UK inflation rate in 1934: 0.00%

UK Inflation Calculator


UK Inflation Rate, 1934-2017 (£1)

The composite price index (CPI) in 1934 was 15.8. 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 5.20% per year. Prices in 2017 are 6642.7% higher than prices in 1934.

In other words, £1 in the year 1934 is equivalent to £67.43 in 2017, a difference of £66.43 over 83 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 1934 to 2017
Cumulative price change 6642.71%
Average inflation rate 5.20%
Price difference (£1 base) £66.43
CPI in 1934 15.8
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 1934

Start with the inflation rate formula:

CPI in 2017 / CPI in 1934 * 1934 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 15.8 in the year 1934 and 1065.34818 in 2017:

1065.34818 / 15.8 * £1 = £67.43

£1 in 1934 has the same "purchasing power" as £67.43 in 2017.

News headlines from 1934

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

  • The Great Dustbowl storm in the US prairies,occurs.
  • John Dillinger becomes commonly known as America's first Public Enemy Number One.
  • Hitler brutally purges the leadership of the Nazi party in an event known as "Night of Long Knives".
  • The Assassination of Leningrad mayor Sergey Kirov is used as a pretext by Stalin to start the Great Purge of the Communist party.

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.