How can i find out how much inflation has devauled my money over past ten years??
Answer:
Go to www.thisismoney.co.uk and click on 'Tools & Calculators' on the left-hand side list. Then click on 'Historic Inflation Calculator' and it gives you a tool to use.
£1,000 in 1997 would now need to be £1,290.
£1,000 now would have been £775 in 1997.
I hope this helps.
Its not that simple as it depends what you've been doing with your money in the meantime. If you hid it under a mattress then yes, its been devalued by the extent of price inflation. So the previous answer is correct and you can check it out there or go to the original source which is the Office for National Statistics website and look at , say the Retail Prices Index. If you had put your money in an interest-bearing savings account then the rate of interest would have been higher than it would have been to reflect inflation: so your money wouldnt have been devalued by inflation at all. But it would matter what sort of savings you invested the money in. A bank current account pays very little - because you are paying them for the flexibility of access to your money, the convenience of branches etc. An internet savings account would have paid more than the rate of inflation - so you would definitely have gained. Some investments would have paid much more than others - had you invested your money in property you'd be quids in. So the answer is, it depends what you did with your money over the past 10 years.
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