This page was generated using inflation calculator created by Ian Webster at his web-site , which I highly recommend you to visit to plug in other values that best work for you. All links on this page will take you to external sites including the origin of this information.
- £122,000 in 2005 → 2024
- £122,000 in 2000 → 2024
- GBP inflation rate in 2024
- UK future inflation calculator
Value of £122,000 from 2002 to 2024
£122,000 in 2002 is equivalent in purchasing power to about £248,727.70 today, an increase of £126,727.70 over 22 years. The pound had an average inflation rate of 3.29% per year between 2002 and today, producing a cumulative price increase of 103.88%.
This means that today’s prices are 2.04 times as high as average prices since 2002, according to the Office for National Statistics composite price index. A pound today only buys 49.050% of what it could buy back then.
The inflation rate in 2002 was 1.67%. The current inflation rate compared to the end of last year is now 3.90%. If this number holds, £122,000 today will be equivalent in buying power to £126,758.00 next year.
Contents
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GBP inflation since 2002
Annual Rate, the Office for National Statistics CPI
GBP inflation since 2002
Buying power of £122,000 in 2002
This chart shows a calculation of buying power equivalence for £122,000 in 2002 (price index tracking began in 1750).
For example, if you started with £122,000, you would need to end with £248,727.70 in order to “adjust” for inflation (sometimes refered to as “beating inflation”).
Buying power of £122,000 in 2002
This chart shows a calculation of buying power equivalence for £122,000 in 2002 (price index tracking began in 1750).
For example, if you started with £122,000, you would need to end with £248,727.70 in order to “adjust” for inflation (sometimes referred to as “beating inflation”).
When £122,000 is equivalent to £248,727.70 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 £122,000 is worth less over 22 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:
£122,000 in 2002 adjusted for inflation
| Year | Pound Value | Inflation Rate |
|---|---|---|
| 2002 | £122,000.00 | 1.67% |
| 2003 | £125,527.84 | 2.89% |
| 2004 | £129,266.29 | 2.98% |
| 2005 | £132,916.99 | 2.82% |
| 2006 | £137,164.44 | 3.20% |
| 2007 | £143,044.17 | 4.29% |
| 2008 | £148,748.38 | 3.99% |
| 2009 | £147,958.57 | -0.53% |
| 2010 | £154,786.07 | 4.61% |
| 2011 | £162,842.18 | 5.20% |
| 2012 | £168,072.51 | 3.21% |
| 2013 | £173,179.97 | 3.04% |
| 2014 | £177,269.46 | 2.36% |
| 2015 | £179,024.60 | 0.99% |
| 2016 | £182,131.20 | 1.74% |
| 2017 | £188,660.34 | 3.58% |
| 2018 | £193,754.17 | 2.70% |
| 2019 | £198,598.02 | 2.50% |
| 2020 | £202,172.78 | 1.80% |
| 2021 | £207,210.26 | 2.49% |
| 2022 | £223,579.87 | 7.90% |
| 2023 | £239,391.44 | 7.07% |
| 2024 | £248,727.70 | 3.90%* |
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
When £122,000 is equivalent to £248,727.70 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 £122,000 is worth less over 22 years. Download
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
This conversion table shows various other 2002 amounts in today’s pounds, based on the 103.88% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1 pound in 2002 | £2.04 pounds today |
| £5 pounds in 2002 | £10.19 pounds today |
| £10 pounds in 2002 | £20.39 pounds today |
| £50 pounds in 2002 | £101.94 pounds today |
| £100 pounds in 2002 | £203.88 pounds today |
| £500 pounds in 2002 | £1,019.38 pounds today |
| £1,000 pounds in 2002 | £2,038.75 pounds today |
| £5,000 pounds in 2002 | £10,193.76 pounds today |
| £10,000 pounds in 2002 | £20,387.52 pounds today |
| £50,000 pounds in 2002 | £101,937.58 pounds today |
| £100,000 pounds in 2002 | £203,875.16 pounds today |
| £500,000 pounds in 2002 | £1,019,375.82 pounds today |
| £1,000,000 pounds in 2002 | £2,038,751.65 pounds today |
How to calculate inflation rate for £122,000 since 2002
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: “£122,000 in 2002 → 2024 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Sep. 2024, https://www.officialdata.org/uk/inflation/2002?amount=122000.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
About the author
Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.
» Read more about inflation and investment.
Other resources:
| Cumulative price change | 103.88% |
| Average inflation rate | 3.29% |
| Converted amount £122,000 base | £248,727.70 |
| Price difference £122,000 base | £126,727.70 |
| CPI in 2002 | 695.100 |
| CPI in 2024 | 1,417.136 |
| Inflation in 2002 | 1.67% |
| Inflation in 2024 | 3.90% |
| £122,000 in 2002 | £248,727.70 in 2024 |
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