Australian inflation rate in 1928: 3.57%

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Inflation in 1928 and its effect on dollar value

$1 in 1927 is equivalent in purchasing power to about $1.04 in 1928. The dollar had an average inflation rate of 3.57% per year between 1927 and 1928, producing a cumulative price increase of 3.57%. Purchasing power decreased by 3.57% in 1928 compared to 1927. On average, you would have to spend 3.57% more money in 1928 than in 1927 for the same item.

This means that prices in 1928 are 1.04 times as high as average prices since 1927, according to the Bureau of Statistics consumer price index.

The inflation rate in 1927 was -3.45%. The inflation rate in 1928 was 3.57%. The 1928 inflation rate is lower compared to the average inflation rate of 4.08% per year between 1928 and 2024.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1928 was 2.90. It was 2.80 in the previous year, 1927. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃
Inflation from 1927 to 1928
Average inflation rate3.57%
Converted amount
$1 base		$1.04
Price difference
$1 base		$0.04
CPI in 19272.800
CPI in 19282.900
Inflation in 1927-3.45%
Inflation in 19283.57%
$1 in 1927$1.04 in 1928
Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI
Download

How to calculate inflation rate for $1, 1927 to 1928

Our calculations use the following inflation rate formula to calculate the change in value between 1927 and 1928:

CPI in 1928 CPI in 1927
×
1927 AUD value
=
1928 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1927 and 2.9 in 1928:

2.92.8
×
$1
=
$1.04

$1 in 1927 has the same "purchasing power" or "buying power" as $1.04 in 1928.

To get the total inflation rate for the 1 years between 1927 and 1928, we use the following formula:

CPI in 1928 - CPI in 1927CPI in 1927
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

2.9 - 2.82.8
×
100
=
4%

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 1928 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 9 Dec. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1928.

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.

Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 1927 to 1928
Average inflation rate3.57%
Converted amount
$1 base		$1.04
Price difference
$1 base		$0.04
CPI in 19272.800
CPI in 19282.900
Inflation in 1927-3.45%
Inflation in 19283.57%
$1 in 1927$1.04 in 1928