Australian inflation rate in 1942: 10.71%

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Inflation in 1942 and its effect on dollar value

$1 in 1941 is equivalent in purchasing power to about $1.11 in 1942. The dollar had an average inflation rate of 10.71% per year between 1941 and 1942, producing a cumulative price increase of 10.71%. Purchasing power decreased by 10.71% in 1942 compared to 1941. On average, you would have to spend 10.71% more money in 1942 than in 1941 for the same item.

This means that prices in 1942 are 1.11 times as high as average prices since 1941, according to the Bureau of Statistics consumer price index.

The inflation rate in 1941 was 3.70%. The inflation rate in 1942 was 10.71%. The 1942 inflation rate is higher compared to the average inflation rate of 4.71% per year between 1942 and 2024.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1942 was 3.10. It was 2.80 in the previous year, 1941. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃
Inflation from 1941 to 1942
Average inflation rate10.71%
Converted amount
$1 base		$1.11
Price difference
$1 base		$0.11
CPI in 19412.800
CPI in 19423.100
Inflation in 19413.70%
Inflation in 194210.71%
$1 in 1941$1.11 in 1942
Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI
Download

How to calculate inflation rate for $1, 1941 to 1942

Our calculations use the following inflation rate formula to calculate the change in value between 1941 and 1942:

CPI in 1942 CPI in 1941
×
1941 AUD value
=
1942 AUD value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1941 and 3.1 in 1942:

3.12.8
×
$1
=
$1.11

$1 in 1941 has the same "purchasing power" or "buying power" as $1.11 in 1942.

To get the total inflation rate for the 1 years between 1941 and 1942, we use the following formula:

CPI in 1942 - CPI in 1941CPI in 1941
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

3.1 - 2.82.8
×
100
=
11%

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 1942 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 14 Dec. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1942.

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 1941 to 1942
Average inflation rate10.71%
Converted amount
$1 base		$1.11
Price difference
$1 base		$0.11
CPI in 19412.800
CPI in 19423.100
Inflation in 19413.70%
Inflation in 194210.71%
$1 in 1941$1.11 in 1942