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.
|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%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 111.2 in the year 2017 and 111.7 in 2018:
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:
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 2018 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 14 Aug. 2018, https://www.officialdata.org/Australia-inflation-rate-in-2018.