According to the Office for National Statistics composite price index, prices in 1871 are 1.05% higher than average prices throughout 1870. The pound experienced an average inflation rate of 1.05% per year during this period, meaning the real value of a dollar decreased.
In other words, £1 in 1870 is equivalent in purchasing power to about £1.01 in 1871.
The 1870 inflation rate was 0.00%. The inflation rate in 1871 was 1.05%. The 1871 inflation rate is lower compared to the average inflation rate of 3.27% per year between 1871 and 2019.
|Average inflation rate||1.05%|
|Converted amount (£1 base)||£1.01|
|Price difference (£1 base)||£0.01|
|CPI in 1870||9.500|
|CPI in 1871||9.600|
|Inflation in 1870||0.00%|
|Inflation in 1871||1.05%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The UK CPI was 9.5 in the year 1870 and 9.6 in 1871:
£1 in 1870 has the same "purchasing power" or "buying power" as £1.01 in 1871.
To get the total inflation rate for the 1 years between 1870 and 1871, we use the following formula:
Plugging in the values to this equation, we get:
Politics and news often influence economic performance. Here's what was happening at the time:
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 1870 → 1871 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 May. 2019, https://www.officialdata.org/1870-GBP-in-1871?amount=1.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.