UK inflation rate in 2007: 4.29%

UK Inflation Calculator

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UK Inflation Rate, 2007-2017 (£1)

The composite price index (CPI) in 2007 was 815. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics, the pound experienced an average inflation rate of 2.71% per year. Prices in 2017 are 30.7% higher than prices in 2007.

In other words, £1 in the year 2007 is equivalent to £1.31 in 2017, a difference of £0.31 over 10 years.

The current inflation rate in 2017 is 2.70%1. If this number holds, £1 today will be equivalent to £1.03 next year.

Inflation from 2007 to 2017
Cumulative price change 30.72%
Average inflation rate 2.71%
Price difference (£1 base) £0.31
CPI in 2007 815
CPI in 2017 1065.34818


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


How to calculate the inflation rate for £1 since 2007

Start with the inflation rate formula:

CPI in 2017 / CPI in 2007 * 2007 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 815 in the year 2007 and 1065.34818 in 2017:

1065.34818 / 815 * £1 = £1.31

£1 in 2007 has the same "purchasing power" as £1.31 in 2017.


News headlines from 2007

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

  • The British Army withdraws from Northern Ireland, marking the end of, operation Banner - the longest operation in British military history.
  • The South Korean President enters North Korea, crossing the Military Demarcation Line, to the second Inter-Korean Summit with the leader of North Korea.
  • Bulgaria and Romania join the European Union. Aside from Irish, languages of the two countries become official EU languages, amongst 20 others.
  • Slovenia becomes the 13th Eurozone country, after adopting the Euro currency.

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 2007 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Education, 12 Dec. 2017, http://www.in2013dollars.com/UK-inflation-rate-in-2007.


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