# \$100 in 2023 is worth \$101.05 today

\$

## The Australian dollar has lost 1% its value since 2023

Updated: February 13, 2024

\$100 in 2023 is equivalent in purchasing power to about \$101.05 today. The dollar had an average inflation rate of 1.05% in the last 12 months. As a result, the real value of a dollar has been decreasing recently.

This means that today's prices are 1.01 times as high as average prices since 2023, according to the Bureau of Statistics consumer price index. A dollar today only buys 98.961% of what it could buy back then.

The inflation rate in 2023 was 5.18%. The current inflation rate compared to last year is now 1.05%. If this number holds, \$100 today will be equivalent in buying power to \$101.05 next year.

 Average inflation rate 1.05% Converted amount\$100 base \$101.05 Price difference\$100 base \$1.05 CPI in 2023 133.900 CPI in 2024 135.300 Inflation in 2023 5.18% Inflation in 2024 1.05% \$100 in 2023 \$101.05 in 2024

Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI

## How to calculate inflation rate for \$100 since 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2023 and today:

CPI today CPI in 2023
×
2023 AUD value
=
Today's value

Then plug in historical CPI values. The Australian CPI was 133.9 in the year 2023 and 135.3 in 2024:

135.3133.9
×
\$100
=
\$101.05

\$100 in 2023 has the same "purchasing power" or "buying power" as \$101.05 in 2024.

To get the total inflation rate for the 1 years between 2023 and 2024, we use the following formula:

CPI in 2024 - CPI in 2023CPI in 2023
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

135.3 - 133.9133.9
×
100
=
1%

## 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: “Value of 2023 Australian dollars today | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 13 Feb. 2024, https://www.officialdata.org/australia/inflation/2023.

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.