UK inflation rate in 2001: 1.77%

UK Inflation Calculator

£

Inflation since 2001 and its effect on pound value

The composite price index (CPI) in 2001 was 683.7. It was 671.8 in the previous year. This change in CPI is used by the Office for National Statistics to calculate inflation.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 2.83% per year. Prices in 2018 are 60.64% higher than prices in 2001.

In other words, £100 in 2001 is equivalent in purchasing power to £160.64 in 2018, a difference of £60.64 over 17 years.

The current inflation rate is now 2.20%1. If this number holds, £100 today will be equivalent to £102.20 next year.

Inflation from 2001 to 2018
Cumulative price change 60.64%
Average inflation rate 2.83%
Converted amount (£100 base) £160.64
Price difference (£100 base) £60.64
CPI in 2001 683.7
CPI in 2018 1098.27186


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


How to calculate the inflation rate for £100 since 2001

This inflation calculator uses the following inflation rate formula:

CPI in 2018 / CPI in 2001 * 2001 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 683.7 in the year 2001 and 1098.27186 in 2018:

1098.27186 / 683.7 * £100 = £160.64

£100 in 2001 has the same "purchasing power" or "buying power" as £160.64 in 2018.


Buying power of £100 since 2001

This chart shows calculations of buying power equivalence over time for £100 in 2001 (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 GBP Value Inflation Rate
2001 £100.00 1.77%
2002 £101.67 1.67%
2003 £104.61 2.89%
2004 £107.72 2.98%
2005 £110.76 2.82%
2006 £114.30 3.20%
2007 £119.20 4.29%
2008 £123.96 3.99%
2009 £123.30 -0.53%
2010 £128.99 4.61%
2011 £135.70 5.20%
2012 £140.06 3.21%
2013 £144.32 3.04%
2014 £147.73 2.36%
2015 £149.19 0.99%
2016 £151.72 1.70%
2017 £157.18 3.59%
2018 £160.64 2.20%*
* Not final. See inflation summary for latest details.

News headlines from 2001

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 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: “Inflation Rate in 2001 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 16 Jul. 2018, https://www.officialdata.org/UK-inflation-rate-in-2001.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


» Read more about inflation.