Australian inflation rate in 2002: 3.08%

Australia Inflation Calculator

AU$

Inflation in 2002 and Its Effect on Dollar Value

Purchasing power decreased by 3.08% in 2002 compared to the previous year, 2001. On average, you would have to spend 3.08% more money in 2002 than in 2001 for the same item.

In other words, AU$1 in 2001 is equivalent in purchasing power to AU$1.03 in 2002.

The 2001 inflation rate was 4.34%. The inflation rate in 2002 was 3.08%. The 2002 inflation rate is higher compared to the average inflation rate of 2.36% per year between 2002 and 2018.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2002 was 76.9. It was 74.6 in the previous year, 2001. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 2001 to 2002
Average inflation rate 3.08%
Converted amount (AU$1 base) AU$1.03
Price difference (AU$1 base) AU$0.03
CPI in 2001 74.600
CPI in 2002 76.900
Inflation in 2001 4.34%
Inflation in 2002 3.08%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$1, 2001 to 2002

This inflation calculator uses the following inflation rate formula:

CPI in 2002CPI in 2001
×
2001 AUD value
=
2002 AUD value

Then plug in historical CPI values. The Australian CPI was 74.6 in the year 2001 and 76.9 in 2002:

76.974.6
×
AU$1
=
AU$1.03

AU$1 in 2001 has the same "purchasing power" or "buying power" as AU$1.03 in 2002.

To get the total inflation rate for the 1 years between 2001 and 2002, we use the following formula:

CPI in 2002 - CPI in 2001CPI in 2001
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

76.9 - 74.674.6
×
100
=
3%

News headlines from 2001

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

  • The Netherlands becomes the first country to legalize same sex marriage.
  • Two passenger planes are hijacked by terrorists who then crash them into New York's Twin Towers, killing 2,752 people.
  • Another plane is crashed into the Pentagon killing 125 people.
  • George W Bush establishes The Department of Homeland Security.

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 2002 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 19 Dec. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2002.


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