This tool gives an estimate of what the value of items would have been in different years, based on the general rate of inflation. The tool uses the Gross Domestic Product, or GDP, deflator which is used to measure the change in prices of goods and services across the whole economy. When values are adjusted to take into account inflation they are said to be in real terms allowing a more meaningful comparison.
How to use the tool
When entering a value:
make sure there are no commas separating the numbers as it will return a NaN value
use the whole number, for example for 1.2 million enter 1200000 or for 1.2 billion enter 1200000000
Note: due to Covid-19, the GDP deflator shows atypical movement in 2020-21 and 2021-22.