U.K. inflation rate in 1823: 6.74%

Inflation in 1823 and its effect on pound value

Purchasing power decreased by 6.74% in 1823 compared to 1822. On average, you would have to spend 6.74% more money in 1823 than in 1822 for the same item.

In other words, £1 in 1822 is equivalent in purchasing power to about £1.07 in 1823.

The 1822 inflation rate was -13.59%. The inflation rate in 1823 was 6.74%. The 1823 inflation rate is higher compared to the average inflation rate of 2.46% per year between 1823 and 2020.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1823 was 9.50. It was 8.90 in the previous year, 1822. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.


Inflation from 1822 to 1823
Average inflation rate 6.74%
Converted amount (£1 base) £1.07
Price difference (£1 base) £0.07
CPI in 1822 8.900
CPI in 1823 9.500
Inflation in 1822 -13.59%
Inflation in 1823 6.74%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI
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How to Calculate Inflation Rate for £1, 1822 to 1823

Our calculations use the following inflation rate formula to calculate the change in value between 1822 and 1823:

CPI in 1823 CPI in 1822
×
1822 GBP value
=
1823 GBP value

Then plug in historical CPI values. The U.K. CPI was 8.9 in the year 1822 and 9.5 in 1823:

9.58.9
×
£1
=
£1.07

£1 in 1822 has the same "purchasing power" or "buying power" as £1.07 in 1823.

To get the total inflation rate for the 1 years between 1822 and 1823, we use the following formula:

CPI in 1823 - CPI in 1822CPI in 1822
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

9.5 - 8.98.9
×
100
=
7%

News headlines from 1822

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

  • Brazil's declares independence from Portugal, now celebrated as Brazilian National Day
  • The Rosetta stone is deciphered by French scholar Jean-Fracois Champolion
  • Theodoros Kolokotronis and Demetrius Ypsilanti capture Acrocorinth during the Greek War of Independence.

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: “Inflation Rate in 1823 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Sep. 2020, https://www.officialdata.org/UK-inflation-rate-in-1823.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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


Ian Webster

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 1822 to 1823
Average inflation rate 6.74%
Converted amount (£1 base) £1.07
Price difference (£1 base) £0.07
CPI in 1822 8.900
CPI in 1823 9.500
Inflation in 1822 -13.59%
Inflation in 1823 6.74%