Australian inflation rate in 1966: 2.38%

Inflation in 1966 and its effect on dollar value

$1 in 1965 is equivalent in purchasing power to about $1.02 in 1966. The dollar had an average inflation rate of 2.38% per year between 1965 and 1966, producing a cumulative price increase of 2.38%. Purchasing power decreased by 2.38% in 1966 compared to 1965. On average, you would have to spend 2.38% more money in 1966 than in 1965 for the same item.

This means that prices in 1966 are 1.02 times higher than average prices since 1965, according to the Bureau of Statistics consumer price index.

The inflation rate in 1965 was 3.70%. The inflation rate in 1966 was 2.38%. The 1966 inflation rate is lower compared to the average inflation rate of 4.94% per year between 1966 and 2022.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1966 was 8.60. It was 8.40 in the previous year, 1965. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 1965 to 1966
Average inflation rate2.38%
Converted amount ($1 base)$1.02
Price difference ($1 base)$0.02
CPI in 19658.400
CPI in 19668.600
Inflation in 19653.70%
Inflation in 19662.38%
$1 in 1965$1.02 in 1966

Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI
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How to calculate inflation rate for $1, 1965 to 1966

Our calculations use the following inflation rate formula to calculate the change in value between 1965 and 1966:

CPI in 1966 CPI in 1965
×
1965 AUD value
=
1966 AUD value

Then plug in historical CPI values. The Australian CPI was 8.4 in the year 1965 and 8.6 in 1966:

8.68.4
×
$1
=
$1.02

$1 in 1965 has the same "purchasing power" or "buying power" as $1.02 in 1966.

To get the total inflation rate for the 1 years between 1965 and 1966, we use the following formula:

CPI in 1966 - CPI in 1965CPI in 1965
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

8.6 - 8.48.4
×
100
=
2%

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 1966 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Nov. 2022, https://www.officialdata.org/Australia-inflation-rate-in-1966.

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 1965 to 1966
Average inflation rate2.38%
Converted amount ($1 base)$1.02
Price difference ($1 base)$0.02
CPI in 19658.400
CPI in 19668.600
Inflation in 19653.70%
Inflation in 19662.38%
$1 in 1965$1.02 in 1966