UK inflation rate in 2001: 1.77%

UK Inflation Calculator

£

Inflation in 2001 and Its Effect on Pound Value

Purchasing power decreased by 1.77% in 2001 compared to the previous year, 2000. On average, you would have to spend 1.77% more money in 2001 than in 2000 for the same item.

In other words, £100 in 2000 is equivalent in purchasing power to £101.77 in 2001.

The 2000 inflation rate was 2.96%. The inflation rate in 2001 was 1.77%. The 2001 inflation rate is lower compared to the average inflation rate of 2.83% per year between 2001 and 2018.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 2001 was 683.7. It was 671.8 in the previous year, 2000. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.


Inflation from 2000 to 2001
Average inflation rate 1.77%
Converted amount (£100 base) £101.77
Price difference (£100 base) £1.77
CPI in 2000 671.8
CPI in 2001 683.7
Inflation in 2000 2.96%
Inflation in 2001 1.77%


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


How to Calculate Inflation Rate for £100, 2000 to 2001

This inflation calculator uses the following inflation rate formula:

CPI in 2001CPI in 2000
×
2000 GBP value
=
2001 GBP value

Then plug in historical CPI values. The UK CPI was 671.8 in the year 2000 and 683.7 in 2001:

683.7671.8
×
£100
=
£101.77

£100 in 2000 has the same "purchasing power" or "buying power" as £101.77 in 2001.

To get the total inflation rate for the 1 years between 2000 and 2001, we use the following formula:

CPI in 2001 - CPI in 2000CPI in 2000
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

683.7 - 671.8671.8
×
100
=
2%

News headlines from 2000

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

  • Steve Ballmer becomes CEO of Microsoft after Bill Gates steps down.
  • Dot-com bubble bursts after NASDAQ Composite stock market index peaks.
  • George Bush becomes President of the U.S. in a disputed election that is eventually resolved by the Supreme Court.
  • Gisborne, New Zealand becomes the first city to enter the new millennium.

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, 23 Sep. 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.