Purchasing power decreased by 1.20% in 2019 compared to the previous year, 2018. On average, you would have to spend 1.20% more money in 2019 than in 2018 for the same item.
In other words, £1 in 2018 is equivalent in purchasing power to £1.01 in 2019.
The 2018 inflation rate was 3.21%. The current inflation rate (2018 to 2019) is now 1.20%1. If this number holds, £1 today will be equivalent to £1.01 next year.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 2019 is 1122.7. It was 1109.409091 in the previous year, 2018. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
|Average inflation rate||1.20%|
|Converted amount (£1 base)||£1.01|
|Price difference (£1 base)||£0.01|
|CPI in 2018||1,109.409|
|CPI in 2019||1,122.700|
|Inflation in 2018||3.21%|
|Inflation in 2019||1.20%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The UK CPI was 1109.409091 in the year 2018 and 1122.7 in 2019:
£1 in 2018 has the same "purchasing power" or "buying power" as £1.01 in 2019.
To get the total inflation rate for the 1 years between 2018 and 2019, we use the following formula:
Plugging in the values to this equation, we get:
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 2019 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 12 Jan. 2019, https://www.officialdata.org/UK-inflation-rate-in-2019.
in2013dollars.com is a reference website maintained by the Official Data Foundation.