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 composite price index, the pound experienced an average inflation rate of 4.67% per year. Prices in 2018 are 5992.2% higher than prices in 1928.

In other words, £1 in the year 1928 is equivalent in purchasing power to £60.92 in 2018, a difference of £59.92 over 90 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 | 5992.17% |

Average inflation rate | 4.67% |

Price difference (£1 base) | £59.92 |

CPI in 1928 | 18 |

CPI in 2018 | 1096.59148 |

CPI in 2018 / CPI in 1928 * 1928 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 18 in the year 1928 and 1096.59148 in 2018:

1096.59148 / 18 * £1 =

£1 in 1928 has the same "purchasing power" as £60.92 in 2018.

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

- 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.

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 1928 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Apr. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-1928.