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# Australian inflation rate in 1977: 12.15%

### Inflation in 1977 and Its Effect on Dollar Value

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.

In other words, \$1 in 1976 is equivalent in purchasing power to about \$1.12 in 1977.

The 1976 inflation rate was 13.13%. The inflation rate in 1977 was 12.15%. The 1977 inflation rate is higher compared to the average inflation rate of 4.16% per year between 1977 and 2020.

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%

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

### How to Calculate Inflation Rate for \$1, 1976 to 1977

This inflation calculator uses the following inflation rate formula:

CPI in 1977CPI in 1976
×
1976 AUD value
=
1977 AUD value

Then plug in historical CPI values. The Australian CPI was 18.1 in the year 1976 and 20.3 in 1977:

20.318.1
×
\$1
=
\$1.12

\$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:

CPI in 1977 - CPI in 1976CPI in 1976
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

20.3 - 18.118.1
×
100
=
12%

### News headlines from 1976

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

• Steve Jobs and Stebe Wozniak invent the Apple Computer in Job's parents' garage.
• The US Viking 1 lands on Mars, becoming the first man-built object on the Red Planet.
• Osvaldo Dorticos Torrado is replaced as Cuban President by Fidel Castro.

### 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 1977 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Jan. 2020, https://www.officialdata.org/Australia-inflation-rate-in-1977.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

#### 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.

 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%