UK inflation rate in 1929: -1.11%

UK Inflation Calculator


Inflation in 1929 and Its Effect on Pound Value

Purchasing power increased by 1.11% in 1929 compared to 1928. On average, you would have to spend 1.11% less money in 1929 than in 1928 for the same item. This is an example of deflation.

In other words, £1 in 1928 is equivalent in purchasing power to about £0.99 in 1929.

The 1928 inflation rate was 0.00%. The inflation rate in 1929 was -1.11%. The 1929 inflation rate is lower compared to the average inflation rate of 4.71% per year between 1929 and 2019.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1929 was 17.80. It was 18.00 in the previous year, 1928. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation. Because the 1929 CPI is less than 1928 CPI, negative inflation (also known as deflation) has occurred.

Inflation from 1928 to 1929
Average inflation rate -1.11%
Converted amount (£1 base) £0.99
Price difference (£1 base) £-0.01
CPI in 1928 18.000
CPI in 1929 17.800
Inflation in 1928 0.00%
Inflation in 1929 -1.11%

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

How to Calculate Inflation Rate for £1, 1928 to 1929

This inflation calculator uses the following inflation rate formula:

CPI in 1929CPI in 1928
1928 GBP value
1929 GBP value

Then plug in historical CPI values. The UK CPI was 18 in the year 1928 and 17.8 in 1929:


£1 in 1928 has the same "purchasing power" or "buying power" as £0.99 in 1929.

To get the total inflation rate for the 1 years between 1928 and 1929, we use the following formula:

CPI in 1929 - CPI in 1928CPI in 1928
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

17.8 - 1818

News headlines from 1928

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.

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 1929 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 May. 2019,

Special thanks to QuickChart for providing downloadable chart images. is a reference website maintained by the Official Data Foundation.

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