# Australian inflation rate in 1941: 3.70%

\$

## Inflation in 1941 and its effect on dollar value

Purchasing power decreased by 3.70% in 1941 compared to 1940. On average, you would have to spend 3.70% more money in 1941 than in 1940 for the same item.

In other words, \$1 in 1940 is equivalent in purchasing power to about \$1.04 in 1941.

The 1940 inflation rate was 3.85%. The inflation rate in 1941 was 3.70%. The 1941 inflation rate is lower compared to the average inflation rate of 4.84% per year between 1941 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1941 was 2.80. It was 2.70 in the previous year, 1940. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 3.70% Converted amount (\$1 base) \$1.04 Price difference (\$1 base) \$0.04 CPI in 1940 2.700 CPI in 1941 2.800 Inflation in 1940 3.85% Inflation in 1941 3.70%

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

## How to Calculate Inflation Rate for \$1, 1940 to 1941

Our calculations use the following inflation rate formula to calculate the change in value between 1940 and 1941:

CPI in 1941 CPI in 1940
×
1940 AUD value
=
1941 AUD value

Then plug in historical CPI values. The Australian CPI was 2.7 in the year 1940 and 2.8 in 1941:

2.82.7
×
\$1
=
\$1.04

\$1 in 1940 has the same "purchasing power" or "buying power" as \$1.04 in 1941.

To get the total inflation rate for the 1 years between 1940 and 1941, we use the following formula:

CPI in 1941 - CPI in 1940CPI in 1940
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

2.8 - 2.72.7
×
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 1941 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Jun. 2020, https://www.officialdata.org/Australia-inflation-rate-in-1941.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

#### 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.

 Average inflation rate 3.70% Converted amount (\$1 base) \$1.04 Price difference (\$1 base) \$0.04 CPI in 1940 2.700 CPI in 1941 2.800 Inflation in 1940 3.85% Inflation in 1941 3.70%