UK inflation rate in 1928: 0.00%

UK Inflation Calculator


UK Inflation Rate, 1928-2017 (£1)

The composite price index (CPI) in 1928 was 18. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics, the pound experienced an average inflation rate of 4.69% per year. Prices in 2017 are 5818.6% higher than prices in 1928.

In other words, £1 in the year 1928 is equivalent to £59.19 in 2017, a difference of £58.19 over 89 years.

The current inflation rate in 2017 is 2.70%1. If this number holds, £1 today will be equivalent to £1.03 next year.

Inflation from 1928 to 2017
Cumulative price change 5818.60%
Average inflation rate 4.69%
Price difference (£1 base) £58.19
CPI in 1928 18
CPI in 2017 1065.34818

UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.

How to calculate the inflation rate for £1 since 1928

Start with the inflation rate formula:

CPI in 2017 / CPI in 1928 * 1928 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 18 in the year 1928 and 1065.34818 in 2017:

1065.34818 / 18 * £1 = £59.19

£1 in 1928 has the same "purchasing power" as £59.19 in 2017.

News headlines from 1928

Politics and news often play an important role in economic performance.

  • Amelia Earhart becomes the first woman to fly across the Atlantic Ocean.
  • Jawaharlal Nehru requests Indian independence.
  • Alexander Fleming, a Scottish bacteriologist, accidentally discovers penicillin while studying influenza.

Inflation Data Source: This calculator uses 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.

» Read more about inflation.