Purchasing power decreased by 2.18% in 2004 compared to 2003. On average, you would have to spend 2.18% more money in 2004 than in 2003 for the same item.
In other words, €1 in 2003 is equivalent in purchasing power to about €1.02 in 2004.
The 2003 inflation rate was 2.12%. The inflation rate in 2004 was 2.18%. The 2004 inflation rate is higher compared to the average inflation rate of 1.54% per year between 2004 and 2019.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2004 was 82.98. It was 81.21 in the previous year, 2003. The difference in CPI between the years is used by the European Central Bank to officially determine inflation.
|Average inflation rate||2.18%|
|Converted amount (€1 base)||€1.02|
|Price difference (€1 base)||€0.02|
|CPI in 2003||81.210|
|CPI in 2004||82.978|
|Inflation in 2003||2.12%|
|Inflation in 2004||2.18%|
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 82.97833333 in 2004:
€1 in 2003 has the same "purchasing power" or "buying power" as €1.02 in 2004.
To get the total inflation rate for the 1 years between 2003 and 2004, 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: “Inflation Rate in 2004 | Euro Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Apr. 2019, https://www.officialdata.org/Euro-inflation-rate-in-2004.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.