UK inflation rate in 1931: -4.05%

UK Inflation Calculator

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UK Inflation Rate, 1931-2017 (£1)

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.

Inflation from 1931 to 2017
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


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


How to calculate the inflation rate for £1 since 1931

Start with the inflation rate formula:

CPI in 2017 / CPI in 1931 * 1931 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 16.6 in the year 1931 and 1065.34818 in 2017:

1065.34818 / 16.6 * £1 = £64.18

The "purchasing power" of £1 from 1931 is £64.18 in 2017.


News headlines from 1931

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

  • The Empire State Building opens in New York
  • A railway explosion is faked by the Japanese in order to create a pretext for their Manchuria invasion.
  • Proclamation of the Chinese People's Republic by Mao Zedong

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.