Inflation Calculator - Have Your Prices Kept Up?

Hello all,

Stumbled across these inflation calculators online. Thought they’d be a good way of seeing if we’ve managed tickets keep our prices on track, especially those who have been at this longer. 

So here’s how it works. You put in a price and select the year. It then shows you how much it is worth today (or vis versa as you can reverse it). 

So a £10 job in 2010 would be worth £13.18 today. 

Could also be handy when you get ‘ohh my window cleaner use to charge’ comments. For instances, my grandfather mentioned how he charged £1.50 for a small bungalow. However, this was back in 1980. Today that’s just under £7.50, which in some areas is a standard price for a small bungalow. 

These may end up being of of no use but still fun to pay around with. I’ll attach two. The Bank of England one is easier to use but doesn’t allow decimal places. It also doesn’t estimate 2019. The second one has more options and does both those things. 

Enjoy!

https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator

https://www.thisismoney.co.uk/money/bills/article-1633409/amp/Historic-inflation-calculator-value-money-changed-1900.html

Interesting, I haven't looked into it, but does it take consumer price index into account, if you operate with that in the UK?

I believe that to be a more accurate way to calculate price increases, although here on the Faroe Islands it has been only 0.8% or so yearly IIRC so pretty negligible unfortunately.

ive got 4 weekly jobs that ive not put up in 14 years(£20 jobs)but ive picked up most on the road now so my hourly rate is higher when i have 12 jobs right next to each other instead of 2 jobs,theyll be going up next year but not by a tenner!i also earn around £25,000 more a year than i did in 2005 but it does make you think......

so according to that calculator im only earning just over £16,500 a year more than my 2005 round (not £25,000 more when taking inflation into account).....

I e tried this when looking into price increases but I dont think it takes into account how much suppliers put prices up. We have to keep up with cost of living increase and supplier increases