Euro inflation rate in 2002: 2.27%

Inflation in 2002 and Its Effect on Euro Value

Purchasing power decreased by 2.27% in 2002 compared to 2001. On average, you would have to spend 2.27% more money in 2002 than in 2001 for the same item.

In other words, €1 in 2001 is equivalent in purchasing power to about €1.02 in 2002.

The 2001 inflation rate was 2.41%. The inflation rate in 2002 was 2.27%. The 2002 inflation rate is higher compared to the average inflation rate of 1.61% per year between 2002 and 2019.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2002 was 79.53. It was 77.76 in the previous year, 2001. The difference in CPI between the years is used by the European Central Bank to officially determine inflation.

 Average inflation rate 2.27% Converted amount (€1 base) €1.02 Price difference (€1 base) €0.02 CPI in 2001 77.760 CPI in 2002 79.526 Inflation in 2001 2.41% Inflation in 2002 2.27%

How to Calculate Inflation Rate for €1, 2001 to 2002

This inflation calculator uses the following inflation rate formula:

CPI in 2002CPI in 2001
×
2001 EUR value
=
2002 EUR value

Then plug in historical CPI values. The Euro CPI was 77.76 in the year 2001 and 79.52583333 in 2002:

79.5258333377.76
×
€1
=
€1.02

€1 in 2001 has the same "purchasing power" or "buying power" as €1.02 in 2002.

To get the total inflation rate for the 1 years between 2001 and 2002, we use the following formula:

CPI in 2002 - CPI in 2001CPI in 2001
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

79.52583333 - 77.7677.76
×
100
=
2%

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

• The Netherlands becomes the first country to legalize same sex marriage.
• Two passenger planes are hijacked by terrorists who then crash them into New York's Twin Towers, killing 2,752 people.
• Another plane is crashed into the Pentagon killing 125 people.
• George W Bush establishes The Department of Homeland Security.

Data Source & Citation

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: “Inflation Rate in 2002 | Euro Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 22 Sep. 2019, https://www.officialdata.org/Euro-inflation-rate-in-2002.