# Australian inflation rate in 2022: 6.62%

\$

## Inflation in 2022 and its effect on dollar value

\$1 in 2021 is equivalent in purchasing power to about \$1.07 in 2022. The dollar had an average inflation rate of 6.62% per year between 2021 and 2022, producing a cumulative price increase of 6.62%. Purchasing power decreased by 6.62% in 2022 compared to 2021. On average, you would have to spend 6.62% more money in 2022 than in 2021 for the same item.

This means that prices in 2022 are 1.07 times as high as average prices since 2021, according to the Bureau of Statistics consumer price index.

The inflation rate in 2021 was 2.84%. The inflation rate in 2022 was 6.62%. The 2022 inflation rate is higher compared to the average inflation rate of 3.09% per year between 2022 and 2024.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2022 was 127.30. It was 119.40 in the previous year, 2021. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

 Average inflation rate 6.62% Converted amount\$1 base \$1.07 Price difference\$1 base \$0.07 CPI in 2021 119.400 CPI in 2022 127.300 Inflation in 2021 2.84% Inflation in 2022 6.62% \$1 in 2021 \$1.07 in 2022

Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI

## How to calculate inflation rate for \$1, 2021 to 2022

Our calculations use the following inflation rate formula to calculate the change in value between 2021 and 2022:

CPI in 2022 CPI in 2021
×
2021 AUD value
=
2022 AUD value

Then plug in historical CPI values. The Australian CPI was 119.4 in the year 2021 and 127.3 in 2022:

127.3119.4
×
\$1
=
\$1.07

\$1 in 2021 has the same "purchasing power" or "buying power" as \$1.07 in 2022.

To get the total inflation rate for the 1 years between 2021 and 2022, we use the following formula:

CPI in 2022 - CPI in 2021CPI in 2021
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

127.3 - 119.4119.4
×
100
=
7%

## 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 2022 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 18 Jul. 2024, https://www.officialdata.org/Australia-inflation-rate-in-2022.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

#### About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

 Average inflation rate 6.62% Converted amount\$1 base \$1.07 Price difference\$1 base \$0.07 CPI in 2021 119.400 CPI in 2022 127.300 Inflation in 2021 2.84% Inflation in 2022 6.62% \$1 in 2021 \$1.07 in 2022