£1,000,000 in 2007 → £1,375,977.95 in 2019

UK Inflation Rate, £1,000,000 in 2007 to 2019

According to the Office for National Statistics composite price index, prices in 2019 are 37.60% higher than average prices throughout 2007. The pound experienced an average inflation rate of 2.70% per year during this period.

In other words, £1,000,000 in 2007 is equivalent in purchasing power to £1,375,977.95 in 2019, a difference of £375,977.95 over 12 years.

The 2007 inflation rate was 4.29%. The current inflation rate (2018 to 2019) is now 1.80%1. If this number holds, £1,000,000 today will be equivalent to £1,018,000.00 next year.


Inflation from 2007 to 2019
Cumulative price change 37.60%
Average inflation rate 2.70%
Converted amount (£1,000,000 base) £1,375,977.95
Price difference (£1,000,000 base) £375,977.95
CPI in 2007 815.000
CPI in 2019 1,121.422
Inflation in 2007 4.29%
Inflation in 2019 1.80%


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


Buying power of £1,000,000 in 2007

This chart shows calculations of buying power equivalence over time for £1,000,000 in 2007 (price index tracking began in 1750).

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Year GBP Value Inflation Rate
2007 £1,000,000.00 4.29%
2008 £1,039,877.30 3.99%
2009 £1,034,355.83 -0.53%
2010 £1,082,085.89 4.61%
2011 £1,138,404.91 5.20%
2012 £1,174,969.33 3.21%
2013 £1,210,674.85 3.04%
2014 £1,239,263.80 2.36%
2015 £1,251,533.74 0.99%
2016 £1,273,251.53 1.74%
2017 £1,318,895.71 3.58%
2018 £1,351,648.28 2.48%
2019 £1,375,977.95 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1,000,000 since 2007

This inflation calculator uses the following inflation rate formula:

CPI in 2019CPI in 2007
×
2007 GBP value
=
2019 GBP value

Then plug in historical CPI values. The UK CPI was 815 in the year 2007 and 1121.4220303 in 2019:

1121.4220303815
×
£1,000,000
=
£1,375,977.95

£1,000,000 in 2007 has the same "purchasing power" or "buying power" as £1,375,977.95 in 2019.

To get the total inflation rate for the 12 years between 2007 and 2019, we use the following formula:

CPI in 2019 - CPI in 2007CPI in 2007
×
100
=
Cumulative inflation rate (12 years)

Plugging in the values to this equation, we get:

1121.4220303 - 815815
×
100
=
38%

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.

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: “£1,000,000 in 2007 → 2019 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 19 Feb. 2019, https://www.officialdata.org/uk/inflation/2007?amount=1000000.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


» Read more about inflation and investment.