Australian inflation rate in 2020: 1.90%

Australia Inflation Calculator

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Inflation in 2020 and Its Effect on Dollar Value

Purchasing power decreased by 1.90% in 2020 compared to 2019. On average, you would have to spend 1.90% more money in 2020 than in 2019 for the same item.

In other words, \$1 in 2019 is equivalent in purchasing power to about \$1.02 in 2020.

The 2019 inflation rate was 1.90%. The current inflation rate (2019 to 2020) is now 1.90%1. If this number holds, \$1 today will be equivalent in buying power to \$1.02 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2020 is 116.92. It was 114.74 in the previous year, 2019. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 1.90% Converted amount (\$1 base) \$1.02 Price difference (\$1 base) \$0.02 CPI in 2019 114.739 CPI in 2020 116.919 Inflation in 2019 1.90% Inflation in 2020 1.90%

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

How to Calculate Inflation Rate for \$1 since 2019

This inflation calculator uses the following inflation rate formula:

CPI in 2020CPI in 2019
×
2019 AUD value
=
2020 AUD value

Then plug in historical CPI values. The Australian CPI was 114.73939999999999 in the year 2019 and 116.91944859999998 in 2020:

116.91944859999998114.73939999999999
×
\$1
=
\$1.02

\$1 in 2019 has the same "purchasing power" or "buying power" as \$1.02 in 2020.

To get the total inflation rate for the 1 years between 2019 and 2020, we use the following formula:

CPI in 2020 - CPI in 2019CPI in 2019
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

116.91944859999998 - 114.73939999999999114.73939999999999
×
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 2020 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Mar. 2020, https://www.officialdata.org/Australia-inflation-rate-in-2020.