# \$1 in 2005 is worth \$0.97 in 2004

\$

## Value of \$1 from 2005 to 2004

\$1 in 2005 is equivalent in purchasing power to about \$0.97 in 2004. The dollar had an average inflation rate of 2.72% per year between 2004 and 2005, producing a cumulative price increase of -2.65%.

This means that prices in 2004 are 2.65% lower than average prices since 2005, according to the Bureau of Statistics consumer price index.

The 2004 inflation rate was 2.28%. The inflation rate in 2005 was 2.72%. The 2005 inflation rate is higher compared to the average inflation rate of 2.31% per year between 2005 and 2020.

 Average inflation rate 2.72% Converted amount (\$1 base) \$0.97 Price difference (\$1 base) \$-0.03 CPI in 2005 83.000 CPI in 2004 80.800 Inflation in 2004 2.28% Inflation in 2005 2.72% \$1 in 2005 \$0.97 in 2004

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

## How to Calculate Inflation Rate for \$1, 2004 to 2005

Our calculations use the following inflation rate formula to calculate the change in value between 2004 and 2005:

CPI in 2004 CPI in 2005
×
2005 AUD value
=
2004 AUD value

Then plug in historical CPI values. The Australian CPI was 83 in the year 2005 and 80.8 in 2004:

80.883
×
\$1
=
\$0.97

\$1 in 2005 has the same "purchasing power" or "buying power" as \$0.97 in 2004.

To get the total inflation rate for the 1 years between 2004 and 2005, we use the following formula:

CPI in 2004 - CPI in 2005CPI in 2005
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

80.8 - 8383
×
100
=
-3%

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

• Egyptian President Hosni Mubarak asks Parliament to amend Article 76 and orders constitutional changes in order to allow multi-candidate presidential elections.
• Syria's 29-year-long military domination of Lebanon ends, after it withdraws the last of its 14,000 troops under international pressure.
• A coordinated bomb attack hits London's public transport system, during the morning rush hour, killing 52 and injuring a further 700 people.
• Angela Merkel becomes first female Chancellor of Germany.

## 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: “\$1 in 2005 → 2004 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Apr. 2021, https://www.officialdata.org/australia/inflation/2005?amount=1&endYear=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.