£1,000,000 in 2005 → £1,480,816.10 in 2019

UK Inflation Rate, £1,000,000 in 2005 to 2019

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.


Inflation from 2005 to 2019
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%


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


Buying power of £1,000,000 in 2005

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
2005 £1,000,000.00 2.82%
2006 £1,031,955.63 3.20%
2007 £1,076,191.73 4.29%
2008 £1,119,107.36 3.99%
2009 £1,113,165.19 -0.53%
2010 £1,164,531.89 4.61%
2011 £1,225,141.95 5.20%
2012 £1,264,492.28 3.21%
2013 £1,302,918.26 3.04%
2014 £1,333,685.46 2.36%
2015 £1,346,890.27 0.99%
2016 £1,370,262.78 1.74%
2017 £1,419,384.66 3.58%
2018 £1,454,632.71 2.48%
2019 £1,480,816.10 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1,000,000 since 2005

This inflation calculator uses the following inflation rate formula:

CPI in 2019CPI in 2005
×
2005 GBP value
=
2019 GBP value

Then plug in historical CPI values. The UK CPI was 757.3 in the year 2005 and 1121.4220303 in 2019:

1121.4220303757.3
×
£1,000,000
=
£1,480,816.10

£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:

CPI in 2019 - CPI in 2005CPI in 2005
×
100
=
Cumulative inflation rate (14 years)

Plugging in the values to this equation, we get:

1121.4220303 - 757.3757.3
×
100
=
48%

News headlines from 2005

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

  • Egyptian President Hosni Mubarak asks Parliament to amend Article 76 and orders constitutional changes in order to allow multi-candidate presidential elections.
  • Syria's 29-year-long military domination of Lebanon ends, after it withdraws the last of its 14,000 troops under international pressure.
  • A coordinated bomb attack hits London's public transport system, during the morning rush hour, killing 52 and injuring a further 700 people.
  • Angela Merkel becomes first female Chancellor of Germany.

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: “£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.


» Read more about inflation and investment.