According to the European Central Bank consumer price index, prices in 2003 are 10.57% higher than average prices since 1998. The Euro experienced an average inflation rate of 2.03% per year during this period, causing the real value of a euro to decrease.

In other words, €100 in 1998 is equivalent in purchasing power to about €110.57 in 2003, a difference of €10.57 over 5 years.

The 1998 inflation rate was 1.23%. The inflation rate in 2003 was 2.12%. The 2003 inflation rate is higher compared to the average inflation rate of 1.57% per year between 2003 and 2020.

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Cumulative price change | 10.57% |

Average inflation rate | 2.03% |

Converted amount (€100 base) | €110.57 |

Price difference (€100 base) | €10.57 |

CPI in 1998 | 73.445 |

CPI in 2003 | 81.210 |

Inflation in 1998 | 1.23% |

Inflation in 2003 | 2.12% |

This chart shows a calculation of buying power equivalence for €100 in 1998 (price index tracking began in 1996).

For example, if you started with €100, you would need to end with €110.57 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When €100 is equivalent to €110.57 over time, that means that the "real value" of a single Euro euro decreases over time. In other words, a euro will pay for fewer items at the store.

This effect explains how inflation erodes the value of a euro over time. By calculating the value in 1998 dollars, the chart below shows how €100 is worth less over 5 years.

According to the European Central Bank, each of these EUR amounts below is equal in terms of what it could buy at the time:

This conversion table shows various other 1998 amounts in 2003 euros, based on the 10.57% change in prices:

Initial value | Equivalent value |
---|---|

€1 euro in 1998 | €1.11 euros in 2003 |

€5 euros in 1998 | €5.53 euros in 2003 |

€10 euros in 1998 | €11.06 euros in 2003 |

€50 euros in 1998 | €55.29 euros in 2003 |

€100 euros in 1998 | €110.57 euros in 2003 |

€500 euros in 1998 | €552.86 euros in 2003 |

€1,000 euros in 1998 | €1,105.73 euros in 2003 |

€5,000 euros in 1998 | €5,528.63 euros in 2003 |

€10,000 euros in 1998 | €11,057.25 euros in 2003 |

€50,000 euros in 1998 | €55,286.27 euros in 2003 |

€100,000 euros in 1998 | €110,572.54 euros in 2003 |

€500,000 euros in 1998 | €552,862.69 euros in 2003 |

€1,000,000 euros in 1998 | €1,105,725.37 euros in 2003 |

Our calculations use the following inflation rate formula to calculate the change in value between 1998 and 2003:

CPI in 2003
CPI in 1998

×

1998 EUR value

=

2003 EUR value

Then plug in historical CPI values. The Euro CPI was 73.445 in the year 1998 and 81.21 in 2003:

81.2173.445

×

€100

=

€100 in 1998 has the same "purchasing power" or "buying power" as €110.57 in 2003.

To get the total inflation rate for the 5 years between 1998 and 2003, we use the following formula:

CPI in 2003 - CPI in 1998CPI in 1998

×

100

=

Plugging in the values to this equation, we get:

81.21 - 73.44573.445

×

100

=

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

- Osama Bin Laden declares a Jihad against Jews and Crusaders.
- The Good Friday Agreement is accepted in a referendum in Northern Ireland.
- President of the US Bill Clinton admits that he had an "improper physical relationship" with an intern and then denied it in the same day. The event has come to be known as the Monica Lewinsky scandal.

Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.

You may use the following MLA citation for this page: “1998 euros in 2003 | Euro Inflation Calculator.” Official Inflation Data, Alioth Finance, 31 May. 2020, https://www.officialdata.org/1998-euro-in-2003.

Special thanks to QuickChart for providing downloadable chart images.

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

Cumulative price change | 10.57% |

Average inflation rate | 2.03% |

Converted amount (€100 base) | €110.57 |

Price difference (€100 base) | €10.57 |

CPI in 1998 | 73.445 |

CPI in 2003 | 81.210 |

Inflation in 1998 | 1.23% |

Inflation in 2003 | 2.12% |