Australian inflation rate in 2002: 3.08%

Australia Inflation Calculator

AU$

Inflation since 2002 and its effect on dollar value

The consumer price index (CPI) in 2002 was 76.9. It was 74.6 in the previous year. This change in CPI is used by the Bureau of Statistics to calculate inflation.

According to the Bureau of Statistics consumer price index, the dollar experienced an average inflation rate of 2.36% per year. Prices in 2018 are 45.3% higher than prices in 2002.

In other words, AU$100 in 2002 is equivalent in purchasing power to AU$145.25 in 2018, a difference of AU$45.25 over 16 years.

The current inflation rate is now 0.45%1. If this number holds, AU$100 today will be equivalent to AU$100.45 next year.

Inflation from 2002 to 2018
Cumulative price change 45.25%
Average inflation rate 2.36%
Converted amount (AU$100 base) AU$145.25
Price difference (AU$100 base) AU$45.25
CPI in 2002 76.9
CPI in 2018 111.7


AUD inflation chart from 1922 to 2017


How to calculate the inflation rate for AU$100 since 2002

This inflation calculator uses the following inflation rate formula:

CPI in 2018 / CPI in 2002 * 2002 AUD value = 2018 AUD value

Then plug in historical CPI values. The Australian CPI was 76.9 in the year 2002 and 111.7 in 2018:

111.7 / 76.9 * AU$100 = AU$145.25

AU$100 in 2002 has the same "purchasing power" or "buying power" as AU$145.25 in 2018.


Here are calculations of buying power over time for AU$100 in 2002 (price index tracking began in 1922). Each of these AUD amounts below is equivalent in terms of what it could buy at the time:
Year AUD Value Inflation Rate
2002 AU$100.00 3.08%
2003 AU$102.73 2.73%
2004 AU$105.07 2.28%
2005 AU$107.93 2.72%
2006 AU$111.70 3.49%
2007 AU$114.30 2.33%
2008 AU$119.38 4.44%
2009 AU$121.46 1.74%
2010 AU$124.97 2.89%
2011 AU$129.13 3.33%
2012 AU$131.34 1.71%
2013 AU$134.59 2.48%
2014 AU$137.97 2.51%
2015 AU$140.05 1.51%
2016 AU$141.87 1.30%
2017 AU$144.60 1.92%
2018 AU$145.25 0.45%*
* Not final. See inflation summary for latest details.

News headlines from 2002

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.

Inflation Data Source

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 2002 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 15 Jun. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2002.


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