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Posted by on Aug. 19, 2011 at 10:26 PM
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Cost of Living 1988

How Much things cost in 1988
Yearly Inflation Rate USA4.08%
Year End Close Dow Jones Industrial Average 2168
Interest Rates Year End Federal Reserve 10.50%
Average Cost of new house $91,600.00
Average Income per year $24,450.00
Average Monthly Rent $420.00
Average Price for new car $10,400.00
1 gallon of gas 91 cents
Movie Ticket $3.50
US Postage Stamp 24 cents
Dozen Eggs 65 cents
Below are some Prices for UK guides in Pounds Sterling
FTSE 100 Average 1750
Average House Price 61,020
Gallon of Petrol 1.67
Yearly Inflation Rate UK 4.9%
Interest Rates Year End Bank of England 12.88%

What Events Happened in 1988

  • After 8 years and 1.5 million dead the Iran -- Iraq war ends
  • Iraq carries out Poison Gas Attack On Kurds
  • Earthquake in Armenia Kills 60,000
  • Suspected Libyan terrorist bomb explodes on Pan Am jet over Lockerbie in Scotland on December 21st killing all 259 on board and 11 on the ground
  • Australia celebrates its bicentennial.
  • A new drug Crack appears ( A derivative of Cocaine ) and is increasingly found in US Cities
  • UK SAS kill suspected IRA bombers in Gibraltar
  • The English Pound Note ceases to be legal Tender
South Korea
  • Ben Johnson wins the 100m gold at the Seoul Olympics and is then disqualified for taking the anabolic steroid, Stanozol
  • Salmonella is found in Eggs in Britain causing problems for British Farmers
  • Laws restricting opening times for UK Pubs are changed allowing Pubs to stay open all day
  • 34 people die in the Clapham Rail Crash
  • Widespread strikes in Poland by Solidarity Supporters
  • Archaeologists uncover the original Globe Theatre in London
  • Soviet Red Army withdraws from Afghanistan.
  • Benazir Bhutto is elected to be Prime Minister of Pakistan
  • A Soviet Union School Bus is Hijacked
  • Panama leader General Manual Antonio Noriega, is charged with drug smuggling and money laundering
  • Yasser Arafat is invited to adress the U.N. General Assembly
  • Piper Alpha drilling platform in the North Sea is destroyed by explosions and fires killing 165 oil workers and 2 rescue mariners.
South Korea
  • The Summer Olympics are held in Seoul, South Korea
  • Students and Buddhist monks protest against military rule in Burma leading to multiple arrests and murder by the Military government.
  • The USS Vincennes shoots down Iranian passenger jet Flight 655
  • Over 1/3 of Yellowstone National Park is destroyed when a a series of more than 250 small different fires combined with the 1988 Drought destroys 793,880 acres of the park.
  • US Shuttle programme resumes 2 1/2 years after Challenger disaster
  • Prince Charles escapes avalanche in Switzerland
  • The Winter Olympic Games are held in Calgary, Alberta, Canada
  • Hurricane Gilbert devastated Jamaica, it turns towards Mexico's Yucatan Peninsula two days later


  • First transatlantic fibre optic cable laid able to carry 40,000 telephone calls simultaneously

  • Stephen Hawking Publishes " A Brief History Of Time "

  • The first major computer virus infects computers connected to the Internet.

  • The Hubble Space Telescope is put into operation

  • The US Stealth Bomber is unveiled

  • Using Carbon Dating it is established that the Turin Shroud Can Not Be the Burial Cloth of Christ

  • The Antidepressant Prozac introduced which quickly became the market leader for treating depression

  • Inventions Invented by Inventors and Country ( or attributed to First Use )
    Laser Eye Surgery USA

Popular Culture 1988

Popular Films

  • Rain Man
  • Who Framed Roger Rabbit
  • Big
  • Twins
  • Crocodile Dundee II
  • Die Hard
  • The Naked Gun: From the Files of Police Squad!
  • Beetlejuice
  • Dangerous Liaisons
  • A Fish Called Wanda
  • Friday the 13th Part VII: The New Blood

Check out our TV Shows From The 80s whenever possible we have included a trailer to jog your memory. Series trailers and more information are found on the decade they started.

Popular Musicians

  • Enya
  • Robert Palmer
  • Erasure
  • Kylie Minogue
  • U2
  • The Beach Boys
  • Bros
  • Michael Jackson with " Dirty Diana "
  • Gloria Estefan
  • Chicago with " Look Away "
  • George Michael with " father Figure "
  • Guns N' Roses
  • George Harrison

Major World Political Leaders 1988

Australia Prime Minister Bob Hawke

Brazil President José Sarney

Canada Prime Minister Brian Mulroney

China Chairman of the People's Republic of China Yang Shangkun

France President François Mitterrand

Germany Chancellor Helmut Kohl

India Prime Minister Rajiv Gandhi

Italy Prime Minister Giovanni Goria Till 13 April
Italy Prime Minister Ciriaco de Mita From 13 April

Japan Prime Minister Noboru Takeshita

Mexico President Miguel de la Madrid Till 30 November
Mexico President Carlos Salinas de Gortari From 30 November

Russia / Soviet Union
General Secretary of the CPSU Mikhail Gorbachev

South Africa State President Pieter Willem Botha

United States President Ronald Reagan

United Kingdom Prime Minister Margaret Thatcher

Political Elections 1988

United States Presidential Election 1988 George H. W. Bush (Republican) Defeats Michael Dukakis (Democratic)

Canadian Federal Election 1988 Brian Mulroney ( Progressive Conservatives ) defeats John Turner ( Liberal ) and Ed Broadbent ( New Democrat )

by on Aug. 19, 2011 at 10:26 PM
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