Inflation in 1956 and its effect on dollar value
$1 in 1955 is equivalent in purchasing power to about $1.06 in 1956. The dollar had an average inflation rate of 6.06% per year between 1955 and 1956, producing a cumulative price increase of 6.06%. Purchasing power decreased by 6.06% in 1956 compared to 1955. On average, you would have to spend 6.06% more money in 1956 than in 1955 for the same item.
This means that prices in 1956 are 1.06 times as high as average prices since 1955, according to the Bureau of Statistics consumer price index.
The inflation rate in 1955 was 1.54%. The inflation rate in 1956 was 6.06%. The 1956 inflation rate is higher compared to the average inflation rate of 4.45% per year between 1956 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1956 was 7.00. It was 6.60 in the previous year, 1955. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 6.06% |
| Converted amount $1 base | $1.06 |
| Price difference $1 base | $0.06 |
| CPI in 1955 | 6.600 |
| CPI in 1956 | 7.000 |
| Inflation in 1955 | 1.54% |
| Inflation in 1956 | 6.06% |
| $1 in 1955 | $1.06 in 1956 |
How to calculate inflation rate for $1, 1955 to 1956
Our calculations use the following inflation rate formula to calculate the change in value between 1955 and 1956:
CPI in 1956 CPI in 1955
×
1955 AUD value
=
1956 AUD value
Then plug in historical CPI values. The Australian CPI was 6.6 in the year 1955 and 7 in 1956:
76.6
×
$1
=
$1.06
$1 in 1955 has the same "purchasing power" or "buying power" as $1.06 in 1956.
To get the total inflation rate for the 1 years between 1955 and 1956, we use the following formula:
CPI in 1956 - CPI in 1955CPI in 1955
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
7 - 6.66.6
×
100
=
6%
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 1956 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 13 Dec. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1956.
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.
| Average inflation rate | 6.06% |
| Converted amount $1 base | $1.06 |
| Price difference $1 base | $0.06 |
| CPI in 1955 | 6.600 |
| CPI in 1956 | 7.000 |
| Inflation in 1955 | 1.54% |
| Inflation in 1956 | 6.06% |
| $1 in 1955 | $1.06 in 1956 |