👉 You may be interested in £1,000,000 in 2010 → **2020**

According to the Office for National Statistics composite price index, prices in 2019 are 27.16% higher than average prices since 2010. The British pound experienced an average inflation rate of 2.71% per year during this period, meaning the real value of a pound decreased.

In other words, £1,000,000 in 2010 is equivalent in purchasing power to about £1,271,597.72 in 2019, a difference of £271,597.72 over 9 years.

The 2010 inflation rate was 4.61%. The inflation rate in 2019 was 1.80%. The 2019 inflation rate is higher compared to the average inflation rate of 1.50% per year between 2019 and 2020.

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Cumulative price change | 27.16% |

Average inflation rate | 2.71% |

Converted amount (£1,000,000 base) | £1,271,597.72 |

Price difference (£1,000,000 base) | £271,597.72 |

CPI in 2010 | 881.900 |

CPI in 2019 | 1,121.422 |

Inflation in 2010 | 4.61% |

Inflation in 2019 | 1.80% |

This chart shows a calculation of buying power equivalence for £1,000,000 in 2010 (price index tracking began in 1750).

For example, if you started with £1,000,000, you would need to end with £1,271,597.72 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1,000,000 is equivalent to £1,271,597.72 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 2010 dollars, the chart below shows how £1,000,000 buys less over the past 9 years.

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:

This inflation calculator uses the following inflation rate formula:

CPI in 2019CPI in 2010

×

2010 GBP value

=

2019 GBP value

Then plug in historical CPI values. The U.K. CPI was 881.9 in the year 2010 and 1121.4220303 in 2019:

1121.4220303881.9

×

£1,000,000

=

£1,000,000 in 2010 has the same "purchasing power" or "buying power" as £1,271,597.72 in 2019.

To get the total inflation rate for the 9 years between 2010 and 2019, we use the following formula:

CPI in 2019 - CPI in 2010CPI in 2010

×

100

=

Plugging in the values to this equation, we get:

1121.4220303 - 881.9881.9

×

100

=

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

- The Copiapo mining accident in Chile ends, after 33 miners resurface having spent 69 days trapped in the ruins.
- Big Haiti earthquake kills 230,000 people and leaves most of Port-au-Prince, its capital, in ruins.
- An explosion on the Deepwater Horizon (a drilling rig), kills 11 people and spills a massive amount of oil into the Gulf of Mexico.
- The US army abolishes the "Don't Ask Don't Tell" policy, which had banned homosexuals from openly serving in the US military.

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 2010 → 2019 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Feb. 2020, https://www.officialdata.org/2010-GBP-in-2019?amount=1000000.

Special thanks to QuickChart for providing downloadable chart images.

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

Cumulative price change | 27.16% |

Average inflation rate | 2.71% |

Converted amount (£1,000,000 base) | £1,271,597.72 |

Price difference (£1,000,000 base) | £271,597.72 |

CPI in 2010 | 881.900 |

CPI in 2019 | 1,121.422 |

Inflation in 2010 | 4.61% |

Inflation in 2019 | 1.80% |