EUR Inflation Calculator - Euro (2008-2024)

€700 in 2008

€825.82 in 2021

The inflation rate in the Eurozone between 2008 and 2021 was 17.97%, which translates into a total increase of €125.82. This means that 700 euro in 2008 are equivalent to 825.82 euro in 2021. In other words, the purchasing power of €700 in 2008 equals €825.82 in 2021. The average annual inflation rate between these periods was 1.28%.

Inflation timeline in the Eurozone (2008 - 2021)

The following chart depicts the equivalence of €700 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (EUR) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis.

The following table contains relevant indicators:

Indicator	Value
Cumulative inflation from 2008 to 2021	17.97%
Avg. Annual inflation from 2008 to 2021	1.28%
CPI 2008	91.35
CPI 2021	107.77

How to calculate the time value of money with inflation data?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Value_t =Value₀ ×

CPI_t/CPI₀

To obtain the values equivalent in buying power between 2008 and 2021, use the corresponding CPI values:

Value₂₀₂₁

=Value₂₀₀₈ ×

CPI₂₀₂₁/CPI₂₀₀₈

=€ 700 ×

107.77/91.35

≈€825.82

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)ⁿ, where:

FV: Future Value
PV: Present Value
i: Interest rate (inflation)
n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are €700 worth today. There are 13 years between 2008 and 2021 and the average inflation rate was 1.2797%. Therefore, we can resolve the formula like this:

Value₂₀₂₁

=PV × (1 + i)ⁿ

=€700 × (1 + 0.012797)¹³