£100 in 1988 is worth £298.04 today

The British pound has lost 66% its value since 1988

Updated: August 10, 2022

£100 in 1988 is equivalent in purchasing power to about £298.04 today, an increase of £198.04 over 34 years. The pound had an average inflation rate of 3.26% per year between 1988 and today, producing a cumulative price increase of 198.04%.

This means that today's prices are 2.98 times higher than average prices since 1988, according to the Office for National Statistics composite price index. A pound today only buys 33.553% of what it could buy back then.

The inflation rate in 1988 was 4.90%. The current inflation rate compared to last year is now 6.46%. If this number holds, £100 today will be equivalent in buying power to £106.46 next year.


Inflation from 1988 to 2022
Cumulative price change198.04%
Average inflation rate3.26%
Converted amount (£100 base)£298.04
Price difference (£100 base)£198.04
CPI in 1988421.700
CPI in 20221,256.855
Inflation in 19884.90%
Inflation in 20226.46%
£100 in 1988£298.04 in 2022

GBP inflation since 1988
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £100 in 1988

This chart shows a calculation of buying power equivalence for £100 in 1988 (price index tracking began in 1750).

For example, if you started with £100, you would need to end with £298.04 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £100 is equivalent to £298.04 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 1988 dollars, the chart below shows how £100 is worth less over 34 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: 1988-2022
YearPound ValueInflation Rate
1988£100.004.90%
1989£107.787.78%
1990£117.979.46%
1991£124.905.87%
1992£129.573.74%
1993£131.631.59%
1994£134.812.41%
1995£139.483.47%
1996£142.852.41%
1997£147.333.14%
1998£152.383.43%
1999£154.731.54%
2000£159.312.96%
2001£162.131.77%
2002£164.831.67%
2003£169.602.89%
2004£174.652.98%
2005£179.582.82%
2006£185.323.20%
2007£193.274.29%
2008£200.973.99%
2009£199.91-0.53%
2010£209.134.61%
2011£220.015.20%
2012£227.083.21%
2013£233.983.04%
2014£239.512.36%
2015£241.880.99%
2016£246.081.74%
2017£254.903.58%
2018£261.782.70%
2019£268.322.50%
2020£273.151.80%
2021£279.962.49%
2022£298.046.46%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 28 more rows

This conversion table shows various other 1988 amounts in today's pounds, based on the 198.04% change in prices:

Conversion: 1988 pounds today
Initial valueEquivalent value
£1 pound in 1988£2.98 pounds today
£5 pounds in 1988£14.90 pounds today
£10 pounds in 1988£29.80 pounds today
£50 pounds in 1988£149.02 pounds today
£100 pounds in 1988£298.04 pounds today
£500 pounds in 1988£1,490.22 pounds today
£1,000 pounds in 1988£2,980.45 pounds today
£5,000 pounds in 1988£14,902.24 pounds today
£10,000 pounds in 1988£29,804.48 pounds today
£50,000 pounds in 1988£149,022.41 pounds today
£100,000 pounds in 1988£298,044.81 pounds today
£500,000 pounds in 1988£1,490,224.06 pounds today
£1,000,000 pounds in 1988£2,980,448.13 pounds today

How to calculate inflation rate for £100 since 1988

Our calculations use the following inflation rate formula to calculate the change in value between 1988 and today:

CPI today CPI in 1988
×
1988 GBP value
=
Today's value

Then plug in historical CPI values. The U.K. CPI was 421.7 in the year 1988 and 1256.854974878 in 2022:

1256.854974878421.7
×
£100
=
£298.04

£100 in 1988 has the same "purchasing power" or "buying power" as £298.04 in 2022.

To get the total inflation rate for the 34 years between 1988 and 2022, we use the following formula:

CPI in 2022 - CPI in 1988CPI in 1988
×
100
=
Cumulative inflation rate (34 years)

Plugging in the values to this equation, we get:

1256.854974878 - 421.7421.7
×
100
=
198%

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: “Value of 1988 British pounds today | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 10 Aug. 2022, https://www.officialdata.org/uk/inflation/1988.

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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Inflation from 1988 to 2022
Cumulative price change198.04%
Average inflation rate3.26%
Converted amount (£100 base)£298.04
Price difference (£100 base)£198.04
CPI in 1988421.700
CPI in 20221,256.855
Inflation in 19884.90%
Inflation in 20226.46%
£100 in 1988£298.04 in 2022