9:45 AM, 1st May 2019, About 2 years ago
Consumer Price Inflation (CPI) questions have been common on Property118 regarding rent increase trackers and service charges amongst others. The Bank of England have a CPI inflation calculator that readers may in some circumstances or just for interest find helpful. Click here to use the calculator.
The inflation calculator works for amounts between £1 and £1 trillion and will show you what a specific amount on a specific date is worth in 2018 or another chosen date along with the average inflation rate over that period. Eg. £10 in 1980 is now worth £42.12 as of 2018 with a 3.9% average inflation.
Data for 2019 will be available when the annual consumer price inflation time series is updated in January 2020.
“Our inflation calculator is designed for illustrative and general reference purposes only. The calculations are approximate and only give a rough guide to the buying power of the pound for goods and services purchased in the UK.
We use several sources to create our calculator. For dates from 1750 until now we use the Office for National Statistics’ (ONS) composite price index. The ONS base their index on the Retail Price Index from 1947 onwards. But, before 1947 no single price index exists so the ONS use price data linked together from several different published sources. Every year we update our calculator using the ONS’s annual Long term indicator of prices of consumer goods and services.
Over long periods, the definitions of goods and services included in the price index have changed. For example, a family’s food and clothes today are very different to those of a typical family a hundred years ago. Changes in household spending also reflect higher incomes and the wider range of goods and services available to buy today. These new goods and services are included in today’s price index, but not in earlier versions. Overall, these features of the data mean that comparisons of prices further back in time and over long periods are less accurate than comparisons over short periods in recent years.”
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