£

UK inflation rate in 1904: 0.00%

Inflation in 1904 and Its Effect on Pound Value

Purchasing power decreased by 0.00% in 1904 compared to 1903. On average, you would have to spend 0.00% more money in 1904 than in 1903 for the same item.

In other words, £1 in 1903 is equivalent in purchasing power to about £1 in 1904.

The 1903 inflation rate was 1.09%. The inflation rate in 1904 was 0.00%. The 1904 inflation rate is lower compared to the average inflation rate of 4.26% per year between 1904 and 2019.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1904 was 9.30. It was 9.30 in the previous year, 1903. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

 Average inflation rate 0.00% Converted amount (£1 base) £1 Price difference (£1 base) £0.00 CPI in 1903 9.300 CPI in 1904 9.300 Inflation in 1903 1.09% Inflation in 1904 0.00%

How to Calculate Inflation Rate for £1, 1903 to 1904

This inflation calculator uses the following inflation rate formula:

CPI in 1904CPI in 1903
×
1903 GBP value
=
1904 GBP value

Then plug in historical CPI values. The UK CPI was 9.3 in the year 1903 and 9.3 in 1904:

9.39.3
×
£1
=
£1

£1 in 1903 has the same "purchasing power" or "buying power" as £1 in 1904.

To get the total inflation rate for the 1 years between 1903 and 1904, we use the following formula:

CPI in 1904 - CPI in 1903CPI in 1903
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.3 - 9.39.3
×
100
=
0%

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

• The British gain control over 500,000 square miles of Nigerian land after the fall of the Sokoto Caliphate.
• The typhoid vaccine is discovered by Doctor Harry Plotz.
• The Pulitzer Prizes are established after Joe Pulitzer's \$1 million donation to Columbia University.

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 1904 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Oct. 2019, https://www.officialdata.org/UK-inflation-rate-in-1904.