$1 in 1993 is equivalent in purchasing power to about $1.02 in 1994. The dollar had an average inflation rate of 1.97% per year between 1993 and 1994, producing a cumulative price increase of 1.97%. Purchasing power decreased by 1.97% in 1994 compared to 1993. On average, you would have to spend 1.97% more money in 1994 than in 1993 for the same item.

This means that prices in 1994 are 1.02 times higher than average prices since 1993, according to the Bureau of Statistics consumer price index.

The inflation rate in 1993 was 1.67%. The inflation rate in 1994 was 1.97%. The 1994 inflation rate is lower compared to the average inflation rate of 2.40% per year between 1994 and 2021.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 1994 was 62.10. It was 60.90 in the previous year, 1993. The difference in CPI between the years is used by the Bureau of Statistics to officially determine inflation.

⌃

Average inflation rate | 1.97% |

Converted amount ($1 base) | $1.02 |

Price difference ($1 base) | $0.02 |

CPI in 1993 | 60.900 |

CPI in 1994 | 62.100 |

Inflation in 1993 | 1.67% |

Inflation in 1994 | 1.97% |

$1 in 1993 | $1.02 in 1994 |

Our calculations use the following inflation rate formula to calculate the change in value between 1993 and 1994:

CPI in 1994
CPI in 1993

×

1993 AUD value

=

1994 AUD value

Then plug in historical CPI values. The Australian CPI was 60.9 in the year 1993 and 62.1 in 1994:

62.160.9

×

$1

=

$1 in 1993 has the same "purchasing power" or "buying power" as $1.02 in 1994.

To get the total inflation rate for the 1 years between 1993 and 1994, we use the following formula:

CPI in 1994 - CPI in 1993CPI in 1993

×

100

=

Plugging in the values to this equation, we get:

62.1 - 60.960.9

×

100

=

Politics and news often influence economic performance. Here's what was happening at the time:

- Letters of mutual recognition are exchanged between Israel and the Palestine Liberation Organization.
- The Nobel Peace Prize is awarded to Nelson Mandela and South African President de Klerk.
- A new democratic constitution is approved by black and white leaders in South Africa.

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 1994 | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 7 Dec. 2021, https://www.officialdata.org/Australia-inflation-rate-in-1994.

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 | 1.97% |

Converted amount ($1 base) | $1.02 |

Price difference ($1 base) | $0.02 |

CPI in 1993 | 60.900 |

CPI in 1994 | 62.100 |

Inflation in 1993 | 1.67% |

Inflation in 1994 | 1.97% |

$1 in 1993 | $1.02 in 1994 |