According to the European Central Bank consumer price index, the euro experienced an average inflation rate of 2.01% per year. Prices in 2002 are 8.3% higher than prices in 1998.
In other words, €100 in 1998 is equivalent in purchasing power to €108.28 in 2002, a difference of €8.28 over 4 years.
The inflation rate in 2002 was 2.27%.
|Cumulative price change||8.28%|
|Average inflation rate||2.01%|
|Converted amount (€100 base)||€108.28|
|Price difference (€100 base)||€8.28|
|CPI in 1998||73.445|
|CPI in 2002||79.52583333|
This inflation calculator uses the following inflation rate formula:
CPI in 2002 / CPI in 1998 * 1998 EUR value = 2002 EUR value
Then plug in historical CPI values. The Euro CPI was 73.445 in the year 1998 and 79.52583333 in 2002:
79.52583333 / 73.445 * €100 = €108.28
€100 in 1998 has the same "purchasing power" or "buying power" as €108.28 in 2002.
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.
You may use the following MLA citation for this page: “1998 euros in 2002 | Euro Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/1998-euro-in-2002.