UK inflation rate in 2008: 3.99%

UK Inflation Calculator

£

UK Inflation Rate, 2008-2018 (£1)

The composite price index (CPI) in 2008 was 847.5. 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 2.61% per year. Prices in 2018 are 29.4% higher than prices in 2008.

In other words, £1 in the year 2008 is equivalent in purchasing power to £1.29 in 2018, a difference of £0.29 over 10 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 2008 to 2018
Cumulative price change 29.39%
Average inflation rate 2.61%
Price difference (£1 base) £0.29
CPI in 2008 847.5
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 2008

Start with the inflation rate formula:

CPI in 2018 / CPI in 2008 * 2008 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 847.5 in the year 2008 and 1096.59148 in 2018:

1096.59148 / 847.5 * £1 = £1.29

£1 in 2008 has the same "purchasing power" as £1.29 in 2018.


News headlines from 2008

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

  • Black Monday: stock markets crash all over the globe, resulting in enormous drops in global stock markets and halts in trading.
  • Fidel Castro retires as Cuban President due to ill health, after nearly 50 years in power.
  • Barak Obama becomes the first African American to receive the presidential nomination of his party.

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 2008 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 19 Jan. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-2008.


» Read more about inflation.