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 45.25% 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.
|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|
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.
This chart shows calculations of buying power equivalence over time for AU$100 in 2002 (price index tracking began in 1922).
According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:
|Year||AUD Value||Inflation Rate|
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, 18 Jul. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2002.