# \$1 in 1959 is worth \$0.96 in 1959

\$

## Value of \$1 from 1960 to 1959

According to the Bureau of Statistics consumer price index, prices in 1959 are 3.9% lower than average prices since 1960. The Australian dollar experienced an average inflation rate of 4.05% per year during this period, causing the real value of a dollar to decrease.

In other words, \$1 in 1960 is equivalent in purchasing power to about \$0.96 in 1959.

The 1959 inflation rate was 2.78%. The inflation rate in 1960 was 4.05%. The 1960 inflation rate is lower compared to the average inflation rate of 4.64% per year between 1960 and 2020.

 Average inflation rate 4.05% Converted amount (\$1 base) \$0.96 Price difference (\$1 base) \$-0.04 CPI in 1960 7.700 CPI in 1959 7.400 Inflation in 1959 2.78% Inflation in 1960 4.05%

AUD Inflation since 1922
Annual Rate, the Bureau of Statistics CPI

## How to Calculate Inflation Rate for \$1, 1959 to 1960

Our calculations use the following inflation rate formula to calculate the change in value between 1959 and 1960:

CPI in 1959 CPI in 1960
×
1960 AUD value
=
1959 AUD value

Then plug in historical CPI values. The Australian CPI was 7.7 in the year 1960 and 7.4 in 1959:

7.47.7
×
\$1
=
\$0.96

\$1 in 1960 has the same "purchasing power" or "buying power" as \$0.96 in 1959.

To get the total inflation rate for the 1 years between 1959 and 1960, we use the following formula:

CPI in 1959 - CPI in 1960CPI in 1960
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

7.4 - 7.77.7
×
100
=
-4%

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

• Johnny Cash plays his first concert in a prison.
• The Bank of France issues new franc currency, worth 100 times the value of old francs.
• France grants independence to Cameroon (previously French Cameroon) after years of fighting.
• Guided missiles are launched for the first time from a nuclear powered submarine

## 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: “\$1 in 1960 → 1959 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 May. 2020, https://www.officialdata.org/1960-AUD-in-1959?amount=1.