$1 in 1976 is equivalent in purchasing power to about $1.12 in 1977. The dollar had an average inflation rate of 12.15% per year between 1976 and 1977, producing a cumulative price increase of 12.15%. Purchasing power decreased by 12.15% in 1977 compared to 1976. On average, you would have to spend 12.15% more money in 1977 than in 1976 for the same item.
This means that prices in 1977 are 1.12 times as high as average prices since 1976, according to the Bureau of Statistics consumer price index.
The inflation rate in 1976 was 13.13%. The inflation rate in 1977 was 12.15%. The 1977 inflation rate is higher compared to the average inflation rate of 4.12% per year between 1977 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1977 was 20.30. It was 18.10 in the previous year, 1976. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
Average inflation rate | 12.15% |
Converted amount $1 base | $1.12 |
Price difference $1 base | $0.12 |
CPI in 1976 | 18.100 |
CPI in 1977 | 20.300 |
Inflation in 1976 | 13.13% |
Inflation in 1977 | 12.15% |
$1 in 1976 | $1.12 in 1977 |
Our calculations use the following inflation rate formula to calculate the change in value between 1976 and 1977:
Then plug in historical CPI values. The Australian CPI was 18.1 in the year 1976 and 20.3 in 1977:
$1 in 1976 has the same "purchasing power" or "buying power" as $1.12 in 1977.
To get the total inflation rate for the 1 years between 1976 and 1977, we use the following formula:
Plugging in the values to this equation, we get:
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 1977 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 8 Oct. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1977.
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 | 12.15% |
Converted amount $1 base | $1.12 |
Price difference $1 base | $0.12 |
CPI in 1976 | 18.100 |
CPI in 1977 | 20.300 |
Inflation in 1976 | 13.13% |
Inflation in 1977 | 12.15% |
$1 in 1976 | $1.12 in 1977 |