£100 in 2023 is worth £103.90 today

£

The British pound has lost 4% its value since 2023

Updated: November 13, 2024

£100 in 2023 is equivalent in purchasing power to about £103.90 today. The pound had an average inflation rate of 3.90% in the last 12 months. As a result, the real value of a pound has been decreasing recently.

This means that today's prices are 1.04 times as high as average prices since 2023, according to the Office for National Statistics composite price index. A pound today only buys 96.246% of what it could buy back then.

The inflation rate in 2023 was 7.07%. The current inflation rate compared to the end of last year is now 3.90%. If this number holds, £100 today will be equivalent in buying power to £103.90 next year.

⌃
Inflation from 2023 to 2024
Average inflation rate3.90%
Converted amount
£100 base		£103.90
Price difference
£100 base		£3.90
CPI in 20231,363.943
CPI in 20241,417.136
Inflation in 20237.07%
Inflation in 20243.90%
£100 in 2023£103.90 in 2024
Recent GBP inflation
Annual Rate, the Office for National Statistics CPI
Download

How to calculate inflation rate for £100 since 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2023 and today:

CPI today CPI in 2023
×
2023 GBP value
=
Today's value

Then plug in historical CPI values. The U.K. CPI was 1363.9425132808383 in the year 2023 and 1417.136271298791 in 2024:

1417.1362712987911363.9425132808383
×
£100
=
£103.90

£100 in 2023 has the same "purchasing power" or "buying power" as £103.90 in 2024.

To get the total inflation rate for the 1 years between 2023 and 2024, we use the following formula:

CPI in 2024 - CPI in 2023CPI in 2023
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

1417.136271298791 - 1363.94251328083831363.9425132808383
×
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 the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “Value of 2023 British pounds today | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 26 Nov. 2024, https://www.officialdata.org/uk/inflation/2023.

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.

Email · LinkedIn · Twitter

» Read more about inflation and investment.

Inflation from 2023 to 2024
Average inflation rate3.90%
Converted amount
£100 base		£103.90
Price difference
£100 base		£3.90
CPI in 20231,363.943
CPI in 20241,417.136
Inflation in 20237.07%
Inflation in 20243.90%
£100 in 2023£103.90 in 2024