£

# UK inflation rate in 1823: 6.74%

### Inflation in 1823 and Its Effect on Pound Value

Purchasing power decreased by 6.74% in 1823 compared to 1822. On average, you would have to spend 6.74% more money in 1823 than in 1822 for the same item.

In other words, £1 in 1822 is equivalent in purchasing power to about £1.07 in 1823.

The 1822 inflation rate was -13.59%. The inflation rate in 1823 was 6.74%. The 1823 inflation rate is higher compared to the average inflation rate of 2.46% per year between 1823 and 2019.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1823 was 9.50. It was 8.90 in the previous year, 1822. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

 Average inflation rate 6.74% Converted amount (£1 base) £1.07 Price difference (£1 base) £0.07 CPI in 1822 8.900 CPI in 1823 9.500 Inflation in 1822 -13.59% Inflation in 1823 6.74%

### How to Calculate Inflation Rate for £1, 1822 to 1823

This inflation calculator uses the following inflation rate formula:

CPI in 1823CPI in 1822
×
1822 GBP value
=
1823 GBP value

Then plug in historical CPI values. The UK CPI was 8.9 in the year 1822 and 9.5 in 1823:

9.58.9
×
£1
=
£1.07

£1 in 1822 has the same "purchasing power" or "buying power" as £1.07 in 1823.

To get the total inflation rate for the 1 years between 1822 and 1823, we use the following formula:

CPI in 1823 - CPI in 1822CPI in 1822
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.5 - 8.98.9
×
100
=
7%

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

• Brazil's declares independence from Portugal, now celebrated as Brazilian National Day
• The Rosetta stone is deciphered by French scholar Jean-Fracois Champolion
• Theodoros Kolokotronis and Demetrius Ypsilanti capture Acrocorinth during the Greek War of Independence.

### 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: “Inflation Rate in 1823 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 20 Oct. 2019, https://www.officialdata.org/UK-inflation-rate-in-1823.