# £500 in 1870 → £56,573.68 in 2017

## UK Inflation Calculator

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👉 You may be interested in £500 in 1870 → 2020

### U.K. Inflation Rate, £500 from 1870 to 2017

According to the Office for National Statistics composite price index, prices in 2017 are 11,214.74% higher than average prices since 1870. The British pound experienced an average inflation rate of 3.27% per year during this period, meaning the real value of a pound decreased.

In other words, £500 in 1870 is equivalent in purchasing power to about £56,573.68 in 2017, a difference of £56,073.68 over 147 years.

The 1870 inflation rate was 0.00%. The inflation rate in 2017 was 3.58%. The 2017 inflation rate is higher compared to the average inflation rate of 1.93% per year between 2017 and 2020.

 Cumulative price change 11,214.74% Average inflation rate 3.27% Converted amount (£500 base) £56,573.68 Price difference (£500 base) £56,073.68 CPI in 1870 9.500 CPI in 2017 1,074.900 Inflation in 1870 0.00% Inflation in 2017 3.58%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI

### Buying power of £500 in 1870

This chart shows a calculation of buying power equivalence for £500 in 1870 (price index tracking began in 1750).

For example, if you started with £500, you would need to end with £56,573.68 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £500 is equivalent to £56,573.68 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1870 dollars, the chart below shows how £500 buys less over the past 147 years.

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
1870 £500.00 -
1871 £505.26 1.05%
1872 £526.32 4.17%
1873 £547.37 4.00%
1874 £526.32 -3.85%
1875 £515.79 -2.00%
1876 £515.79 0.00%
1877 £510.53 -1.02%
1878 £500.00 -2.06%
1879 £478.95 -4.21%
1880 £494.74 3.30%
1881 £489.47 -1.06%
1882 £494.74 1.08%
1883 £489.47 -1.06%
1884 £478.95 -2.15%
1885 £463.16 -3.30%
1886 £457.89 -1.14%
1887 £452.63 -1.15%
1888 £457.89 1.16%
1889 £463.16 1.15%
1890 £463.16 0.00%
1891 £468.42 1.14%
1892 £468.42 0.00%
1893 £463.16 -1.12%
1894 £457.89 -1.14%
1895 £452.63 -1.15%
1896 £447.37 -1.16%
1897 £457.89 2.35%
1898 £457.89 0.00%
1899 £463.16 1.15%
1900 £484.21 4.55%
1901 £484.21 0.00%
1902 £484.21 0.00%
1903 £489.47 1.09%
1904 £489.47 0.00%
1905 £489.47 0.00%
1906 £489.47 0.00%
1907 £494.74 1.08%
1908 £494.74 0.00%
1909 £500.00 1.06%
1910 £505.26 1.05%
1911 £505.26 0.00%
1912 £521.05 3.13%
1913 £515.79 -1.01%
1914 £515.79 0.00%
1915 £578.95 12.24%
1916 £684.21 18.18%
1917 £857.89 25.38%
1918 £1,047.37 22.09%
1919 £1,152.63 10.05%
1920 £1,331.58 15.53%
1921 £1,215.79 -8.70%
1922 £1,047.37 -13.85%
1923 £984.21 -6.03%
1924 £978.95 -0.53%
1925 £978.95 0.00%
1926 £973.68 -0.54%
1927 £947.37 -2.70%
1928 £947.37 0.00%
1929 £936.84 -1.11%
1930 £910.53 -2.81%
1931 £873.68 -4.05%
1932 £852.63 -2.41%
1933 £831.58 -2.47%
1934 £831.58 0.00%
1935 £836.84 0.63%
1936 £842.11 0.63%
1937 £873.68 3.75%
1938 £884.21 1.20%
1939 £910.53 2.98%
1940 £1,063.16 16.76%
1941 £1,178.95 10.89%
1942 £1,263.16 7.14%
1943 £1,305.26 3.33%
1944 £1,342.11 2.82%
1945 £1,378.95 2.75%
1946 £1,421.05 3.05%
1947 £1,521.05 7.04%
1948 £1,636.84 7.61%
1949 £1,684.21 2.89%
1950 £1,736.84 3.13%
1951 £1,894.74 9.09%
1952 £2,068.42 9.17%
1953 £2,131.58 3.05%
1954 £2,173.68 1.98%
1955 £2,268.42 4.36%
1956 £2,384.21 5.10%
1957 £2,468.42 3.53%
1958 £2,547.37 3.20%
1959 £2,557.89 0.41%
1960 £2,584.21 1.03%
1961 £2,673.68 3.46%
1962 £2,789.47 4.33%
1963 £2,842.11 1.89%
1964 £2,936.84 3.33%
1965 £3,073.68 4.66%
1966 £3,194.74 3.94%
1967 £3,278.95 2.64%
1968 £3,431.58 4.65%
1969 £3,615.79 5.37%
1970 £3,847.37 6.40%
1971 £4,210.53 9.44%
1972 £4,510.53 7.13%
1973 £4,921.05 9.10%
1974 £5,710.53 16.04%
1975 £7,094.74 24.24%
1976 £8,268.42 16.54%
1977 £9,578.95 15.85%
1978 £10,373.68 8.30%
1979 £11,763.16 13.39%
1980 £13,878.95 17.99%
1981 £15,526.32 11.87%
1982 £16,863.16 8.61%
1983 £17,636.84 4.59%
1984 £18,515.79 4.98%
1985 £19,642.11 6.08%
1986 £20,310.53 3.40%
1987 £21,157.89 4.17%
1988 £22,194.74 4.90%
1989 £23,921.05 7.78%
1990 £26,184.21 9.46%
1991 £27,721.05 5.87%
1992 £28,757.89 3.74%
1993 £29,215.79 1.59%
1994 £29,921.05 2.41%
1995 £30,957.89 3.47%
1996 £31,705.26 2.41%
1997 £32,700.00 3.14%
1998 £33,821.05 3.43%
1999 £34,342.11 1.54%
2000 £35,357.89 2.96%
2001 £35,984.21 1.77%
2002 £36,584.21 1.67%
2003 £37,642.11 2.89%
2004 £38,763.16 2.98%
2005 £39,857.89 2.82%
2006 £41,131.58 3.20%
2007 £42,894.74 4.29%
2008 £44,605.26 3.99%
2009 £44,368.42 -0.53%
2010 £46,415.79 4.61%
2011 £48,831.58 5.20%
2012 £50,400.00 3.21%
2013 £51,931.58 3.04%
2014 £53,157.89 2.36%
2015 £53,684.21 0.99%
2016 £54,615.79 1.74%
2017 £56,573.68 3.58%
2018 £57,978.60 2.48%
2019 £59,022.21 1.80%
2020 £59,907.55 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 141 more rows

