# £20 in 2002 is worth £30.93 in 2017

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## Value of £20 from 2002 to 2017

According to the Office for National Statistics composite price index, prices in 2017 are 54.64% higher than average prices since 2002. The British pound experienced an average inflation rate of 2.95% per year during this period, causing the real value of a pound to decrease.

In other words, £20 in 2002 is equivalent in purchasing power to about £30.93 in 2017, a difference of £10.93 over 15 years.

The 2002 inflation rate was 1.67%. The inflation rate in 2017 was 3.58%. The 2017 inflation rate is higher compared to the average inflation rate of 1.93% per year between 2017 and 2020.

 Cumulative price change 54.64% Average inflation rate 2.95% Converted amount (£20 base) £30.93 Price difference (£20 base) £10.93 CPI in 2002 695.100 CPI in 2017 1,074.900 Inflation in 2002 1.67% Inflation in 2017 3.58%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI

## Buying power of £20 in 2002

This chart shows a calculation of buying power equivalence for £20 in 2002 (price index tracking began in 1750).

For example, if you started with £20, you would need to end with £30.93 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £20 is equivalent to £30.93 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 2002 dollars, the chart below shows how £20 is worth less over 15 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:

Pound inflation: 2002-2017
Year Pound Value Inflation Rate
2002 £20.00 1.67%
2003 £20.58 2.89%
2004 £21.19 2.98%
2005 £21.79 2.82%
2006 £22.49 3.20%
2007 £23.45 4.29%
2008 £24.38 3.99%
2009 £24.26 -0.53%
2010 £25.37 4.61%
2011 £26.70 5.20%
2012 £27.55 3.21%
2013 £28.39 3.04%
2014 £29.06 2.36%
2015 £29.35 0.99%
2016 £29.86 1.74%
2017 £30.93 3.58%
2018 £31.70 2.48%
2019 £32.27 1.80%
2020 £32.75 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 9 more rows

This conversion table shows various other 2002 amounts in 2017 pounds, based on the 54.64% change in prices:

Conversion Table: Value of a pound in 2017
Initial value Equivalent value
£1 pound in 2002 £1.55 pounds in 2017
£5 pounds in 2002 £7.73 pounds in 2017
£10 pounds in 2002 £15.46 pounds in 2017
£50 pounds in 2002 £77.32 pounds in 2017
£100 pounds in 2002 £154.64 pounds in 2017
£500 pounds in 2002 £773.20 pounds in 2017
£1,000 pounds in 2002 £1,546.40 pounds in 2017
£5,000 pounds in 2002 £7,731.98 pounds in 2017
£10,000 pounds in 2002 £15,463.96 pounds in 2017
£50,000 pounds in 2002 £77,319.81 pounds in 2017
£100,000 pounds in 2002 £154,639.62 pounds in 2017
£500,000 pounds in 2002 £773,198.10 pounds in 2017
£1,000,000 pounds in 2002 £1,546,396.20 pounds in 2017

## How to Calculate Inflation Rate for £20, 2002 to 2017

Our calculations use the following inflation rate formula to calculate the change in value between 2002 and 2017:

CPI in 2017 CPI in 2002
×
2002 GBP value
=
2017 GBP value

Then plug in historical CPI values. The U.K. CPI was 695.1 in the year 2002 and 1074.9 in 2017:

1074.9695.1
×
£20
=
£30.93

£20 in 2002 has the same "purchasing power" or "buying power" as £30.93 in 2017.

To get the total inflation rate for the 15 years between 2002 and 2017, we use the following formula:

CPI in 2017 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (15 years)

Plugging in the values to this equation, we get:

1074.9 - 695.1695.1
×
100
=
55%

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

• United States deploys conventional forces as part of Operation Anaconda during the US invasion of Afghanistan.
• Jimmy Carter visits Cuba, marking the first time an American president has visited the Island since 1959.
• It is announced that Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia will become members of the European Union from May 1, 2004.

## Data Source & Citation

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: “£20 in 2002 → 2017 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 3 Dec. 2020, https://www.officialdata.org/2002-GBP-in-2017?amount=20.

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