£1 in 1840 → £0.92 in 1838

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£1 in 1840 → £0.92 in 1838

UK Inflation Rate, £1 in 1840 to 1838

According to the Office for National Statistics composite price index, prices in 1838 are 8.11% lower than average prices throughout 1840. The pound experienced an average inflation rate of 4.32% per year during this period, meaning the real value of a dollar decreased.

In other words, £1 in 1840 is equivalent in purchasing power to about £0.92 in 1838, a difference of £-0.08 over 2 years.

The 1838 inflation rate was 0.99%. The inflation rate in 1840 was 1.83%. The 1840 inflation rate is lower compared to the average inflation rate of 2.61% per year between 1840 and 2019.


Inflation from 1840 to 1838
Cumulative price change -8.11%
Average inflation rate 4.32%
Converted amount (£1 base) £0.92
Price difference (£1 base) £-0.08
CPI in 1840 11.100
CPI in 1838 10.200
Inflation in 1838 0.99%
Inflation in 1840 1.83%

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


Buying power of £1 in 1838

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1 in 1838 (price index tracking began in 1750).

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Year Pound Value Inflation Rate
1838 £1.00 0.99%
1839 £1.07 6.86%
1840 £1.09 1.83%
1841 £1.07 -1.80%
1842 £0.98 -8.26%
1843 £0.87 -11.00%
1844 £0.87 0.00%
1845 £0.91 4.49%
1846 £0.95 4.30%
1847 £1.07 12.37%
1848 £0.93 -12.84%
1849 £0.87 -6.32%
1850 £0.82 -5.62%
1851 £0.79 -3.57%
1852 £0.79 0.00%
1853 £0.87 9.88%
1854 £1.00 14.61%
1855 £1.03 2.94%
1856 £1.03 0.00%
1857 £0.98 -4.76%
1858 £0.89 -9.00%
1859 £0.88 -1.10%
1860 £0.91 3.33%
1861 £0.93 2.15%
1862 £0.91 -2.11%
1863 £0.88 -3.23%
1864 £0.87 -1.11%
1865 £0.88 1.12%
1866 £0.93 5.56%
1867 £0.99 6.32%
1868 £0.98 -0.99%
1869 £0.93 -5.00%
1870 £0.93 0.00%
1871 £0.94 1.05%
1872 £0.98 4.17%
1873 £1.02 4.00%
1874 £0.98 -3.85%
1875 £0.96 -2.00%
1876 £0.96 0.00%
1877 £0.95 -1.02%
1878 £0.93 -2.06%
1879 £0.89 -4.21%
1880 £0.92 3.30%
1881 £0.91 -1.06%
1882 £0.92 1.08%
1883 £0.91 -1.06%
1884 £0.89 -2.15%
1885 £0.86 -3.30%
1886 £0.85 -1.14%
1887 £0.84 -1.15%
1888 £0.85 1.16%
1889 £0.86 1.15%
1890 £0.86 0.00%
1891 £0.87 1.14%
1892 £0.87 0.00%
1893 £0.86 -1.12%
1894 £0.85 -1.14%
1895 £0.84 -1.15%
1896 £0.83 -1.16%
1897 £0.85 2.35%
1898 £0.85 0.00%
1899 £0.86 1.15%
1900 £0.90 4.55%
1901 £0.90 0.00%
1902 £0.90 0.00%
1903 £0.91 1.09%
1904 £0.91 0.00%
1905 £0.91 0.00%
1906 £0.91 0.00%
1907 £0.92 1.08%
1908 £0.92 0.00%
1909 £0.93 1.06%
1910 £0.94 1.05%
1911 £0.94 0.00%
1912 £0.97 3.13%
1913 £0.96 -1.01%
1914 £0.96 0.00%
1915 £1.08 12.24%
1916 £1.27 18.18%
1917 £1.60 25.38%
1918 £1.95 22.09%
1919 £2.15 10.05%
1920 £2.48 15.53%
1921 £2.26 -8.70%
1922 £1.95 -13.85%
1923 £1.83 -6.03%
1924 £1.82 -0.53%
1925 £1.82 0.00%
1926 £1.81 -0.54%
1927 £1.76 -2.70%
1928 £1.76 0.00%
1929 £1.75 -1.11%
1930 £1.70 -2.81%
1931 £1.63 -4.05%
1932 £1.59 -2.41%
1933 £1.55 -2.47%
1934 £1.55 0.00%
1935 £1.56 0.63%
1936 £1.57 0.63%
1937 £1.63 3.75%
1938 £1.65 1.20%
1939 £1.70 2.98%
1940 £1.98 16.76%
1941 £2.20 10.89%
1942 £2.35 7.14%
1943 £2.43 3.33%
1944 £2.50 2.82%
1945 £2.57 2.75%
1946 £2.65 3.05%
1947 £2.83 7.04%
1948 £3.05 7.61%
1949 £3.14 2.89%
1950 £3.24 3.13%
1951 £3.53 9.09%
1952 £3.85 9.17%
1953 £3.97 3.05%
1954 £4.05 1.98%
1955 £4.23 4.36%
1956 £4.44 5.10%
1957 £4.60 3.53%
1958 £4.75 3.20%
1959 £4.76 0.41%
1960 £4.81 1.03%
1961 £4.98 3.46%
1962 £5.20 4.33%
1963 £5.29 1.89%
1964 £5.47 3.33%
1965 £5.73 4.66%
1966 £5.95 3.94%
1967 £6.11 2.64%
1968 £6.39 4.65%
1969 £6.74 5.37%
1970 £7.17 6.40%
1971 £7.84 9.44%
1972 £8.40 7.13%
1973 £9.17 9.10%
1974 £10.64 16.04%
1975 £13.22 24.24%
1976 £15.40 16.54%
1977 £17.84 15.85%
1978 £19.32 8.30%
1979 £21.91 13.39%
1980 £25.85 17.99%
1981 £28.92 11.87%
1982 £31.41 8.61%
1983 £32.85 4.59%
1984 £34.49 4.98%
1985 £36.59 6.08%
1986 £37.83 3.40%
1987 £39.41 4.17%
1988 £41.34 4.90%
1989 £44.56 7.78%
1990 £48.77 9.46%
1991 £51.64 5.87%
1992 £53.57 3.74%
1993 £54.42 1.59%
1994 £55.74 2.41%
1995 £57.67 3.47%
1996 £59.06 2.41%
1997 £60.91 3.14%
1998 £63.00 3.43%
1999 £63.97 1.54%
2000 £65.86 2.96%
2001 £67.03 1.77%
2002 £68.15 1.67%
2003 £70.12 2.89%
2004 £72.21 2.98%
2005 £74.25 2.82%
2006 £76.62 3.20%
2007 £79.90 4.29%
2008 £83.09 3.99%
2009 £82.65 -0.53%
2010 £86.46 4.61%
2011 £90.96 5.20%
2012 £93.88 3.21%
2013 £96.74 3.04%
2014 £99.02 2.36%
2015 £100.00 0.99%
2016 £101.74 1.74%
2017 £105.38 3.58%
2018 £108.00 2.48%
2019 £109.94 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1838 to 1840

