$1 in 1987 is equivalent in purchasing power to about $1.07 in 1988. The dollar had an average inflation rate of 7.33% per year between 1987 and 1988, producing a cumulative price increase of 7.33%. Purchasing power decreased by 7.33% in 1988 compared to 1987. On average, you would have to spend 7.33% more money in 1988 than in 1987 for the same item.
This means that prices in 1988 are 1.07 times as high as average prices since 1987, according to the Bureau of Statistics consumer price index.
The inflation rate in 1987 was 8.41%. The inflation rate in 1988 was 7.33%. The 1988 inflation rate is higher compared to the average inflation rate of 2.82% per year between 1988 and 2024.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1988 was 49.80. It was 46.40 in the previous year, 1987. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.
Average inflation rate | 7.33% |
Converted amount $1 base | $1.07 |
Price difference $1 base | $0.07 |
CPI in 1987 | 46.400 |
CPI in 1988 | 49.800 |
Inflation in 1987 | 8.41% |
Inflation in 1988 | 7.33% |
$1 in 1987 | $1.07 in 1988 |
Our calculations use the following inflation rate formula to calculate the change in value between 1987 and 1988:
Then plug in historical CPI values. The Australian CPI was 46.4 in the year 1987 and 49.8 in 1988:
$1 in 1987 has the same "purchasing power" or "buying power" as $1.07 in 1988.
To get the total inflation rate for the 1 years between 1987 and 1988, 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 1988 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 30 Oct. 2024, https://www.officialdata.org/Australia-inflation-rate-in-1988.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
Average inflation rate | 7.33% |
Converted amount $1 base | $1.07 |
Price difference $1 base | $0.07 |
CPI in 1987 | 46.400 |
CPI in 1988 | 49.800 |
Inflation in 1987 | 8.41% |
Inflation in 1988 | 7.33% |
$1 in 1987 | $1.07 in 1988 |