£500,000 in 1991 → £1,020,410.10 in 2017

UK Inflation Calculator

£

£500,000 in 1991 → £1,020,410.10 in 2017

👉 You may be interested in £500,000 in 1991 → 2019

UK Inflation Rate, £500,000 in 1991 to 2017

According to the Office for National Statistics composite price index, prices in 2017 are 104.08% higher than average prices throughout 1991. The pound experienced an average inflation rate of 2.78% per year during this period, meaning the real value of a dollar decreased.

In other words, £500,000 in 1991 is equivalent in purchasing power to about £1,020,410.10 in 2017, a difference of £520,410.10 over 26 years.

The 1991 inflation rate was 5.87%. The inflation rate in 2017 was 3.58%. The 2017 inflation rate is higher compared to the average inflation rate of 2.14% per year between 2017 and 2019.


Inflation from 1991 to 2017
Cumulative price change 104.08%
Average inflation rate 2.78%
Converted amount (£500,000 base) £1,020,410.10
Price difference (£500,000 base) £520,410.10
CPI in 1991 526.700
CPI in 2017 1,074.900
Inflation in 1991 5.87%
Inflation in 2017 3.58%

UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.


Buying power of £500,000 in 1991

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £500,000 in 1991 (price index tracking began in 1750).

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Year Pound Value Inflation Rate
1991 £500,000.00 5.87%
1992 £518,701.35 3.74%
1993 £526,960.32 1.59%
1994 £539,681.03 2.41%
1995 £558,382.38 3.47%
1996 £571,862.54 2.41%
1997 £589,804.44 3.14%
1998 £610,024.68 3.43%
1999 £619,422.82 1.54%
2000 £637,744.45 2.96%
2001 £649,041.20 1.77%
2002 £659,863.30 1.67%
2003 £678,944.37 2.89%
2004 £699,164.61 2.98%
2005 £718,910.20 2.82%
2006 £741,883.43 3.20%
2007 £773,685.21 4.29%
2008 £804,537.69 3.99%
2009 £800,265.81 -0.53%
2010 £837,193.85 4.61%
2011 £880,767.04 5.20%
2012 £909,056.39 3.21%
2013 £936,681.22 3.04%
2014 £958,800.08 2.36%
2015 £968,293.15 0.99%
2016 £985,095.88 1.74%
2017 £1,020,410.10 3.58%
2018 £1,045,750.28 2.48%
2019 £1,064,573.79 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 20 more rows

How to Calculate Inflation Rate for £500,000, 1991 to 2017

This inflation calculator uses the following inflation rate formula:

CPI in 2017CPI in 1991
×
1991 GBP value
=
2017 GBP value

Then plug in historical CPI values. The UK CPI was 526.7 in the year 1991 and 1074.9 in 2017:

1074.9526.7
×
£500,000
=
£1,020,410.10

£500,000 in 1991 has the same "purchasing power" or "buying power" as £1,020,410.10 in 2017.

To get the total inflation rate for the 26 years between 1991 and 2017, we use the following formula:

CPI in 2017 - CPI in 1991CPI in 1991
×
100
=
Cumulative inflation rate (26 years)

Plugging in the values to this equation, we get:

1074.9 - 526.7526.7
×
100
=
104%

News headlines from 1991

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

  • The IRA launch a bomb attack on Downing Street, during a cabinet meeting.
  • America liberates Kuwait signalling the end of the first Gulf War.
  • Tim Berners-Lee releases files that describe the idea of the World Wide Web.
  • Pablo Escobar, a Colombian drug lord, surrenders to the police.
  • Boris Yeltsin becomes the first elected president of Russia.

Data Source & Citation

Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for 2017, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “£500,000 in 1991 → 2017 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 14 Nov. 2019, https://www.officialdata.org/1991-GBP-in-2017?amount=500000.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter


» Read more about inflation and investment.

Inflation from 1991 to 2017
Cumulative price change 104.08%
Average inflation rate 2.78%
Converted amount (£500,000 base) £1,020,410.10
Price difference (£500,000 base) £520,410.10
CPI in 1991 526.700
CPI in 2017 1,074.900
Inflation in 1991 5.87%
Inflation in 2017 3.58%
Download Image