This device calculates the readjust in cost ofpurchasing a representative ‘basket that goodsand services’ end a period of time. For example,it may present that items costing £10 in 1955 expense $174.14 in 1990.

You are watching: 1000 dollars in 1880 worth today


A basket that goods and services valued at£sdinmonthMarJunSepDecyear,would inmonthMarJunSepDecyearcost $

Values room denominated in dollars for periods from Marchquarter 1966 and also in pounds (£) for coming before periods.For periods after 1965, usage ourdecimal inflation calculator.


Disclaimer

The results produced by the Inflation Calculator space intended as guides only and also should no be pertained to as"official" Reserve financial institution calculations. While every effort has been made by the financial institution to ensure the the data andformulae used to generate the results are accurate, the bank accepts no legal responsibility or duty for the accuracyor completeness the the resulting calculations and also recommends that users exercise their very own care and also judgment withrespect come the Inflation Calculator's use.

Notes

Decimalisation

The Australian money was decimalised ~ above 14 February 1966. Before decimalisation, currency was in the form ofpounds, shillings and pence. One lb was same to 20 shillings, one shilling was same to 12 pence, and so onepound was equal to 240 pence. Also, one guinea was indistinguishable to 21 shillings. Because that details that the precise conversionof pence to cent please refer to the Australian office of Statistics 1965, "Special short article - Decimal Currency",Year book of the republic of Australia, cat no 1301.0.

Data Sources

Data have been compiled from assorted sources to produce a single long-running series that is representative ofchanges in customer prices in Australia over time. From the September quarter 1948 onwards, the collection used is basedon the consumer Price table of contents (CPI) released by the Australian bureau of Statistics (ABS). Prior to this, a varietyof various retail price indices created by the Australian Statistician have been used. Indigenous 1901 until thecommencement of the CPI in 1948, the calendar and financial year data room from the ABS 1995 Year book Australia. The quarterly data areavailable indigenous the June quarter 1922 and also are native various worries of The work Report. The calendar year, jae won year and quarterly datafrom 1922 come 1948 are not strict comparable. More details space as follows:

From 1901 come 1914, the Australian Statistician's "A Series" sleeve Price table of contents (RPI) is used, which provides theweighted typical of the RPI for six State funding cities.From 1914 come June quarter 1948, the Australian Statistician's "C Series" RPI is used. This collection is equivalentin coverage come the "A Series" RPI but wider in border insofar as it documents the price of a broader range ofgoods. Usage weights for this series were not updated after 1936. Also, because that calendar and also financial year data native the Septemberquarter 1946 to the June 4 minutes 1 1948, the "C Series" RPI is used yet with its rental fees component replaced by thehousing team of the CPI.From the September quarter 1948 onwards, the ‘Quarterly’ calculator offers the CPI released by the ABS. From1949 onwards, the ‘Calendar Year’ calculator supplies an annual index, where the level that the yearly index is thearithmetic mean of the CPI in the four quarters the the calendar year. Similarly, the ‘Financial Year’ calculator supplies an annual index, wherein the level of the yearly index is the arithmetic typical of the CPI in the last two quarters that the previous calendar year and the first two quarters of the existing calendar year. The CPI was introduced in 1960 andcompiled retrospectively.

For further background information see:

Commonwealth bureau of Census and Statistics, The work Report, various issues.

Timing of Updates

The ‘Calendar Year’ inflation calculator is to update on the job after each December quarter CPI release. The ‘Financial Year’ inflation calculator is update on the day after each June 4 minutes 1 CPI release. The ‘Quarterly’ inflation calculator is update on the day after each CPI release. The intended release days of ABS data are shown on the ABS release Calendar.

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Calculation

Calendar Year: A basket of goods and services valued in ~ $100 in calendar year 2000, would certainly in calendar year 2015 expense $150.6.

i n f together a t ns o n   b e t w e e n   c a together e n d a r   y e a r   2000   a n d   2015 = ( A v e r a g e   o f   C P i   together e v e l   i n   M a r 2015 ,   J u n 2015 ,   S e p 2015 ,   D e c 2015 A v e r a g e   o f   C P i   together e v e l   ns n   M a r 2000 ,   J u n 2000 ,   S e ns 2000 ,   D e c 2000 − 1 ) × 100 % = ( 1 4 ( 106.8 + 107.5 + 108.0 + 108.4 )   1 4 ( 69.7 + 70.2 + 72.9 + 73.1 ) − 1 ) × 100 % = 50.6 % MathType
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Financial Year: A basket of goods and also services valued at $100 in financial year 2000/01, would in gaue won year 2015/16 expense $147.1.

i n f l a t i o n   b e t w e e n   f i n a n c ns a together   y e a r   2000 / 01   a n d   2015 / 16 = ( A v e r a g e   o f   C P i   together e v e l   ns n   S e ns 2015 ,   D e c 2015 ,   M a r 2016 ,   J u n 2016 A v e r a g e   o f   C P i   l e v e l   ns n   S e ns 2000 ,   D e c 2000 ,   M a r 2001 ,   J u n 2001 − 1 ) × 100 % = ( 1 4 ( 108.0 + 108.4 + 108.2 + 108.6 ) 1 4 ( 72.9 + 73.1 + 73.9 + 74.5 ) − 1 ) × 100 % = 47.1 % MathType
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Quarterly: A basket that goods and also services valued in ~ $100 in march 2000, would certainly in December 2015 cost $155.5.

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