×
2006 AUD value
=
2007 AUD value
Then plug in historical CPI values. The Australian CPI was 85.9 in the year 2006 and 87.9 in 2007:
87.985.9
×
$1
=
$1.02
$1 in 2006 has the same "purchasing power" or "buying power" as $1.02 in 2007.
To get the total inflation rate for the 1 years between 2006 and 2007, we use the following formula:
CPI in 2007 - CPI in 2006CPI in 2006
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
87.9 - 85.985.9
×
100
=
2%
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 2007 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Apr. 2024, https://www.officialdata.org/Australia-inflation-rate-in-2007.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Average inflation rate | 2.33% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2006 | 85.900 |
| CPI in 2007 | 87.900 |
| Inflation in 2006 | 3.49% |
| Inflation in 2007 | 2.33% |
| $1 in 2006 | $1.02 in 2007 |