Australian inflation rate in 1988: 7.33%

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Inflation in 1988 and its effect on dollar value

$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.

⌃
Inflation from 1987 to 1988
Average inflation rate7.33%
Converted amount
$1 base		$1.07
Price difference
$1 base		$0.07
CPI in 198746.400
CPI in 198849.800
Inflation in 19878.41%
Inflation in 19887.33%
$1 in 1987$1.07 in 1988
Recent AUD inflation
Annual Rate, the Bureau of Statistics CPI
Download

How to calculate inflation rate for $1, 1987 to 1988

Our calculations use the following inflation rate formula to calculate the change in value between 1987 and 1988:

CPI in 1988 CPI in 1987
×
1987 AUD value
=
1988 AUD value

Then plug in historical CPI values. The Australian CPI was 46.4 in the year 1987 and 49.8 in 1988:

49.846.4
×
$1
=
$1.07

$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:

CPI in 1988 - CPI in 1987CPI in 1987
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

49.8 - 46.446.4
×
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 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.

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 1987 to 1988
Average inflation rate7.33%
Converted amount
$1 base		$1.07
Price difference
$1 base		$0.07
CPI in 198746.400
CPI in 198849.800
Inflation in 19878.41%
Inflation in 19887.33%
$1 in 1987$1.07 in 1988