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Value of 1994 British Pounds today

£100 in 1994
£204.1 in 2024

The inflation rate in the United Kingdom between 1994 and today has been 104.1%, which translates into a total increase of £104.1. This means that 100 pounds in 1994 are equivalent to 204.1 pounds in 2024. In other words, the purchasing power of £100 in 1994 equals £204.1 today. The average annual inflation rate between these periods has been 2.41%.

Inflation timeline in the United Kingdom (1994 - 2024)

The following chart depicts the equivalence of £100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (GBP) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1994-2023 98.15%
Cumulative inflation 1994-today 104.1%
Avg. Annual inflation 1994-2023 2.39%
CPI 1994 64.9
CPI 2023 128.6
CPI 2024-04 (latest official data) 132.2
CPI today 132.46

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1994 and 2023, use the corresponding CPI values:

Value2023
=Value1994 ×
CPI2023/CPI1994
=£ 100 ×
128.6/64.9
£198.15

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 132.46:

Valuetoday
=Value1994 ×
CPItoday/CPI1994
=£ 100 ×
132.46/64.9
£204.1

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are £100 worth today. There are 29 years between 1994 and 2023 and the average inflation rate was 2.3862%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=£100 × (1 + 0.023862)29
£198.15

UK inflation - Conversion table

Initial Value Equivalent value
£1 pound in 1994 £1.98 pounds in 2023
£5 pounds in 1994 £9.91 pounds in 2023
£10 pounds in 1994 £19.82 pounds in 2023
£50 pounds in 1994 £99.08 pounds in 2023
£100 pounds in 1994 £198.15 pounds in 2023
£500 pounds in 1994 £990.76 pounds in 2023
£1,000 pounds in 1994 £1,981.51 pounds in 2023
£5,000 pounds in 1994 £9,907.55 pounds in 2023
£10,000 pounds in 1994 £19,815.1 pounds in 2023
£50,000 pounds in 1994 £99,075.5 pounds in 2023
£100,000 pounds in 1994 £198,151 pounds in 2023
£500,000 pounds in 1994 £990,755.01 pounds in 2023
£1,000,000 pounds in 1994 £1,981,510.02 pounds in 2023
Cumulative inflation From 1994 104.1%
Avg. annual inflation From 1994 2.41%
CPI 1994 64.9
CPI today 132.46

Value of Pound over time (by year)

Period Value
1994 100
1995 102.62
1996 105.55
1997 107.86
1998 109.86
1999 111.86
2000 113.1
2001 114.95
2002 116.64
2003 118.18
2004 119.88
2005 122.34
2006 125.42
2007 128.35
2008 132.82
2009 135.44
2010 138.83
2011 144.22
2012 147.92
2013 151.31
2014 153.47
2015 154.08
2016 155.62
2017 159.63
2018 163.33
2019 166.1
2020 167.8
2021 171.96
2022 185.67
2023 198.15
2024-04 203.7
Today 204.1

All available years

Today's value of british pounds by year:

1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

Other currencies: