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# Australian inflation rate in 1947: 6.25%

### Inflation in 1947 and Its Effect on Dollar Value

Purchasing power decreased by 6.25% in 1947 compared to 1946. On average, you would have to spend 6.25% more money in 1947 than in 1946 for the same item.

In other words, \$1 in 1946 is equivalent in purchasing power to about \$1.06 in 1947.

The 1946 inflation rate was 0.00%. The inflation rate in 1947 was 6.25%. The 1947 inflation rate is higher compared to the average inflation rate of 4.97% per year between 1947 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1947 was 3.40. It was 3.20 in the previous year, 1946. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 6.25% Converted amount (\$1 base) \$1.06 Price difference (\$1 base) \$0.06 CPI in 1946 3.200 CPI in 1947 3.400 Inflation in 1946 0.00% Inflation in 1947 6.25%

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

### How to Calculate Inflation Rate for \$1, 1946 to 1947

This inflation calculator uses the following inflation rate formula:

CPI in 1947CPI in 1946
×
1946 AUD value
=
1947 AUD value

Then plug in historical CPI values. The Australian CPI was 3.2 in the year 1946 and 3.4 in 1947:

3.43.2
×
\$1
=
\$1.06

\$1 in 1946 has the same "purchasing power" or "buying power" as \$1.06 in 1947.

To get the total inflation rate for the 1 years between 1946 and 1947, we use the following formula:

CPI in 1947 - CPI in 1946CPI in 1946
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

3.4 - 3.23.2
×
100
=
6%

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

• The United Nations General Assembly meets for the first time in London.
• President Harry Truman sets up the Central Intelligence Agency or CIA.
• The US State Department releases the Acheson-Lilenthal Report outlining a plan for how the US can limit nuclear power internationally, marking the beginning of Cold War.
• Twenty-two Nazi leaders found guilty of war crimes during the Nuremburg trials.

### 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 1947 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Jan. 2020, https://www.officialdata.org/Australia-inflation-rate-in-1947.