Purchasing power decreased by 4.44% in 2008 compared to 2007. On average, you would have to spend 4.44% more money in 2008 than in 2007 for the same item.
In other words, AU$1 in 2007 is equivalent in purchasing power to about AU$1.04 in 2008.
The 2007 inflation rate was 2.33%. The inflation rate in 2008 was 4.44%. The 2008 inflation rate is higher compared to the average inflation rate of 2.05% per year between 2008 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2008 was 91.80. It was 87.90 in the previous year, 2007. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||4.44%|
|Converted amount (AU$1 base)||AU$1.04|
|Price difference (AU$1 base)||AU$0.04|
|CPI in 2007||87.900|
|CPI in 2008||91.800|
|Inflation in 2007||2.33%|
|Inflation in 2008||4.44%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 87.9 in the year 2007 and 91.8 in 2008:
AU$1 in 2007 has the same "purchasing power" or "buying power" as AU$1.04 in 2008.
To get the total inflation rate for the 1 years between 2007 and 2008, 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 2008 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 20 May. 2019, https://www.officialdata.org/Australia-inflation-rate-in-2008.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.