What was 500 dollars worth in 1966

While every effort has been made by the Bank to ensure that the data and formulae used to generate the results are accurate, the Bank accepts no liability or responsibility for the accuracy or completeness of the resulting calculations and recommends that users exercise their own care and judgment with respect to the Inflation Calculator's use. The Australian currency was decimalised on 14 February Prior to decimalisation, currency was in the form of pounds, shillings and pence.

One pound was equal to 20 shillings, one shilling was equal to 12 pence, and so one pound was equal to pence. Also, one guinea was equivalent to 21 shillings. Inflation can also vary widely by country. CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes. This chart shows the average rate of inflation for select CPI categories between and The graph below compares inflation in categories of goods over time.

Click on a category such as "Food" to toggle it on or off:. For all these visualizations, it's important to note that not all categories may have been tracked since This table and charts use the earliest available data for each category. Our calculations use the following inflation rate formula to calculate the change in value between and Then plug in historical CPI values. The U. CPI was To get the total inflation rate for the 52 years between and , we use the following formula:.

The above data describe the CPI for all items. Also of note is the Core CPI , which measures inflation for all items except for the more volatile categories of food and energy. Core inflation averaged 4. The average inflation rate of 4. As noted above, this yearly inflation rate compounds to produce an overall price difference of This is a return on investment of 12, The inflation rate in the United States between and today has been This means that dollars in are equivalent to The average annual inflation rate has been 3.

All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money. All calculations are performed in the local currency USD and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability.

Inflation data is provided by governments and international institutions on a monthly basis.