This inflation calculator uses the following inflation rate formula:

CPI in 1838CPI in 1840
×
1840 GBP value
=
1838 GBP value

Then plug in historical CPI values. The UK CPI was 11.1 in the year 1840 and 10.2 in 1838:

10.211.1
×
£1
=
£0.92

£1 in 1840 has the same "purchasing power" or "buying power" as £0.92 in 1838.

To get the total inflation rate for the 2 years between 1838 and 1840, we use the following formula:

CPI in 1838 - CPI in 1840CPI in 1840
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

10.2 - 11.111.1
×
100
=
-8%

News headlines from 1838

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

  • Identification of Antarctica as a new continent by American naval expedition lead by Charles Wilkes.
  • Charles Wilkes discovers Antarctica in an American naval expedition.
  • Charles Wilkes discovers the Shackleton Ice Shelf in Antarctica.
  • The world’s first postage stamp, the Penny Black, is released.
  • Samuel Morse patents the telegraph.

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: “£1 in 1840 → 1838 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 14 Dec. 2019, https://www.officialdata.org/1840-GBP-in-1838?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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» Read more about inflation and investment.

Inflation from 1840 to 1838
Cumulative price change -8.11%
Average inflation rate 4.32%
Converted amount (£1 base) £0.92
Price difference (£1 base) £-0.08
CPI in 1840 11.100
CPI in 1838 10.200
Inflation in 1838 0.99%
Inflation in 1840 1.83%
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