According to the European Central Bank consumer price index, prices in 2008 are 12.68% higher than average prices throughout 2003. The euro experienced an average inflation rate of 2.42% per year during this period, meaning the real value of a dollar decreased.
In other words, €100 in 2003 is equivalent in purchasing power to about €112.68 in 2008, a difference of €12.68 over 5 years.
The 2003 inflation rate was 2.12%. The inflation rate in 2008 was 3.34%. The 2008 inflation rate is higher compared to the average inflation rate of 1.20% per year between 2008 and 2019.
|Cumulative price change||12.68%|
|Average inflation rate||2.42%|
|Converted amount (€100 base)||€112.68|
|Price difference (€100 base)||€12.68|
|CPI in 2003||81.210|
|CPI in 2008||91.508|
|Inflation in 2003||2.12%|
|Inflation in 2008||3.34%|
This chart shows calculation of buying power equivalence, often referred to as "the value of a euro" over time for €100 in 2003 (price index tracking began in 1996).
According to the European Central Bank, each of these EUR amounts below is equal in terms of what it could buy at the time:
|Year||Euro Value||Inflation Rate|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The Euro CPI was 81.21 in the year 2003 and 91.50833333 in 2008:
€100 in 2003 has the same "purchasing power" or "buying power" as €112.68 in 2008.
To get the total inflation rate for the 5 years between 2003 and 2008, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.
You may use the following MLA citation for this page: “2003 euros in 2008 | Euro Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 Apr. 2019, https://www.officialdata.org/2003-euro-in-2008.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.