U.K. inflation rate in 2003: 2.89%

£

Inflation in 2003 and its effect on pound value

£1 in 2002 is equivalent in purchasing power to about £1.03 in 2003. The pound had an average inflation rate of 2.89% per year between 2002 and 2003, producing a cumulative price increase of 2.89%. Purchasing power decreased by 2.89% in 2003 compared to 2002. On average, you would have to spend 2.89% more money in 2003 than in 2002 for the same item.

This means that prices in 2003 are 1.03 times as high as average prices since 2002, according to the Office for National Statistics composite price index.

The inflation rate in 2002 was 1.67%. The inflation rate in 2003 was 2.89%. The 2003 inflation rate is lower compared to the average inflation rate of 3.31% per year between 2003 and 2024.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 2003 was 715.20. It was 695.10 in the previous year, 2002. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃
Inflation from 2002 to 2003
Average inflation rate2.89%
Converted amount
£1 base		£1.03
Price difference
£1 base		£0.03
CPI in 2002695.100
CPI in 2003715.200
Inflation in 20021.67%
Inflation in 20032.89%
£1 in 2002£1.03 in 2003
Recent GBP inflation
Annual Rate, the Office for National Statistics CPI
Download

How to calculate inflation rate for £1, 2002 to 2003

Our calculations use the following inflation rate formula to calculate the change in value between 2002 and 2003:

CPI in 2003 CPI in 2002
×
2002 GBP value
=
2003 GBP value

Then plug in historical CPI values. The U.K. CPI was 695.1 in the year 2002 and 715.2 in 2003:

715.2695.1
×
£1
=
£1.03

£1 in 2002 has the same "purchasing power" or "buying power" as £1.03 in 2003.

To get the total inflation rate for the 1 years between 2002 and 2003, we use the following formula:

CPI in 2003 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

715.2 - 695.1695.1
×
100
=
3%

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 the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “Inflation Rate in 2003 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 5 Dec. 2024, https://www.officialdata.org/UK-inflation-rate-in-2003.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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

Ian Webster

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.

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Inflation from 2002 to 2003
Average inflation rate2.89%
Converted amount
£1 base		£1.03
Price difference
£1 base		£0.03
CPI in 2002695.100
CPI in 2003715.200
Inflation in 20021.67%
Inflation in 20032.89%
£1 in 2002£1.03 in 2003