The composite price index (CPI) in 1931 was 16.6. 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 4.96% per year. Prices in 2017 are 6317.8% higher than prices in 1931.
In other words, £1 in the year 1931 is equivalent to £64.18 in 2017, a difference of £63.18 over 86 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.
|Cumulative price change||6317.76%|
|Average inflation rate||4.96%|
|Price difference (£1 base)||£63.18|
|CPI in 1931||16.6|
|CPI in 2017||1065.34818|
Politics and news often play an important role in economic performance.
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.