# UK inflation rate in 1994: 2.41%

## UK Inflation Calculator

£

### Inflation since 1994 and its effect on pound value

The composite price index (CPI) in 1994 was 568.5. It was 555.1 in the previous year. This change in CPI is used by the Office for National Statistics to calculate inflation.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 2.78% per year. Prices in 2018 are 93.2% higher than prices in 1994.

In other words, £100 in 1994 is equivalent in purchasing power to £193.19 in 2018, a difference of £93.19 over 24 years.

The current inflation rate is now 2.20%1. If this number holds, £100 today will be equivalent to £102.20 next year.

 Cumulative price change 93.19% Average inflation rate 2.78% Converted amount (£100 base) £193.19 Price difference (£100 base) £93.19 CPI in 1994 568.5 CPI in 2018 1098.27186

### How to calculate the inflation rate for £100 since 1994

This inflation calculator uses the following inflation rate formula:

CPI in 2018 / CPI in 1994 * 1994 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 568.5 in the year 1994 and 1098.27186 in 2018:

1098.27186 / 568.5 * £100 = £193.19

£100 in 1994 has the same "purchasing power" or "buying power" as £193.19 in 2018.

Here are calculations of buying power over time for £100 in 1994 (price index tracking began in 1750). Each of these GBP amounts below is equivalent in terms of what it could buy at the time:
Year GBP Value Inflation Rate
1994 £100.00 2.41%
1995 £103.47 3.47%
1996 £105.96 2.41%
1997 £109.29 3.14%
1998 £113.03 3.43%
1999 £114.78 1.54%
2000 £118.17 2.96%
2001 £120.26 1.77%
2002 £122.27 1.67%
2003 £125.80 2.89%
2004 £129.55 2.98%
2005 £133.21 2.82%
2006 £137.47 3.20%
2007 £143.36 4.29%
2008 £149.08 3.99%
2009 £148.28 -0.53%
2010 £155.13 4.61%
2011 £163.20 5.20%
2012 £168.44 3.21%
2013 £173.56 3.04%
2014 £177.66 2.36%
2015 £179.42 0.99%
2016 £182.47 1.70%
2017 £189.03 3.59%
2018 £193.19 2.20%*
* Not final. See inflation summary for latest details.

### News headlines from 1994

Politics and news often influence economic performance. Here's what was happening at the time:

• The Rwandan Genocide begins as an aircraft is shot down while carrying Rwandan and Butundian presidents, Juvenal Habyarimana and Cyprien Ntaryamira
• Nelson Mandela becomes South Africa's first black president.
• The IRA declares a ceasefire.
• Guantanamo Naval Base is re-opened for refugee processing.

### Inflation Data Source

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: “Inflation Rate in 1994 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 13 Jun. 2018, https://www.officialdata.org/UK-inflation-rate-in-1994.