The Impact of Inflation on value of £980 from 2001 to 2024
In 1913 the price of £980 is approximately equal to £1761.07 in 2024. Prices changed by 2.54% (or £33.96) per year on average during that period. It means that every purchase will cost you 1.80 times as much.
Inflation is a powerful force that can erode the purchasing power of money over time. For anyone curious about the value of £980 in 2001 and what it would be worth in 2024, this page provides a detailed analysis using the cumulative price change, average inflation rate, and other key financial indicators.
How Much is £980 in 2001 Worth Today?
- Converted Amount: The £980 from 2001, adjusted for inflation, would be equivalent to £1761.07 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 79.70%.
- Average Inflation Rate: The average annual inflation rate between 2001 and 2024 has been 2.54%.
| Cumulative price change | 79.70% |
| Average inflation rate | 2.54% |
| Converted amount | 1761.07 |
| Price difference | 781.07 |
| CPI in 2001 | 73.6 |
| CPI in 2024 | 132.26 |
| Inflation in 2001 | 1.24% |
| Inflation in 2024 | 1.35% |
| 980 in 2001 | 1761.07 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 2001: 73.6
- CPI in 2024: 132.26
Inflation Rate at 2001 and 2024
- Inflation in 2001: 1.24%
- Inflation in 2024: 1.35%
Price Difference
- The price difference between 2001 and 2024 is £781.07.
2001 to 2024 Inflation Calculator
To understand the transformation of £980 from 2001 into 2024 British Pounds, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 2001 | 73.6 | 1.24% | £980 |
| 2024 | 132.26 | 1.35% | £1761.07 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of £980 in 2001
£980 in the year 2001 is now worth £1761.07 in 2024, showing a substantial increase of £781.07 over the years. This change underscores how the average inflation rate of 2.54% annually has eroded the purchasing power of the British Pound.