£84,500 in 1998 is worth £145,162.52 in 2018

Value of £84,500 from 1998 to 2018

£84,500 in 1998 is equivalent in purchasing power to about £145,162.52 in 2018, an increase of £60,662.52 over 20 years. The pound had an average inflation rate of 2.74% per year between 1998 and 2018, producing a cumulative price increase of 71.79%.

This means that prices in 2018 are 1.72 times as high as average prices since 1998, according to the Office for National Statistics composite price index.

The inflation rate in 1998 was 3.43%. The inflation rate in 2018 was 2.70%. The 2018 inflation rate is lower compared to the average inflation rate of 4.25% per year between 2018 and 2024.


Inflation from 1998 to 2018
Cumulative price change71.79%
Average inflation rate2.74%
Converted amount
£84,500 base
£145,162.52
Price difference
£84,500 base
£60,662.52
CPI in 1998642.600
CPI in 20181,103.922
Inflation in 19983.43%
Inflation in 20182.70%
£84,500 in 1998£145,162.52 in 2018

GBP inflation since 1998
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £84,500 in 1998

This chart shows a calculation of buying power equivalence for £84,500 in 1998 (price index tracking began in 1750).

For example, if you started with £84,500, you would need to end with £145,162.52 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £84,500 is equivalent to £145,162.52 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1998 dollars, the chart below shows how £84,500 is worth less over 20 years.

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:

Pound inflation: 1998-2018
YearPound ValueInflation Rate
1998£84,500.003.43%
1999£85,801.821.54%
2000£88,339.712.96%
2001£89,904.531.77%
2002£91,403.591.67%
2003£94,046.692.89%
2004£96,847.572.98%
2005£99,582.712.82%
2006£102,764.943.20%
2007£107,170.094.29%
2008£111,443.743.99%
2009£110,852.01-0.53%
2010£115,967.244.61%
2011£122,002.965.20%
2012£125,921.573.21%
2013£129,748.133.04%
2014£132,812.012.36%
2015£134,126.980.99%
2016£136,454.481.74%
2017£141,346.173.58%
2018£145,162.522.70%
2019£148,791.582.50%
2020£151,469.831.80%
2021£155,243.952.49%
2022£167,508.237.90%
2023£179,354.417.07%
2024£186,349.233.90%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 14 more rows

This conversion table shows various other 1998 amounts in 2018 pounds, based on the 71.79% change in prices:

Conversion: 1998 pounds in 2018
Initial valueEquivalent value
£1 pound in 1998£1.72 pounds in 2018
£5 pounds in 1998£8.59 pounds in 2018
£10 pounds in 1998£17.18 pounds in 2018
£50 pounds in 1998£85.89 pounds in 2018
£100 pounds in 1998£171.79 pounds in 2018
£500 pounds in 1998£858.95 pounds in 2018
£1,000 pounds in 1998£1,717.90 pounds in 2018
£5,000 pounds in 1998£8,589.50 pounds in 2018
£10,000 pounds in 1998£17,179.00 pounds in 2018
£50,000 pounds in 1998£85,894.98 pounds in 2018
£100,000 pounds in 1998£171,789.96 pounds in 2018
£500,000 pounds in 1998£858,949.81 pounds in 2018
£1,000,000 pounds in 1998£1,717,899.63 pounds in 2018

How to calculate inflation rate for £84,500, 1998 to 2018

Our calculations use the following inflation rate formula to calculate the change in value between 1998 and 2018:

CPI in 2018 CPI in 1998
×
1998 GBP value
=
2018 GBP value

Then plug in historical CPI values. The U.K. CPI was 642.6 in the year 1998 and 1103.9223 in 2018:

1103.9223642.6
×
£84,500
=
£145,162.52

£84,500 in 1998 has the same "purchasing power" or "buying power" as £145,162.52 in 2018.

To get the total inflation rate for the 20 years between 1998 and 2018, we use the following formula:

CPI in 2018 - CPI in 1998CPI in 1998
×
100
=
Cumulative inflation rate (20 years)

Plugging in the values to this equation, we get:

1103.9223 - 642.6642.6
×
100
=
72%

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 the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “£84,500 in 1998 → 2018 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 13 Jun. 2024, https://www.officialdata.org/1998-GBP-in-2018?amount=84500.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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


Ian Webster

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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» Read more about inflation and investment.

Inflation from 1998 to 2018
Cumulative price change71.79%
Average inflation rate2.74%
Converted amount
£84,500 base
£145,162.52
Price difference
£84,500 base
£60,662.52
CPI in 1998642.600
CPI in 20181,103.922
Inflation in 19983.43%
Inflation in 20182.70%
£84,500 in 1998£145,162.52 in 2018