Inflation in 1838 and its effect on pound value
£1 in 1837 is equivalent in purchasing power to about £1.01 in 1838. The pound had an average inflation rate of 0.99% per year between 1837 and 1838, producing a cumulative price increase of 0.99%. Purchasing power decreased by 0.99% in 1838 compared to 1837. On average, you would have to spend 0.99% more money in 1838 than in 1837 for the same item.
This means that prices in 1838 are 1.01 times higher than average prices since 1837, according to the Office for National Statistics composite price index.
The 1837 inflation rate was 2.02%. The inflation rate in 1838 was 0.99%. The 1838 inflation rate is lower compared to the average inflation rate of 2.62% per year between 1838 and 2020.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1838 was 10.20. It was 10.10 in the previous year, 1837. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
⌃
| Average inflation rate | 0.99% |
| Converted amount (£1 base) | £1.01 |
| Price difference (£1 base) | £0.01 |
| CPI in 1837 | 10.100 |
| CPI in 1838 | 10.200 |
| Inflation in 1837 | 2.02% |
| Inflation in 1838 | 0.99% |
| £1 in 1837 | £1.01 in 1838 |
How to Calculate Inflation Rate for £1, 1837 to 1838
Our calculations use the following inflation rate formula to calculate the change in value between 1837 and 1838:
CPI in 1838
CPI in 1837
×
1837 GBP value
=
1838 GBP value
Then plug in historical CPI values. The U.K. CPI was 10.1 in the year 1837 and 10.2 in 1838:
10.210.1
×
£1
=
£1.01
£1 in 1837 has the same "purchasing power" or "buying power" as £1.01 in 1838.
To get the total inflation rate for the 1 years between 1837 and 1838, we use the following formula:
CPI in 1838 - CPI in 1837CPI in 1837
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
10.2 - 10.110.1
×
100
=
1%
News headlines from 1837
Politics and news often influence economic performance. Here's what was happening at the time:
- Black citizens of Canada gain the right to vote.
- Thomas Davenport patents the first electric printing press in the United States.
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 1838 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 23 Apr. 2021, https://www.officialdata.org/UK-inflation-rate-in-1838.
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.
| Average inflation rate | 0.99% |
| Converted amount (£1 base) | £1.01 |
| Price difference (£1 base) | £0.01 |
| CPI in 1837 | 10.100 |
| CPI in 1838 | 10.200 |
| Inflation in 1837 | 2.02% |
| Inflation in 1838 | 0.99% |
| £1 in 1837 | £1.01 in 1838 |