value (purchasing power) today of IR£117 (148 euro) Vs 1996
- Thread starter noilh
- Start date
Re: Index linking
www.cso.ie (CPI data) is probably the place to start but the last time I tried to do this sort of conversion I got totally confused...
www.cso.ie (CPI data) is probably the place to start but the last time I tried to do this sort of conversion I got totally confused...
Re: Index linking
To do the calculation you need to get the purchasing power of €1 statistics from the CSO. Then divide the index value of period required (i.e. annual index average for 2007) by the index value of the other period (i.e. the annual index average for 1996). Then multiply the answer by the sum of money involved. You can do it on a monthly basis also (i.e use the mid-November figures to get the value today).
I don’t have the values for 2007 at hand, but your €148 in 1996 would have been worth in €203.99 in 2006 (based on the annual averages and using 1989 as a base).
To do the calculation you need to get the purchasing power of €1 statistics from the CSO. Then divide the index value of period required (i.e. annual index average for 2007) by the index value of the other period (i.e. the annual index average for 1996). Then multiply the answer by the sum of money involved. You can do it on a monthly basis also (i.e use the mid-November figures to get the value today).
I don’t have the values for 2007 at hand, but your €148 in 1996 would have been worth in €203.99 in 2006 (based on the annual averages and using 1989 as a base).
Re: Index linking
Can you clarify whether you want to calculate 1) the amount of money required today to purchase the same quantity of goods and services that €148 bought in 1996 or 2) the purchasing power of €148 (1996=100) at current prices?
Can you clarify whether you want to calculate 1) the amount of money required today to purchase the same quantity of goods and services that €148 bought in 1996 or 2) the purchasing power of €148 (1996=100) at current prices?
Re: Index linking
Thanks Clubman but I found the CSO method too complicated. Thanks Demoivre that gives me a good idea of what the £117 would equal today.
Demoivre, I wanted to know what amount of Euro would be equal in purchasing power to £117 in 1996.
Thanks Clubman but I found the CSO method too complicated. Thanks Demoivre that gives me a good idea of what the £117 would equal today.
Demoivre, I wanted to know what amount of Euro would be equal in purchasing power to £117 in 1996.
Re: Index linking
€148 (£117) on Jan 1st 1996 would buy you €148 worth of goods and services on that day. That same €148 would have had a purchasing power of €101.42 on October 31st 2007, ie the real value or purchasing power of the €148 after 11 years and ten months of inflation is €101.42.
€148 (£117) on Jan 1st 1996 would buy you €148 worth of goods and services on that day. That same €148 would have had a purchasing power of €101.42 on October 31st 2007, ie the real value or purchasing power of the €148 after 11 years and ten months of inflation is €101.42.