Australian inflation rate in 2018: 2.95%

Australia Inflation Calculator

AU$

Inflation in 2018 and Its Effect on Dollar Value

Purchasing power decreased by 2.95% in 2018 compared to the previous year, 2017. On average, you would have to spend 2.95% more money in 2018 than in 2017 for the same item.

In other words, AU$100 in 2017 is equivalent in purchasing power to AU$100.45 in 2018.

The 2017 inflation rate was 1.92%. The current inflation rate (2017 to 2018) is now 0.45%1. If this number holds, AU$100 today will be equivalent to AU$100.45 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2018 is 111.7. It was 111.2 in the previous year, 2017. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.


Inflation from 2017 to 2018
Average inflation rate 2.95%
Converted amount (AU$100 base) AU$100.45
Price difference (AU$100 base) AU$0.45
CPI in 2017 111.2
CPI in 2018 111.7
Inflation in 2017 1.92%
Inflation in 2018 0.45%


AUD inflation chart from 1922 to 2017


How to Calculate Inflation Rate for AU$100 since 2017

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 2017
×
2017 AUD value
=
2018 AUD value

Then plug in historical CPI values. The Australian CPI was 111.2 in the year 2017 and 111.7 in 2018:

111.7111.2
×
AU$100
=
AU$100.45

AU$100 in 2017 has the same "purchasing power" or "buying power" as AU$100.45 in 2018.

To get the total inflation rate for the 1 years between 2017 and 2018, we use the following formula:

CPI in 2018 - CPI in 2017CPI in 2017
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

111.7 - 111.2111.2
×
100
=
0%

News headlines from 2017

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

  • Donald Trump sworn in as the 45th president of the United States.
  • Hurricanes Harvey and Irma strike southeast Texas and Florida, causing extensive flooding and damage.
  • Gunman kills 58 people at a Las Vegas concert, making it the deadliest mass shooting in modern U.S. history.
  • North Korea tests a hydrogen bomb and over a dozen ballistic missiles amidst soaring tensions with the U.S.

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 2018 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 14 Aug. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2018.


» Read more about inflation.