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How to find present day value of a 1990 punts figure ?

  • 22-11-2013 10:28pm
    #1
    fed up sick and tired
    Closed Accounts Posts: 1,015 ✭✭✭


    Hi,

    Hoping someone can help a layman with a quick question...

    I want to know what the value today is, of IR £30,000 in 1990.

    I have no idea how to even start about doing that, so an explanation of the factors would be great. OR a simple plug-in-the-figures calculator would be fine.

    Thanks in advance, would really appreciate any help.

    Cheers...


Comments

  • #2
    dlouth15
    Registered Users, Registered Users 2 Posts: 1,169 ✭✭✭dlouth15


    What you need to do is take the consumer price index (a number) for 1990. Then you need to work out how much it has increased to date in percentage terms. Then apply this percentage to your 30,000 punt figure. Finally you need to convert this to Euros using the conversion factor that was fixed prior entry to the Euro.

    Consumer price index figures can be found here on the CSO site.

    There are various ways of calculating the consumer price index but I took the figures for CPA04 in the link above.

    From that you can see that prices have increased 170.92% in the period 1990 to 2012. You then need to apply that percentage to 30,000 giving £51,276. To convert that to Euro divide by 0.787564 to give €65,107.


  • #3
    fed up sick and tired
    Closed Accounts Posts: 1,015 ✭✭✭fed up sick and tired


    dlouth15 wrote: »
    What you need to do is take the consumer price index (a number) for 1990. Then you need to work out how much it has increased to date in percentage terms. Then apply this percentage to your 30,000 punt figure. Finally you need to convert this to Euros using the conversion factor that was fixed prior entry to the Euro.

    Consumer price index figures can be found here on the CSO site.

    There are various ways of calculating the consumer price index but I took the figures for CPA04 in the link above.

    From that you can see that prices have increased 170.92% in the period 1990 to 2012. You then need to apply that percentage to 30,000 giving £51,276. To convert that to Euro divide by 0.787564 to give €65,107.

    Thanks so much, I really appreciate you taking the time to both answer and explain that for me.


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