£1 in 1995 is worth £0.97 in 1994

Value of £1 from 1995 to 1994

£1 in 1995 is equivalent in purchasing power to about £0.97 in 1994. The pound had an average inflation rate of 3.47% per year between 1994 and 1995, producing a cumulative price increase of -3.35%.

This means that prices in 1994 are 3.35% lower than average prices since 1995, according to the Office for National Statistics composite price index.

The 1994 inflation rate was 2.41%. The inflation rate in 1995 was 3.47%. The 1995 inflation rate is higher compared to the average inflation rate of 2.68% per year between 1995 and 2020.


Inflation from 1995 to 1994
Average inflation rate 3.47%
Converted amount (£1 base) £0.97
Price difference (£1 base) £-0.03
CPI in 1995 588.200
CPI in 1994 568.500
Inflation in 1994 2.41%
Inflation in 1995 3.47%
£1 in 1995 £0.97 in 1994

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI
Download

How to Calculate Inflation Rate for £1, 1994 to 1995

Our calculations use the following inflation rate formula to calculate the change in value between 1994 and 1995:

CPI in 1994 CPI in 1995
×
1995 GBP value
=
1994 GBP value

Then plug in historical CPI values. The U.K. CPI was 588.2 in the year 1995 and 568.5 in 1994:

568.5588.2
×
£1
=
£0.97

£1 in 1995 has the same "purchasing power" or "buying power" as £0.97 in 1994.

To get the total inflation rate for the 1 years between 1994 and 1995, we use the following formula:

CPI in 1994 - CPI in 1995CPI in 1995
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

568.5 - 588.2588.2
×
100
=
-3%

News headlines from 1994

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

  • Bosnian Serbs massacre over 7,000 Bosnian Muslims in Srebrenica.
  • Scientists discover the Hale-Bopp Comet; which later became visible to the naked eye.
  • Signing of the Dayton Agreement in Paris in order to end conflicts between former Yugoslavian republics
  • 170 countries agree to the unconditional and indefinite extending of the Nuclear Non-proliferation Treaty.
  • Austria, Finland and Sweden accede to the European Union.

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: “£1 in 1995 → 1994 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Jan. 2021, https://www.officialdata.org/uk/inflation/1995?amount=1&endYear=1994.

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 1995 to 1994
Average inflation rate 3.47%
Converted amount (£1 base) £0.97
Price difference (£1 base) £-0.03
CPI in 1995 588.200
CPI in 1994 568.500
Inflation in 1994 2.41%
Inflation in 1995 3.47%
£1 in 1995 £0.97 in 1994