According to the European Central Bank consumer price index, the euro experienced an average inflation rate of 2.42% per year. Prices in 2008 are 12.7% higher than prices in 2003.
In other words, €100 in 2003 is equivalent in purchasing power to €112.68 in 2008, a difference of €12.68 over 5 years.
The inflation rate in 2008 was 3.34%.
|Cumulative price change||12.68%|
|Average inflation rate||2.42%|
|Converted amount (€100 base)||€112.68|
|Price difference (€100 base)||€12.68|
|CPI in 2003||81.21|
|CPI in 2008||91.50833333|
This inflation calculator uses the following inflation rate formula:
CPI in 2008 / CPI in 2003 * 2003 EUR value = 2008 EUR value
Then plug in historical CPI values. The Euro CPI was 81.21 in the year 2003 and 91.50833333 in 2008:
91.50833333 / 81.21 * €100 = €112.68
€100 in 2003 has the same "purchasing power" or "buying power" as €112.68 in 2008.
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: “2003 euros in 2008 | Euro Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/2003-euro-in-2008.