# Euro inflation rate in 2008: 3.34%

## Euro Inflation Calculator

### Inflation in 2008 and Its Effect on Euro Value

Purchasing power decreased by 3.34% in 2008 compared to 2007. On average, you would have to spend 3.34% more money in 2008 than in 2007 for the same item.

In other words, €1 in 2007 is equivalent in purchasing power to about €1.03 in 2008.

The 2007 inflation rate was 2.17%. The inflation rate in 2008 was 3.34%. The 2008 inflation rate is higher compared to the average inflation rate of 1.22% per year between 2008 and 2020.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2008 was 91.51. It was 88.55 in the previous year, 2007. The difference in CPI between the years is used by the European Central Bank to officially determine inflation.

 Average inflation rate 3.34% Converted amount (€1 base) €1.03 Price difference (€1 base) €0.03 CPI in 2007 88.548 CPI in 2008 91.508 Inflation in 2007 2.17% Inflation in 2008 3.34%

EUR Inflation since 1996
Annual Rate, the European Central Bank CPI

### How to Calculate Inflation Rate for €1, 2007 to 2008

This inflation calculator uses the following inflation rate formula:

CPI in 2008CPI in 2007
×
2007 EUR value
=
2008 EUR value

Then plug in historical CPI values. The Euro CPI was 88.54833333 in the year 2007 and 91.50833333 in 2008:

91.5083333388.54833333
×
€1
=
€1.03

€1 in 2007 has the same "purchasing power" or "buying power" as €1.03 in 2008.

To get the total inflation rate for the 1 years between 2007 and 2008, we use the following formula:

CPI in 2008 - CPI in 2007CPI in 2007
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

91.50833333 - 88.5483333388.54833333
×
100
=
3%

### 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 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: “Inflation Rate in 2008 | Euro Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Apr. 2020, https://www.officialdata.org/Euro-inflation-rate-in-2008.

Special thanks to QuickChart for providing downloadable chart images.

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

#### About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

 Average inflation rate 3.34% Converted amount (€1 base) €1.03 Price difference (€1 base) €0.03 CPI in 2007 88.548 CPI in 2008 91.508 Inflation in 2007 2.17% Inflation in 2008 3.34%