£1 in 2016 is equivalent in purchasing power to about £1.04 in 2017. The pound had an average inflation rate of 3.58% per year between 2016 and 2017, producing a cumulative price increase of 3.58%. Purchasing power decreased by 3.58% in 2017 compared to 2016. On average, you would have to spend 3.58% more money in 2017 than in 2016 for the same item.

This means that prices in 2017 are 1.04 times higher than average prices since 2016, according to the Office for National Statistics composite price index.

The 2016 inflation rate was 1.74%. The inflation rate in 2017 was 3.58%. The 2017 inflation rate is higher compared to the average inflation rate of 1.92% per year between 2017 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 2017 was 1,074.90. It was 1,037.70 in the previous year, 2016. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 3.58% |

Converted amount (£1 base) | £1.04 |

Price difference (£1 base) | £0.04 |

CPI in 2016 | 1,037.700 |

CPI in 2017 | 1,074.900 |

Inflation in 2016 | 1.74% |

Inflation in 2017 | 3.58% |

£1 in 2016 | £1.04 in 2017 |

Our calculations use the following inflation rate formula to calculate the change in value between 2016 and 2017:

CPI in 2017
CPI in 2016

×

2016 GBP value

=

2017 GBP value

Then plug in historical CPI values. The U.K. CPI was 1037.7 in the year 2016 and 1074.9 in 2017:

1074.91037.7

×

£1

=

£1 in 2016 has the same "purchasing power" or "buying power" as £1.04 in 2017.

To get the total inflation rate for the 1 years between 2016 and 2017, we use the following formula:

CPI in 2017 - CPI in 2016CPI in 2016

×

100

=

Plugging in the values to this equation, we get:

1074.9 - 1037.71037.7

×

100

=

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

- The United Kingdom votes to leave the European Union in a referendum, prompting Prime Minister David Cameron to resign.
- Donald Trump becomes the 45th President of the United States.
- The World Health Organisation confirms the outbreak of the Zika virus.
- Andrei Karlov, the Russian ambassador to Turkey, is assassinated.

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 2017 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 14 Sep. 2021, https://www.officialdata.org/UK-inflation-rate-in-2017.

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 | 3.58% |

Converted amount (£1 base) | £1.04 |

Price difference (£1 base) | £0.04 |

CPI in 2016 | 1,037.700 |

CPI in 2017 | 1,074.900 |

Inflation in 2016 | 1.74% |

Inflation in 2017 | 3.58% |

£1 in 2016 | £1.04 in 2017 |