Inflation in 2004 and its effect on dollar value
$1 in 2003 is equivalent in purchasing power to about $1.02 in 2004. The dollar had an average inflation rate of 2.28% per year between 2003 and 2004, producing a cumulative price increase of 2.28%. Purchasing power decreased by 2.28% in 2004 compared to 2003. On average, you would have to spend 2.28% more money in 2004 than in 2003 for the same item.
This means that prices in 2004 are 1.02 times as high as average prices since 2003, according to the Bureau of Statistics consumer price index.
The inflation rate in 2003 was 2.73%. The inflation rate in 2004 was 2.28%. The 2004 inflation rate is lower compared to the average inflation rate of 2.61% per year between 2004 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2004 was 80.80. It was 79.00 in the previous year, 2003. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
⌃
| Average inflation rate | 2.28% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2003 | 79.000 |
| CPI in 2004 | 80.800 |
| Inflation in 2003 | 2.73% |
| Inflation in 2004 | 2.28% |
| $1 in 2003 | $1.02 in 2004 |
How to calculate inflation rate for $1, 2003 to 2004
Our calculations use the following inflation rate formula to calculate the change in value between 2003 and 2004:
CPI in 2004 CPI in 2003
×
2003 AUD value
=
2004 AUD value
Then plug in historical CPI values. The Australian CPI was 79 in the year 2003 and 80.8 in 2004:
80.879
×
$1
=
$1.02
$1 in 2003 has the same "purchasing power" or "buying power" as $1.02 in 2004.
To get the total inflation rate for the 1 years between 2003 and 2004, we use the following formula:
CPI in 2004 - CPI in 2003CPI in 2003
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
80.8 - 7979
×
100
=
2%
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 2004 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 14 Dec. 2024, https://www.officialdata.org/Australia-inflation-rate-in-2004.
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 | 2.28% |
| Converted amount $1 base | $1.02 |
| Price difference $1 base | $0.02 |
| CPI in 2003 | 79.000 |
| CPI in 2004 | 80.800 |
| Inflation in 2003 | 2.73% |
| Inflation in 2004 | 2.28% |
| $1 in 2003 | $1.02 in 2004 |