According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 1.99% per year. Prices in 1998 are 12500.0% higher than prices in 1753.
In other words, £100 in 1753 is equivalent in purchasing power to £12,600.00 in 1998, a difference of £12,500.00 over 245 years.
The inflation rate in 1998 was 3.43%.
|Cumulative price change||12500.00%|
|Average inflation rate||1.99%|
|Converted amount (£100 base)||£12,600.00|
|Price difference (£100 base)||£12,500.00|
|CPI in 1753||5.1|
|CPI in 1998||642.6|
This inflation calculator uses the following inflation rate formula:
CPI in 1998 / CPI in 1753 * 1753 GBP value = 1998 GBP value
Then plug in historical CPI values. The UK CPI was 5.1 in the year 1753 and 642.6 in 1998:
642.6 / 5.1 * £100 = £12,600.00
£100 in 1753 has the same "purchasing power" or "buying power" as £12,600.00 in 1998.
Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for 2017, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page: “1753 pounds in 1998 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Jun. 2018, https://www.officialdata.org/1753-GBP-in-1998.