UK inflation rate in 1993: 1.59%

UK Inflation Calculator

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Inflation in 1993 and Its Effect on Pound Value

Purchasing power decreased by 1.59% in 1993 compared to the previous year, 1992. On average, you would have to spend 1.59% more money in 1993 than in 1992 for the same item.

In other words, £100 in 1992 is equivalent in purchasing power to £101.59 in 1993.

The 1992 inflation rate was 3.74%. The inflation rate in 1993 was 1.59%. The 1993 inflation rate is lower compared to the average inflation rate of 2.77% per year between 1993 and 2018.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1993 was 555.1. It was 546.4 in the previous year, 1992. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.


Inflation from 1992 to 1993
Average inflation rate 1.59%
Converted amount (£100 base) £101.59
Price difference (£100 base) £1.59
CPI in 1992 546.4
CPI in 1993 555.1
Inflation in 1992 3.74%
Inflation in 1993 1.59%


UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.


How to Calculate Inflation Rate for £100, 1992 to 1993

This inflation calculator uses the following inflation rate formula:

CPI in 1993CPI in 1992
×
1992 GBP value
=
1993 GBP value

Then plug in historical CPI values. The UK CPI was 546.4 in the year 1992 and 555.1 in 1993:

555.1546.4
×
£100
=
£101.59

£100 in 1992 has the same "purchasing power" or "buying power" as £101.59 in 1993.

To get the total inflation rate for the 1 years between 1992 and 1993, we use the following formula:

CPI in 1993 - CPI in 1992CPI in 1992
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

555.1 - 546.4546.4
×
100
=
2%

News headlines from 1992

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

  • The Conservative party wins the 1992 British general election, returning John Major to his role as Prime Minister.
  • Nelson Mandela's meets with UN Secretary-General Boutros Boutros-Ghali at Dakar.
  • Bill Clinton is elected President of the United States,.

Data Source & Citation

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 1993 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Oct. 2018, https://www.officialdata.org/UK-inflation-rate-in-1993.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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