According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 2.00% per year. Prices in 2003 are 10903.1% higher than prices in 1766.
In other words, £100 in the year 1766 is equivalent in purchasing power to £11,003.08 in 2003, a difference of £10,903.08 over 237 years.
The inflation rate in 2003 was 2.89%.
|Cumulative price change||10903.08%|
|Average inflation rate||2.00%|
|Price difference (£100 base)||£10,903.08|
|CPI in 1766||6.5|
|CPI in 2003||715.2|
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: “1766 pounds in 2003 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 20 May. 2018, https://www.officialdata.org/1766-GBP-in-2003.