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# Australian inflation rate in 1924: 0.00%

### Inflation in 1924 and Its Effect on Dollar Value

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.

In other words, \$1 in 1923 is equivalent in purchasing power to about \$1 in 1924.

The 1923 inflation rate was 0.00%. The inflation rate in 1924 was 0.00%. The 1924 inflation rate is lower compared to the average inflation rate of 3.96% per year between 1924 and 2020.

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%

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

### How to Calculate Inflation Rate for \$1, 1923 to 1924

This inflation calculator uses the following inflation rate formula:

CPI in 1924CPI 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%

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

• The inner burial chamber of the Pharaoh Tutankhamun's tomb is opened, leading to the finding of the sarcophagus by Howard Carter.
• The Disney Brothers Cartoon Studio is founded.
• Lenin's "Political Testament" is issued which calls for Stalin's removal.
• In Germany, 5,000 storm troopers demonstrate against the 'November crime', Hitler is arrested after seeking to take advantage of the chaotic conditions.

### 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, 28 Jan. 2020, https://www.officialdata.org/Australia-inflation-rate-in-1924.