The Impact of Inflation on value of $8 from 1979 to 2024
In 1913 the price of $8 is approximately equal to $45.99 in 2024. Prices changed by 4.11% (or $0.84) per year on average during that period. It means that every purchase will cost you 5.75 times as much.
Inflation is a powerful force that can erode the purchasing power of money over time. For anyone curious about the value of $8 in 1979 and what it would be worth in 2024, this page provides a detailed analysis using the cumulative price change, average inflation rate, and other key financial indicators.
How Much is $8 in 1979 Worth Today?
- Converted Amount: The $8 from 1979, adjusted for inflation, would be equivalent to $45.99 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 474.90%.
- Average Inflation Rate: The average annual inflation rate between 1979 and 2024 has been 4.11%.
| Cumulative price change | 474.90% |
| Average inflation rate | 4.11% |
| Converted amount | 45.99 |
| Price difference | 37.99 |
| CPI in 1979 | 23.9 |
| CPI in 2024 | 137.4 |
| Inflation in 1979 | 9.13% |
| Inflation in 2024 | 2.23% |
| 8 in 1979 | 45.99 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 1979: 23.9
- CPI in 2024: 137.4
Inflation Rate at 1979 and 2024
- Inflation in 1979: 9.13%
- Inflation in 2024: 2.23%
Price Difference
- The price difference between 1979 and 2024 is $37.99.
1979 to 2024 Inflation Calculator
To understand the transformation of $8 from 1979 into 2024 Australian Dollars, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 1979 | 23.9 | 9.13% | $8 |
| 2024 | 137.4 | 2.23% | $45.99 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of $8 in 1979
$8 in the year 1979 is now worth $45.99 in 2024, showing a substantial increase of $37.99 over the years. This change underscores how the average inflation rate of 4.11% annually has eroded the purchasing power of the Australian Dollar.