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.
|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%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 74.6 in the year 2001 and 76.9 in 2002:
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:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
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.