£20,000 in 1984 → £62,626.11 in 2018

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£20,000 in 1984 → £62,626.11 in 2018

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UK Inflation Rate, £20,000 in 1984 to 2018

According to the Office for National Statistics composite price index, prices in 2018 are 213.13% higher than average prices throughout 1984. The pound experienced an average inflation rate of 3.41% per year during this period, meaning the real value of a dollar decreased.

In other words, £20,000 in 1984 is equivalent in purchasing power to about £62,626.11 in 2018, a difference of £42,626.11 over 34 years.

The 1984 inflation rate was 4.98%. The inflation rate in 2018 was 2.48%. The 2018 inflation rate is higher compared to the average inflation rate of 1.80% per year between 2018 and 2019.


Inflation from 1984 to 2018
Cumulative price change 213.13%
Average inflation rate 3.41%
Converted amount (£20,000 base) £62,626.11
Price difference (£20,000 base) £42,626.11
CPI in 1984 351.800
CPI in 2018 1,101.593
Inflation in 1984 4.98%
Inflation in 2018 2.48%

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


Buying power of £20,000 in 1984

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £20,000 in 1984 (price index tracking began in 1750).

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Year Pound Value Inflation Rate
1984 £20,000.00 4.98%
1985 £21,216.60 6.08%
1986 £21,938.60 3.40%
1987 £22,853.89 4.17%
1988 £23,973.85 4.90%
1989 £25,838.54 7.78%
1990 £28,283.12 9.46%
1991 £29,943.15 5.87%
1992 £31,063.10 3.74%
1993 £31,557.70 1.59%
1994 £32,319.50 2.41%
1995 £33,439.45 3.47%
1996 £34,246.73 2.41%
1997 £35,321.21 3.14%
1998 £36,532.12 3.43%
1999 £37,094.94 1.54%
2000 £38,192.15 2.96%
2001 £38,868.68 1.77%
2002 £39,516.77 1.67%
2003 £40,659.47 2.89%
2004 £41,870.38 2.98%
2005 £43,052.87 2.82%
2006 £44,428.65 3.20%
2007 £46,333.14 4.29%
2008 £48,180.78 3.99%
2009 £47,924.96 -0.53%
2010 £50,136.44 4.61%
2011 £52,745.88 5.20%
2012 £54,440.02 3.21%
2013 £56,094.37 3.04%
2014 £57,418.99 2.36%
2015 £57,987.49 0.99%
2016 £58,993.75 1.74%
2017 £61,108.58 3.58%
2018 £62,626.11 2.48%
2019 £63,753.38 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 28 more rows

How to Calculate Inflation Rate for £20,000, 1984 to 2018

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 1984
×
1984 GBP value
=
2018 GBP value

Then plug in historical CPI values. The UK CPI was 351.8 in the year 1984 and 1101.59335 in 2018:

1101.59335351.8
×
£20,000
=
£62,626.11

£20,000 in 1984 has the same "purchasing power" or "buying power" as £62,626.11 in 2018.

To get the total inflation rate for the 34 years between 1984 and 2018, we use the following formula:

CPI in 2018 - CPI in 1984CPI in 1984
×
100
=
Cumulative inflation rate (34 years)

Plugging in the values to this equation, we get:

1101.59335 - 351.8351.8
×
100
=
213%

News headlines from 1984

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

  • Apple Computer Inc unveils the Macintosh personal computer.
  • Virus causing AIDS (acquired immune deficiency syndrome) is identified as HTLV-III.
  • Operation Blue Star took place as Indira Gandhi issued command to attack the Golden Temple, holiest site of Sikh's.
  • Indira Gandhi orders an attack on the Golden temple, one of the holiest sites in Sikh tradition, in an operation now called Blue Star.
  • A toxic leak in the Union Carbide factory kills 2,259 people, a further 500,000 are injured.

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: “£20,000 in 1984 → 2018 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 6 Dec. 2019, https://www.officialdata.org/1984-GBP-in-2018?amount=20000.

Special thanks to QuickChart for providing downloadable chart images.

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


About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 1984 to 2018
Cumulative price change 213.13%
Average inflation rate 3.41%
Converted amount (£20,000 base) £62,626.11
Price difference (£20,000 base) £42,626.11
CPI in 1984 351.800
CPI in 2018 1,101.593
Inflation in 1984 4.98%
Inflation in 2018 2.48%
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