£1 in 1997 is equivalent in purchasing power to about £1.87 today, an increase of £0.87 over 24 years. The pound had an average inflation rate of 2.64% per year between 1997 and today, producing a cumulative price increase of 86.70%.

This means that today's prices are 1.87 times higher than average prices since 1997, according to the Office for National Statistics composite price index. A pound today only buys 53.48% of what it could buy back then.

The 1997 inflation rate was 3.14%. The current year-over-year inflation rate (2020 to 2021) is now 0.70%^{1}.
If this number holds, £1 today will be equivalent in buying power to £1.01 next year.

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Cumulative price change | 86.70% |

Average inflation rate | 2.64% |

Converted amount (£1 base) | £1.87 |

Price difference (£1 base) | £0.87 |

CPI in 1997 | 621.300 |

CPI in 2021 | 1,159.951 |

Inflation in 1997 | 3.14% |

Inflation in 2021 | 0.70% |

£1 in 1997 | £1.87 in 2021 |

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 £1.87 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.87 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 24 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:

This conversion table shows various other 1997 amounts in today's pounds, based on the 86.70% change in prices:

Initial value | Equivalent value |
---|---|

£1 pound in 1997 | £1.87 pounds today |

£5 pounds in 1997 | £9.33 pounds today |

£10 pounds in 1997 | £18.67 pounds today |

£50 pounds in 1997 | £93.35 pounds today |

£100 pounds in 1997 | £186.70 pounds today |

£500 pounds in 1997 | £933.49 pounds today |

£1,000 pounds in 1997 | £1,866.97 pounds today |

£5,000 pounds in 1997 | £9,334.87 pounds today |

£10,000 pounds in 1997 | £18,669.74 pounds today |

£50,000 pounds in 1997 | £93,348.70 pounds today |

£100,000 pounds in 1997 | £186,697.40 pounds today |

£500,000 pounds in 1997 | £933,486.99 pounds today |

£1,000,000 pounds in 1997 | £1,866,973.99 pounds today |

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

CPI today
CPI in 1997

×

1997 GBP value

=

Today's value

Then plug in historical CPI values. The U.K. CPI was 621.3 in the year 1997 and 1159.950938 in 2021:

1159.950938621.3

×

£1

=

£1 in 1997 has the same "purchasing power" or "buying power" as £1.87 in 2021.

To get the total inflation rate for the 24 years between 1997 and 2021, we use the following formula:

CPI in 2021 - CPI in 1997CPI in 1997

×

100

=

Plugging in the values to this equation, we get:

1159.950938 - 621.3621.3

×

100

=

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

- Production, stockpiling and use of chemical weapons is outlawed as the Chemical Weapons Convention of 1993 comes into force.
- The British lease of the New Territories in Hong Kong expires.
- Diana, Princess of Wales, dies in a car crash in Paris.
- Hong Kong begins slaughtering chickens to prevent bird flu.

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 1997 → 2021 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Oct. 2021, https://www.officialdata.org/uk/inflation/1997?amount=1.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

Cumulative price change | 86.70% |

Average inflation rate | 2.64% |

Converted amount (£1 base) | £1.87 |

Price difference (£1 base) | £0.87 |

CPI in 1997 | 621.300 |

CPI in 2021 | 1,159.951 |

Inflation in 1997 | 3.14% |

Inflation in 2021 | 0.70% |

£1 in 1997 | £1.87 in 2021 |