According to the Office for National Statistics composite price index, today's prices in 2019 are 48.08% higher than average prices throughout 2005. The pound experienced an average inflation rate of 2.84% per year during this period, meaning the real value of a dollar decreased.
In other words, £1,000,000 in 2005 is equivalent in purchasing power to about £1,480,816.10 in 2019, a difference of £480,816.10 over 14 years.
The 2005 inflation rate was 2.82%. The current inflation rate (2018 to 2019) is now 1.80%1. If this number holds, £1,000,000 today will be equivalent in buying power to £1,018,000.00 next year.
|Cumulative price change||48.08%|
|Average inflation rate||2.84%|
|Converted amount (£1,000,000 base)||£1,480,816.10|
|Price difference (£1,000,000 base)||£480,816.10|
|CPI in 2005||757.300|
|CPI in 2019||1,121.422|
|Inflation in 2005||2.82%|
|Inflation in 2019||1.80%|
This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1,000,000 in 2005 (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|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The UK CPI was 757.3 in the year 2005 and 1121.4220303 in 2019:
£1,000,000 in 2005 has the same "purchasing power" or "buying power" as £1,480,816.10 in 2019.
To get the total inflation rate for the 14 years between 2005 and 2019, 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 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: “£1,000,000 in 2005 → 2019 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 May. 2019, https://www.officialdata.org/2005-GBP-in-2019?amount=1000000.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.