Inflation in 1999 and its effect on dollar value
Purchasing power decreased by 1.48% in 1999 compared to 1998. On average, you would have to spend 1.48% more money in 1999 than in 1998 for the same item.
In other words, $1 in 1998 is equivalent in purchasing power to about $1.01 in 1999.
The 1998 inflation rate was 0.75%. The inflation rate in 1999 was 1.48%. The 1999 inflation rate is lower compared to the average inflation rate of 2.59% per year between 1999 and 2020.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1999 was 68.40. It was 67.40 in the previous year, 1998. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 1.48% |
| Converted amount ($1 base) | $1.01 |
| Price difference ($1 base) | $0.01 |
| CPI in 1998 | 67.400 |
| CPI in 1999 | 68.400 |
| Inflation in 1998 | 0.75% |
| Inflation in 1999 | 1.48% |
How to Calculate Inflation Rate for $1, 1998 to 1999
Our calculations use the following inflation rate formula to calculate the change in value between 1998 and 1999:
CPI in 1999
CPI in 1998
×
1998 AUD value
=
1999 AUD value
Then plug in historical CPI values. The Australian CPI was 67.4 in the year 1998 and 68.4 in 1999:
68.467.4
×
$1
=
$1.01
$1 in 1998 has the same "purchasing power" or "buying power" as $1.01 in 1999.
To get the total inflation rate for the 1 years between 1998 and 1999, we use the following formula:
CPI in 1999 - CPI in 1998CPI in 1998
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
68.4 - 67.467.4
×
100
=
1%
News headlines from 1998
Politics and news often influence economic performance. Here's what was happening at the time:
- Osama Bin Laden declares a Jihad against Jews and Crusaders.
- The Good Friday Agreement is accepted in a referendum in Northern Ireland.
- President of the US Bill Clinton admits that he had an "improper physical relationship" with an intern and then denied it in the same day. The event has come to be known as the Monica Lewinsky scandal.
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 1999 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 Jul. 2020, https://www.officialdata.org/Australia-inflation-rate-in-1999.
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 | 1.48% |
| Converted amount ($1 base) | $1.01 |
| Price difference ($1 base) | $0.01 |
| CPI in 1998 | 67.400 |
| CPI in 1999 | 68.400 |
| Inflation in 1998 | 0.75% |
| Inflation in 1999 | 1.48% |