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# £1 in 1870 → £1.01 in 1871

### UK Inflation Rate, £1 in 1870 to 1871

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%

### How to Calculate Inflation Rate for £1, 1870 to 1871

This inflation calculator uses the following inflation rate formula:

CPI in 1871CPI in 1870
×
1870 GBP value
=
1871 GBP value

Then plug in historical CPI values. The UK CPI was 9.5 in the year 1870 and 9.6 in 1871:

9.69.5
×
£1
=
£1.01

£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:

CPI in 1871 - CPI in 1870CPI in 1870
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.6 - 9.59.5
×
100
=
1%

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

• New York begins building the Brooklyn Bridge (the bridge is completed in 1883).
• Austria inaugurates Wiener Musikverein, also known as the Great Hall, in Vienna.
• The Carson City mint, in Nevada, starts issuing coins.

### 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 1870 → 1871 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 21 Sep. 2019, https://www.officialdata.org/1870-GBP-in-1871?amount=1.