€5.60 in 2023 is worth €4.04 in 2008

Buying power of €5.60 in 2008

This chart shows a calculation of buying power equivalence for €5.60 in 2008 (price index tracking began in 1996).

For example, if you started with €5.60, you would need to end with €4.04 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When €5.60 is equivalent to €4.04 over time, that means that the "real value" of a single Euro euro decreases over time. In other words, a euro will pay for fewer items at the store.

This effect explains how inflation erodes the value of a euro over time. By calculating the value in 2008 dollars, the chart below shows how €5.60 is worth less over 15 years.

According to the European Central Bank, each of these EUR amounts below is equal in terms of what it could buy at the time:

This conversion table shows various other 2008 amounts in 2023 euros, based on the -27.84% change in prices:

How to calculate inflation rate for €5.60, 2008 to 2023

Our calculations use the following inflation rate formula to calculate the change in value between 2008 and 2023:

Then plug in historical CPI values. The Euro CPI was 126.8118182 in the year 2023 and 91.50833333 in 2008:

€5.60 in 2023 has the same "purchasing power" or "buying power" as €4.04 in 2008.

To get the total inflation rate for the 15 years between 2008 and 2023, we use the following formula:

Plugging in the values to this equation, we get:

Data source & citation

Raw data for these calculations comes from the European Commission and the European Central Bank's Harmonized Index of Consumer prices (HICP), which is computed based on the reported consumer price indices in member countries of the European Union.

» Read more about inflation and investment.