# Australian inflation rate in 2003: 2.73%

\$

## Inflation in 2003 and its effect on dollar value

Purchasing power decreased by 2.73% in 2003 compared to 2002. On average, you would have to spend 2.73% more money in 2003 than in 2002 for the same item.

In other words, \$1 in 2002 is equivalent in purchasing power to about \$1.03 in 2003.

The 2002 inflation rate was 3.08%. The inflation rate in 2003 was 2.73%. The 2003 inflation rate is higher compared to the average inflation rate of 2.33% per year between 2003 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2003 was 79.00. It was 76.90 in the previous year, 2002. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 2.73% Converted amount (\$1 base) \$1.03 Price difference (\$1 base) \$0.03 CPI in 2002 76.900 CPI in 2003 79.000 Inflation in 2002 3.08% Inflation in 2003 2.73%

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

## How to Calculate Inflation Rate for \$1, 2002 to 2003

Our calculations use the following inflation rate formula to calculate the change in value between 2002 and 2003:

CPI in 2003 CPI in 2002
×
2002 AUD value
=
2003 AUD value

Then plug in historical CPI values. The Australian CPI was 76.9 in the year 2002 and 79 in 2003:

7976.9
×
\$1
=
\$1.03

\$1 in 2002 has the same "purchasing power" or "buying power" as \$1.03 in 2003.

To get the total inflation rate for the 1 years between 2002 and 2003, we use the following formula:

CPI in 2003 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

79 - 76.976.9
×
100
=
3%

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

• United States deploys conventional forces as part of Operation Anaconda during the US invasion of Afghanistan.
• Jimmy Carter visits Cuba, marking the first time an American president has visited the Island since 1959.
• It is announced that Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia will become members of the European Union from May 1, 2004.

## 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 2003 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 24 May. 2020, https://www.officialdata.org/Australia-inflation-rate-in-2003.