$1 in 1966 is equivalent in purchasing power to about $1.03 in 1967. The dollar had an average inflation rate of 3.49% per year between 1966 and 1967, producing a cumulative price increase of 3.49%. Purchasing power decreased by 3.49% in 1967 compared to 1966. On average, you would have to spend 3.49% more money in 1967 than in 1966 for the same item.

This means that prices in 1967 are 1.03 times higher than average prices since 1966, according to the Bureau of Statistics consumer price index.

The 1966 inflation rate was 2.38%. The inflation rate in 1967 was 3.49%. The 1967 inflation rate is lower compared to the average inflation rate of 4.90% per year between 1967 and 2021.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1967 was 8.90. It was 8.60 in the previous year, 1966. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃

Average inflation rate | 3.49% |

Converted amount ($1 base) | $1.03 |

Price difference ($1 base) | $0.03 |

CPI in 1966 | 8.600 |

CPI in 1967 | 8.900 |

Inflation in 1966 | 2.38% |

Inflation in 1967 | 3.49% |

$1 in 1966 | $1.03 in 1967 |

Our calculations use the following inflation rate formula to calculate the change in value between 1966 and 1967:

CPI in 1967
CPI in 1966

×

1966 AUD value

=

1967 AUD value

Then plug in historical CPI values. The Australian CPI was 8.6 in the year 1966 and 8.9 in 1967:

8.98.6

×

$1

=

$1 in 1966 has the same "purchasing power" or "buying power" as $1.03 in 1967.

To get the total inflation rate for the 1 years between 1966 and 1967, we use the following formula:

CPI in 1967 - CPI in 1966CPI in 1966

×

100

=

Plugging in the values to this equation, we get:

8.9 - 8.68.6

×

100

=

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

- Soviet Luna 9 lands on the Moon.
- Demonstrations are held against the Vietnam War in the United States, Europe and Australia.
- A treaty prohibiting the use of nuclear weapons in outer space is signed by the United States and the USSR.

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 1967 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 17 Sep. 2021, https://www.officialdata.org/Australia-inflation-rate-in-1967.

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 | 3.49% |

Converted amount ($1 base) | $1.03 |

Price difference ($1 base) | $0.03 |

CPI in 1966 | 8.600 |

CPI in 1967 | 8.900 |

Inflation in 1966 | 2.38% |

Inflation in 1967 | 3.49% |

$1 in 1966 | $1.03 in 1967 |