This script can be used to automatically adjust figures for inflation. This avoids us having pages saying "it's worth this today" when it's 10 years out of date.
To keep it simple, first you must bring your target price up to 2023's value using the Bank of England inflation calculator or this website for Ireland. Give it with no commas or currency sign. It will then convert that value to the year the script was last updated: {{inflation|10}} is all it needs.
Obviously this script needs to be updated too. Use the same website to convert £1,000,000,000,000 of 2023 into today's money, and note the increase as a decimal. The decimal needs to be updated in this script, as well as the current year.
While the inflation calculator can give an interesting insight into how the price we pay has changed, what it can't do is show whether it's good value for money. An obvious example of this would be the price of fuel, which goes up not just because of inflation, but also because of global supply, demand and taxes; whether it's deemed to be expensive will also depend on whether the average wage has kept up with inflation, all of which is too complicated for our little calculator.
Automatically converts an old price into today's.
| Parameter | Description | Type | Status | |
|---|---|---|---|---|
| Value in 2023 | 1 | Convert the price into 2023, with no commas or currency symbol.
| Number | required |
| Suffix | extension | If we are talking millions or pence, put that here.
| String | optional |
| Hide Year? | hideyear | If true, only the price will be displayed.
| Boolean | optional |
| Country | country | If Ireland, we use a different inflation calculator
| String | optional |