Australian inflation rate in 2023: 8.00%

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Inflation in 2023 and its effect on dollar value

$1 in 2022 is equivalent in purchasing power to about $1.08 today. The dollar had an average inflation rate of 8.00% in the last 12 months. As a result, the real value of a dollar has been decreasing recently. Purchasing power decreased by 8.00% in 2023 compared to 2022. On average, you would have to spend 8.00% more money in 2023 than in 2022 for the same item.

This means that today's prices are 1.08 times as high as average prices since 2022, according to the Bureau of Statistics consumer price index. A dollar today only buys 92.593% of what it could buy back then.

The inflation rate in 2022 was 5.61%. The current inflation rate compared to last year is now 8.00%. If this number holds, $1 today will be equivalent in buying power to $1.08 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2023 is 136.19. It was 126.10 in the previous year, 2022. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃
Inflation from 2022 to 2023
Average inflation rate8.00%
Converted amount
$1 base		$1.08
Price difference
$1 base		$0.08
CPI in 2022126.100
CPI in 2023136.188
Inflation in 20225.61%
Inflation in 20238.00%
$1 in 2022$1.08 in 2023
Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI
Download

How to calculate inflation rate for $1 since 2022

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

CPI today CPI in 2022
×
2022 AUD value
=
Today's value

Then plug in historical CPI values. The Australian CPI was 126.1 in the year 2022 and 136.18800000000002 in 2023:

136.18800000000002126.1
×
$1
=
$1.08

$1 in 2022 has the same "purchasing power" or "buying power" as $1.08 in 2023.

To get the total inflation rate for the 1 years between 2022 and 2023, we use the following formula:

CPI in 2023 - CPI in 2022CPI in 2022
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

136.18800000000002 - 126.1126.1
×
100
=
8%

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 2023 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Jun. 2023, https://www.officialdata.org/Australia-inflation-rate-in-2023.

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

Ian Webster

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.

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Inflation from 2022 to 2023
Average inflation rate8.00%
Converted amount
$1 base		$1.08
Price difference
$1 base		$0.08
CPI in 2022126.100
CPI in 2023136.188
Inflation in 20225.61%
Inflation in 20238.00%
$1 in 2022$1.08 in 2023