View £100 in 2016 → 2024
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Value of £100 from 2016 to 2023
£100 in 2016 is equivalent in purchasing power to about £131.44 in 2023, an increase of £31.44 over 7 years. The pound had an average inflation rate of 3.98% per year between 2016 and 2023, producing a cumulative price increase of 31.44%.
This means that prices in 2023 are 1.31 times as high as average prices since 2016, according to the Office for National Statistics composite price index.
The inflation rate in 2016 was 1.74%. The inflation rate in 2023 was 7.07%. The 2023 inflation rate is higher compared to the average inflation rate of 3.90% per year between 2023 and 2024.
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| Cumulative price change | 31.44% |
| Average inflation rate | 3.98% |
| Converted amount £100 base | £131.44 |
| Price difference £100 base | £31.44 |
| CPI in 2016 | 1,037.700 |
| CPI in 2023 | 1,363.943 |
| Inflation in 2016 | 1.74% |
| Inflation in 2023 | 7.07% |
| £100 in 2016 | £131.44 in 2023 |
Buying power of £100 in 2016
This chart shows a calculation of buying power equivalence for £100 in 2016 (price index tracking began in 1750).
For example, if you started with £100, you would need to end with £131.44 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When £100 is equivalent to £131.44 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 2016 dollars, the chart below shows how £100 is worth less over 7 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 2016 amounts in 2023 pounds, based on the 31.44% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1 pound in 2016 | £1.31 pounds in 2023 |
| £5 pounds in 2016 | £6.57 pounds in 2023 |
| £10 pounds in 2016 | £13.14 pounds in 2023 |
| £50 pounds in 2016 | £65.72 pounds in 2023 |
| £100 pounds in 2016 | £131.44 pounds in 2023 |
| £500 pounds in 2016 | £657.20 pounds in 2023 |
| £1,000 pounds in 2016 | £1,314.39 pounds in 2023 |
| £5,000 pounds in 2016 | £6,571.95 pounds in 2023 |
| £10,000 pounds in 2016 | £13,143.90 pounds in 2023 |
| £50,000 pounds in 2016 | £65,719.50 pounds in 2023 |
| £100,000 pounds in 2016 | £131,439.00 pounds in 2023 |
| £500,000 pounds in 2016 | £657,195.00 pounds in 2023 |
| £1,000,000 pounds in 2016 | £1,314,390.01 pounds in 2023 |
How to calculate inflation rate for £100, 2016 to 2023
Our calculations use the following inflation rate formula to calculate the change in value between 2016 and 2023:
CPI in 2023 CPI in 2016
×
2016 GBP value
=
2023 GBP value
Then plug in historical CPI values. The U.K. CPI was 1037.7 in the year 2016 and 1363.9425132808383 in 2023:
1363.94251328083831037.7
×
£100
=
£131.44
£100 in 2016 has the same "purchasing power" or "buying power" as £131.44 in 2023.
To get the total inflation rate for the 7 years between 2016 and 2023, we use the following formula:
CPI in 2023 - CPI in 2016CPI in 2016
×
100
=
Cumulative inflation rate (7 years)
Plugging in the values to this equation, we get:
1363.9425132808383 - 1037.71037.7
×
100
=
31%
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 the current year, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page: “£100 in 2016 → 2023 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Nov. 2024, https://www.officialdata.org/uk/inflation/2016?amount=100&endYear=2023.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 31.44% |
| Average inflation rate | 3.98% |
| Converted amount £100 base | £131.44 |
| Price difference £100 base | £31.44 |
| CPI in 2016 | 1,037.700 |
| CPI in 2023 | 1,363.943 |
| Inflation in 2016 | 1.74% |
| Inflation in 2023 | 7.07% |
| £100 in 2016 | £131.44 in 2023 |