# £1 in 2010 is worth £0.96 in 2008

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## Value of £1 from 2010 to 2008

£1 in 2010 is equivalent in purchasing power to about £0.96 in 2008, an increase of £-0.04 over 2 years. The pound had an average inflation rate of 2.01% per year between 2008 and 2010, producing a cumulative price increase of -3.90%.

This means that prices in 2008 are 3.9% lower than average prices since 2010, according to the Office for National Statistics composite price index.

The inflation rate in 2008 was 3.99%. The inflation rate in 2010 was 4.61%. The 2010 inflation rate is higher compared to the average inflation rate of 2.63% per year between 2010 and 2022.

 Cumulative price change -3.90% Average inflation rate 2.01% Converted amount (£1 base) £0.96 Price difference (£1 base) £-0.04 CPI in 2010 881.900 CPI in 2008 847.500 Inflation in 2008 3.99% Inflation in 2010 4.61% £1 in 2010 £0.96 in 2008

Recent GBP inflation
Annual Rate, the Office for National Statistics CPI

## Buying power of £1 in 2008

This chart shows a calculation of buying power equivalence for £1 in 2008 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.96 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £0.96 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 2008 dollars, the chart below shows how £1 is worth less over 2 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: 2008-2010
Year Pound Value Inflation Rate
2008 £1.00 3.99%
2009 £0.99 -0.53%
2010 £1.04 4.61%
2011 £1.09 5.20%
2012 £1.13 3.21%
2013 £1.16 3.04%
2014 £1.19 2.36%
2015 £1.20 0.99%
2016 £1.22 1.74%
2017 £1.27 3.58%
2018 £1.30 2.70%
2019 £1.34 2.50%
2020 £1.36 1.80%
2021 £1.39 2.28%
2022 £1.42 2.27%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 2008 amounts in 2010 pounds, based on the -3.90% change in prices:

Conversion: 2008 pounds in 2010
Initial value Equivalent value
£1 pound in 2008 £1.04 pounds in 2010
£5 pounds in 2008 £5.20 pounds in 2010
£10 pounds in 2008 £10.41 pounds in 2010
£50 pounds in 2008 £52.03 pounds in 2010
£100 pounds in 2008 £104.06 pounds in 2010
£500 pounds in 2008 £520.29 pounds in 2010
£1,000 pounds in 2008 £1,040.59 pounds in 2010
£5,000 pounds in 2008 £5,202.95 pounds in 2010
£10,000 pounds in 2008 £10,405.90 pounds in 2010
£50,000 pounds in 2008 £52,029.50 pounds in 2010
£100,000 pounds in 2008 £104,059.00 pounds in 2010
£500,000 pounds in 2008 £520,294.99 pounds in 2010
£1,000,000 pounds in 2008 £1,040,589.97 pounds in 2010

## How to calculate inflation rate for £1, 2008 to 2010

Our calculations use the following inflation rate formula to calculate the change in value between 2008 and 2010:

CPI in 2008 CPI in 2010
×
2010 GBP value
=
2008 GBP value

Then plug in historical CPI values. The U.K. CPI was 881.9 in the year 2010 and 847.5 in 2008:

847.5881.9
×
£1
=
£0.96

£1 in 2010 has the same "purchasing power" or "buying power" as £0.96 in 2008.

To get the total inflation rate for the 2 years between 2008 and 2010, we use the following formula:

CPI in 2008 - CPI in 2010CPI in 2010
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

847.5 - 881.9881.9
×
100
=
-4%

## 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 2010 → 2008 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Jun. 2022, https://www.officialdata.org/uk/inflation/2010?amount=1&endYear=2008.

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 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.

 Cumulative price change -3.90% Average inflation rate 2.01% Converted amount (£1 base) £0.96 Price difference (£1 base) £-0.04 CPI in 2010 881.900 CPI in 2008 847.500 Inflation in 2008 3.99% Inflation in 2010 4.61% £1 in 2010 £0.96 in 2008