UK inflation rate in 1929: -1.11%

UK Inflation Calculator


UK Inflation Rate, 1929-2017 (£1)

The composite price index (CPI) in 1929 was 17.8. 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 4.76% per year. Prices in 2017 are 5885.1% higher than prices in 1929.

In other words, £1 in the year 1929 is equivalent to £59.85 in 2017, a difference of £58.85 over 88 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 1929 to 2017
Cumulative price change 5885.10%
Average inflation rate 4.76%
Price difference (£1 base) £58.85
CPI in 1929 17.8
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 1929

Start with the inflation rate formula:

CPI in 2017 / CPI in 1929 * 1929 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 17.8 in the year 1929 and 1065.34818 in 2017:

1065.34818 / 17.8 * £1 = £59.85

£1 in 1929 has the same "purchasing power" as £59.85 in 2017.

News headlines from 1929

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

  • The World's smallest country, the Vatican City, is made a Roman enclave
  • Seven gangsters are killed in Chicago (allegedly on) Al Capone's orders, the event is now known as St Valentine's Day Massacre.
  • A final solution of a border dispute between Chile and Peru is reached after the signing of the Treaty of Lima.
  • Beginning of the Great Depression with stock market crash known as "Black Thursday"
  • ‘Black Thursday’, leads to the Wall Street crash, the biggest depression in the history of the world.

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.