Could someone tell me how to find out what a given sum of money would be worth in today's terms - in this case i want to get the value (purchasing power) today of IR£117 (148 euro) compared to what it was worth in 1996.
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?
.
Demoivre, I wanted to know what amount of Euro would be equal in purchasing power to £117 in 1996.
€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.