Result: ₽1 in 1998 → ₽22.94 in 2024
Value of ₽1 from 1998 to 2024
Updated: May 15, 2024₽1 in 1998 is equivalent in purchasing power to about ₽22.94 today, an increase of ₽21.94 over 26 years. The ruble had an average inflation rate of 12.81% per year between 1998 and today, producing a cumulative price increase of 2,193.88%.
This means that today's prices are 22.94 times as high as average prices since 1998, according to the OECD and the World Bank consumer price index for Russia. A ruble today only buys 4.359% of what it could buy back then.
The inflation rate in 1998 was 27.69%. The current inflation rate compared to the end of last year is now 16.72%. If this number holds, ₽1 today will be equivalent in buying power to ₽1.17 next year.
⌃
| Cumulative price change | 2,193.88% |
| Average inflation rate | 12.81% |
| Converted amount ₽1 base | ₽22.94 |
| Price difference ₽1 base | ₽21.94 |
| CPI in 1998 | 9.047 |
| CPI in 2024 | 207.525 |
| Inflation in 1998 | 27.69% |
| Inflation in 2024 | 16.72% |
| ₽1 in 1998 | ₽22.94 in 2024 |
Buying power of ₽1 in 1998
This chart shows a calculation of buying power equivalence for ₽1 in 1998 (price index tracking began in 1992).
For example, if you started with ₽1, you would need to end with ₽22.94 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When ₽1 is equivalent to ₽22.94 over time, that means that the "real value" of a single Russian ruble decreases over time. In other words, a ruble will pay for fewer items at the store.
This effect explains how inflation erodes the value of a ruble over time. By calculating the value in 1998 dollars, the chart below shows how ₽1 is worth less over 26 years.
According to the OECD and the World Bank, each of these RUB amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1998 amounts in today's rubles, based on the 2,193.88% change in prices:
| Initial value | Equivalent value |
|---|---|
| ₽1 ruble in 1998 | ₽22.94 rubles today |
| ₽5 rubles in 1998 | ₽114.69 rubles today |
| ₽10 rubles in 1998 | ₽229.39 rubles today |
| ₽50 rubles in 1998 | ₽1,146.94 rubles today |
| ₽100 rubles in 1998 | ₽2,293.88 rubles today |
| ₽500 rubles in 1998 | ₽11,469.38 rubles today |
| ₽1,000 rubles in 1998 | ₽22,938.77 rubles today |
| ₽5,000 rubles in 1998 | ₽114,693.84 rubles today |
| ₽10,000 rubles in 1998 | ₽229,387.68 rubles today |
| ₽50,000 rubles in 1998 | ₽1,146,938.41 rubles today |
| ₽100,000 rubles in 1998 | ₽2,293,876.82 rubles today |
| ₽500,000 rubles in 1998 | ₽11,469,384.08 rubles today |
| ₽1,000,000 rubles in 1998 | ₽22,938,768.16 rubles today |
How to calculate inflation rate for ₽1 since 1998
Our calculations use the following inflation rate formula to calculate the change in value between 1998 and today:
CPI today CPI in 1998
×
1998 RUB value
=
Today's value
Then plug in historical CPI values. The Russian CPI was 9.046901 in the year 1998 and 207.5247645707122 in 2024:
207.52476457071229.046901
×
₽1
=
₽22.94
₽1 in 1998 has the same "purchasing power" or "buying power" as ₽22.94 in 2024.
To get the total inflation rate for the 26 years between 1998 and 2024, we use the following formula:
CPI in 2024 - CPI in 1998CPI in 1998
×
100
=
Cumulative inflation rate (26 years)
Plugging in the values to this equation, we get:
207.5247645707122 - 9.0469019.046901
×
100
=
2,194%
Data source & citation
You may use the following MLA citation for this page: “₽1 in 1998 → 2024 | Russia Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 May. 2024, https://www.officialdata.org/russia/inflation/1998?amount=1.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 2,193.88% |
| Average inflation rate | 12.81% |
| Converted amount ₽1 base | ₽22.94 |
| Price difference ₽1 base | ₽21.94 |
| CPI in 1998 | 9.047 |
| CPI in 2024 | 207.525 |
| Inflation in 1998 | 27.69% |
| Inflation in 2024 | 16.72% |
| ₽1 in 1998 | ₽22.94 in 2024 |