The composite price index (CPI) in 1956 was 45.3. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 5.27% per year. Prices in 2018 are 2320.7% higher than prices in 1956.

In other words, £1 in the year 1956 is equivalent in purchasing power to £24.21 in 2018, a difference of £23.21 over 62 years.

The
current inflation rate
in 2018 is 3.10%^{1}. If this number holds, £1 today will be equivalent to £1.03 next year.

Cumulative price change | 2320.73% |

Average inflation rate | 5.27% |

Price difference (£1 base) | £23.21 |

CPI in 1956 | 45.3 |

CPI in 2018 | 1096.59148 |

CPI in 2018 / CPI in 1956 * 1956 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 45.3 in the year 1956 and 1096.59148 in 2018:

1096.59148 / 45.3 * £1 =

£1 in 1956 has the same "purchasing power" as £24.21 in 2018.

Politics and news often influence economic performance. Here's what was happening at the time:

- Nikita Khrushchev criticises Stalin at 20th Soviet Party Conference.
- Morocco declares independence from France, tearing up the Treaty of Fez.
- IBM introduces the first computer with a hard drive, RAMAC 305, which weighs over one ton.
- President Eisenhower orders the desegregation of Little Rock schools.
- Shippingport Atomic Power Station in Pennsylvania becomes the world's first nuclear power station to generate electricity.

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 1956 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 19 Jan. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-1956.