The Impact of Inflation on value of $1 from 1998 to 2024
In 1913 the price of $1 is approximately equal to $2.04 in 2024. Prices changed by 2.71% (or $0.04) per year on average during that period. It means that every purchase will cost you 2.04 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 $1 in 1998 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 $1 in 1998 Worth Today?
- Converted Amount: The $1 from 1998, adjusted for inflation, would be equivalent to $2.04 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 103.86%.
- Average Inflation Rate: The average annual inflation rate between 1998 and 2024 has been 2.71%.
| Cumulative price change | 103.86% |
| Average inflation rate | 2.71% |
| Converted amount | 2.04 |
| Price difference | 1.04 |
| CPI in 1998 | 67.4 |
| CPI in 2024 | 137.4 |
| Inflation in 1998 | 0.75% |
| Inflation in 2024 | 2.23% |
| 1 in 1998 | 2.04 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 1998: 67.4
- CPI in 2024: 137.4
Inflation Rate at 1998 and 2024
- Inflation in 1998: 0.75%
- Inflation in 2024: 2.23%
Price Difference
- The price difference between 1998 and 2024 is $1.04.
1998 to 2024 Inflation Calculator
To understand the transformation of $1 from 1998 into 2024 Australian Dollars, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 1998 | 67.4 | 0.75% | $1 |
| 2024 | 137.4 | 2.23% | $2.04 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of $1 in 1998
$1 in the year 1998 is now worth $2.04 in 2024, showing a substantial increase of $1.04 over the years. This change underscores how the average inflation rate of 2.71% annually has eroded the purchasing power of the Australian Dollar.