£1 in 2000 is worth £0.92 in 1997

Value of £1 from 2000 to 1997

According to the Office for National Statistics composite price index, prices in 1997 are 7.52% lower than average prices since 2000. The British pound experienced an average inflation rate of 2.64% per year during this period, causing the real value of a pound to decrease.

In other words, £1 in 2000 is equivalent in purchasing power to about £0.92 in 1997, a difference of £-0.08 over 3 years.

The 1997 inflation rate was 3.14%. The inflation rate in 2000 was 2.96%. The 2000 inflation rate is higher compared to the average inflation rate of 2.67% per year between 2000 and 2020.


Inflation from 2000 to 1997
Cumulative price change -7.52%
Average inflation rate 2.64%
Converted amount (£1 base) £0.92
Price difference (£1 base) £-0.08
CPI in 2000 671.800
CPI in 1997 621.300
Inflation in 1997 3.14%
Inflation in 2000 2.96%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £1 in 1997

This chart shows a calculation of buying power equivalence for £1 in 1997 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.92 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £0.92 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 1997 dollars, the chart below shows how £1 is worth less over 3 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:

Pound inflation: 1997-2000
Year Pound Value Inflation Rate
1997 £1.00 3.14%
1998 £1.03 3.43%
1999 £1.05 1.54%
2000 £1.08 2.96%
2001 £1.10 1.77%
2002 £1.12 1.67%
2003 £1.15 2.89%
2004 £1.19 2.98%
2005 £1.22 2.82%
2006 £1.26 3.20%
2007 £1.31 4.29%
2008 £1.36 3.99%
2009 £1.36 -0.53%
2010 £1.42 4.61%
2011 £1.49 5.20%
2012 £1.54 3.21%
2013 £1.59 3.04%
2014 £1.63 2.36%
2015 £1.64 0.99%
2016 £1.67 1.74%
2017 £1.73 3.58%
2018 £1.77 2.48%
2019 £1.80 1.80%
2020 £1.83 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1997 amounts in 2000 pounds, based on the -7.52% change in prices:

Conversion Table: Value of a pound in 2000
Initial value Equivalent value
£1 pound in 1997 £1.08 pounds in 2000
£5 pounds in 1997 £5.41 pounds in 2000
£10 pounds in 1997 £10.81 pounds in 2000
£50 pounds in 1997 £54.06 pounds in 2000
£100 pounds in 1997 £108.13 pounds in 2000
£500 pounds in 1997 £540.64 pounds in 2000
£1,000 pounds in 1997 £1,081.28 pounds in 2000
£5,000 pounds in 1997 £5,406.41 pounds in 2000
£10,000 pounds in 1997 £10,812.81 pounds in 2000
£50,000 pounds in 1997 £54,064.06 pounds in 2000
£100,000 pounds in 1997 £108,128.12 pounds in 2000
£500,000 pounds in 1997 £540,640.59 pounds in 2000
£1,000,000 pounds in 1997 £1,081,281.18 pounds in 2000

How to Calculate Inflation Rate for £1, 1997 to 2000

Our calculations use the following inflation rate formula to calculate the change in value between 1997 and 2000:

CPI in 1997 CPI in 2000
×
2000 GBP value
=
1997 GBP value

Then plug in historical CPI values. The U.K. CPI was 671.8 in the year 2000 and 621.3 in 1997:

621.3671.8
×
£1
=
£0.92

£1 in 2000 has the same "purchasing power" or "buying power" as £0.92 in 1997.

To get the total inflation rate for the 3 years between 1997 and 2000, we use the following formula:

CPI in 1997 - CPI in 2000CPI in 2000
×
100
=
Cumulative inflation rate (3 years)

Plugging in the values to this equation, we get:

621.3 - 671.8671.8
×
100
=
-8%

News headlines from 1997

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

  • Steve Ballmer becomes CEO of Microsoft after Bill Gates steps down.
  • Dot-com bubble bursts after NASDAQ Composite stock market index peaks.
  • George Bush becomes President of the U.S. in a disputed election that is eventually resolved by the Supreme Court.
  • Gisborne, New Zealand becomes the first city to enter the new millennium.

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: “£1 in 2000 → 1997 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Oct. 2020, https://www.officialdata.org/uk/inflation/2000?amount=1&endYear=1997.

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 2000 to 1997
Cumulative price change -7.52%
Average inflation rate 2.64%
Converted amount (£1 base) £0.92
Price difference (£1 base) £-0.08
CPI in 2000 671.800
CPI in 1997 621.300
Inflation in 1997 3.14%
Inflation in 2000 2.96%