Purchasing power decreased by 1.90% in 2019 compared to the previous year, 2018. On average, you would have to spend 1.90% more money in 2019 than in 2018 for the same item.
In other words, AU$1 in 2018 is equivalent in purchasing power to AU$1.02 in 2019.
The 2018 inflation rate was 1.26%. The current inflation rate (2018 to 2019) is now 1.90%1. If this number holds, AU$1 today will be equivalent to AU$1.02 next year.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2019 is 114.73939999999999. It was 112.6 in the previous year, 2018. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
|Average inflation rate||1.90%|
|Converted amount (AU$1 base)||AU$1.02|
|Price difference (AU$1 base)||AU$0.02|
|CPI in 2018||112.600|
|CPI in 2019||114.739|
|Inflation in 2018||1.26%|
|Inflation in 2019||1.90%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Australian CPI was 112.6 in the year 2018 and 114.73939999999999 in 2019:
AU$1 in 2018 has the same "purchasing power" or "buying power" as AU$1.02 in 2019.
To get the total inflation rate for the 1 years between 2018 and 2019, we use the following formula:
Plugging in the values to this equation, we get:
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 2019 | Australia Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Feb. 2019, https://www.officialdata.org/Australia-inflation-rate-in-2019.