The composite price index (CPI) in 1994 was 568.5. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.
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 92.9% higher than prices in 1994.
In other words, £1 in the year 1994 is equivalent in purchasing power to £1.93 in 2018, a difference of £0.93 over 24 years.
The current inflation rate in 2018 is 3.10%1. If this number holds, £1 today will be equivalent to £1.03 next year.
|Cumulative price change||92.89%|
|Average inflation rate||2.78%|
|Price difference (£1 base)||£0.93|
|CPI in 1994||568.5|
|CPI in 2018||1096.59148|
Politics and news often influence economic performance. Here's what was happening at the time:
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.” FinanceRef Inflation Calculator, Alioth Finance, 19 Apr. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-1994.