Inflation in 2013 and its effect on pound value
£1 in 2012 is equivalent in purchasing power to about £1.03 in 2013. The pound had an average inflation rate of 3.04% per year between 2012 and 2013, producing a cumulative price increase of 3.04%. Purchasing power decreased by 3.04% in 2013 compared to 2012. On average, you would have to spend 3.04% more money in 2013 than in 2012 for the same item.
This means that prices in 2013 are 1.03 times higher than average prices since 2012, according to the Office for National Statistics composite price index.
The 2012 inflation rate was 3.21%. The inflation rate in 2013 was 3.04%. The 2013 inflation rate is higher compared to the average inflation rate of 2.04% per year between 2013 and 2021.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 2013 was 986.70. It was 957.60 in the previous year, 2012. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
⌃
| Average inflation rate | 3.04% |
| Converted amount (£1 base) | £1.03 |
| Price difference (£1 base) | £0.03 |
| CPI in 2012 | 957.600 |
| CPI in 2013 | 986.700 |
| Inflation in 2012 | 3.21% |
| Inflation in 2013 | 3.04% |
| £1 in 2012 | £1.03 in 2013 |
How to Calculate Inflation Rate for £1, 2012 to 2013
Our calculations use the following inflation rate formula to calculate the change in value between 2012 and 2013:
CPI in 2013
CPI in 2012
×
2012 GBP value
=
2013 GBP value
Then plug in historical CPI values. The U.K. CPI was 957.6 in the year 2012 and 986.7 in 2013:
986.7957.6
×
£1
=
£1.03
£1 in 2012 has the same "purchasing power" or "buying power" as £1.03 in 2013.
To get the total inflation rate for the 1 years between 2012 and 2013, we use the following formula:
CPI in 2013 - CPI in 2012CPI in 2012
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
986.7 - 957.6957.6
×
100
=
3%
News headlines from 2012
Politics and news often influence economic performance. Here's what was happening at the time:
- Wikileaks discloses 5 million emails from Stratfor, a private intelligence company.
- Kim Jong-un is officially appointed as Supreme Leader of North Korea.
- Ecuador guarantees political asylum to Julian Assange, founder of Wikileaks.
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: “Inflation Rate in 2013 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 May. 2021, https://www.officialdata.org/UK-inflation-rate-in-2013.
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.
| Average inflation rate | 3.04% |
| Converted amount (£1 base) | £1.03 |
| Price difference (£1 base) | £0.03 |
| CPI in 2012 | 957.600 |
| CPI in 2013 | 986.700 |
| Inflation in 2012 | 3.21% |
| Inflation in 2013 | 3.04% |
| £1 in 2012 | £1.03 in 2013 |