### How to Calculate Inflation Rate for £500, 1870 to 2017

This inflation calculator uses the following inflation rate formula:

CPI in 2017CPI in 1870
×
1870 GBP value
=
2017 GBP value

Then plug in historical CPI values. The U.K. CPI was 9.5 in the year 1870 and 1074.9 in 2017:

1074.99.5
×
£500
=
£56,573.68

£500 in 1870 has the same "purchasing power" or "buying power" as £56,573.68 in 2017.

To get the total inflation rate for the 147 years between 1870 and 2017, we use the following formula:

CPI in 2017 - CPI in 1870CPI in 1870
×
100
=
Cumulative inflation rate (147 years)

Plugging in the values to this equation, we get:

1074.9 - 9.59.5
×
100
=
11,215%

### News headlines from 1870

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

• New York begins building the Brooklyn Bridge (the bridge is completed in 1883).
• Austria inaugurates Wiener Musikverein, also known as the Great Hall, in Vienna.
• The Carson City mint, in Nevada, starts issuing coins.

### 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: “£500 in 1870 → 2017 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 7 Apr. 2020, https://www.officialdata.org/1870-GBP-in-2017?amount=500.

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.

 Cumulative price change 11,214.74% Average inflation rate 3.27% Converted amount (£500 base) £56,573.68 Price difference (£500 base) £56,073.68 CPI in 1870 9.500 CPI in 2017 1,074.900 Inflation in 1870 0.00% Inflation in 2017 3.58%