UK inflation rate in 2001: 1.77%

UK Inflation Calculator


UK Inflation Rate, 2001-2018 (£1)

The composite price index (CPI) in 2001 was 683.7. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 2.82% per year. Prices in 2018 are 60.4% higher than prices in 2001.

In other words, £1 in the year 2001 is equivalent in purchasing power to £1.60 in 2018, a difference of £0.60 over 17 years.

The current inflation rate in 2018 is 3.10%1. If this number holds, £1 today will be equivalent to £1.03 next year.

Inflation from 2001 to 2018
Cumulative price change 60.39%
Average inflation rate 2.82%
Price difference (£1 base) £0.60
CPI in 2001 683.7
CPI in 2018 1096.59148

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

How to calculate the inflation rate for £1 since 2001

Start with the 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 1096.59148 in 2018:

1096.59148 / 683.7 * £1 = £1.60

£1 in 2001 has the same "purchasing power" as £1.60 in 2018.

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.

Inflation Data Source

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.” FinanceRef Inflation Calculator, Alioth Finance, 24 Apr. 2018,

» Read more about inflation.