Inflation in 1924 and its effect on dollar value
$1 in 1923 is equivalent in purchasing power to about $1 in 1924. The dollar had an average inflation rate of 0.00% per year between 1923 and 1924, producing a cumulative price increase of 0.00%. Purchasing power decreased by 0.00% in 1924 compared to 1923. On average, you would have to spend 0.00% more money in 1924 than in 1923 for the same item.
The inflation rate in 1923 was 0.00%. The inflation rate in 1924 was 0.00%. The 1924 inflation rate is lower compared to the average inflation rate of 3.95% per year between 1924 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1924 was 2.80. It was 2.80 in the previous year, 1923. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 0.00% |
| Converted amount $1 base | $1 |
| Price difference $1 base | $0.00 |
| CPI in 1923 | 2.800 |
| CPI in 1924 | 2.800 |
| Inflation in 1923 | 0.00% |
| Inflation in 1924 | 0.00% |
| $1 in 1923 | $1 in 1924 |
How to calculate inflation rate for $1, 1923 to 1924
Our calculations use the following inflation rate formula to calculate the change in value between 1923 and 1924:
CPI in 1924 CPI in 1923
×
1923 AUD value
=
1924 AUD value
Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1923 and 2.8 in 1924:
2.82.8
×
$1
=
$1
$1 in 1923 has the same "purchasing power" or "buying power" as $1 in 1924.
To get the total inflation rate for the 1 years between 1923 and 1924, we use the following formula:
CPI in 1924 - CPI in 1923CPI in 1923
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
2.8 - 2.82.8
×
100
=
0%
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 1924 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Apr. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1924.
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 | 0.00% |
| Converted amount $1 base | $1 |
| Price difference $1 base | $0.00 |
| CPI in 1923 | 2.800 |
| CPI in 1924 | 2.800 |
| Inflation in 1923 | 0.00% |
| Inflation in 1924 | 0.00% |
| $1 in 1923 | $1 in 1924 |