The composite price index (CPI) in 1924 was 18.6. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.
According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 4.43% per year. Prices in 2018 are 5795.7% higher than prices in 1924.
In other words, £1 in the year 1924 is equivalent in purchasing power to £58.96 in 2018, a difference of £57.96 over 94 years.
The current inflation rate in 2018 is 3.10%1. If this number holds, £1 today will be equivalent to £1.03 next year.
|Cumulative price change||5795.65%|
|Average inflation rate||4.43%|
|Price difference (£1 base)||£57.96|
|CPI in 1924||18.6|
|CPI in 2018||1096.59148|
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 1924 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 22 Apr. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-1924.