Inflation in 1956 and its effect on pound value
£1 in 1955 is equivalent in purchasing power to about £1.05 in 1956. The pound had an average inflation rate of 5.10% per year between 1955 and 1956, producing a cumulative price increase of 5.10%. Purchasing power decreased by 5.10% in 1956 compared to 1955. On average, you would have to spend 5.10% more money in 1956 than in 1955 for the same item.
This means that prices in 1956 are 1.05 times as high as average prices since 1955, according to the Office for National Statistics composite price index.
The inflation rate in 1955 was 4.36%. The inflation rate in 1956 was 5.10%. The 1956 inflation rate is lower compared to the average inflation rate of 5.19% per year between 1956 and 2024.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1956 was 45.30. It was 43.10 in the previous year, 1955. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
⌃
| Average inflation rate | 5.10% |
| Converted amount £1 base | £1.05 |
| Price difference £1 base | £0.05 |
| CPI in 1955 | 43.100 |
| CPI in 1956 | 45.300 |
| Inflation in 1955 | 4.36% |
| Inflation in 1956 | 5.10% |
| £1 in 1955 | £1.05 in 1956 |
How to calculate inflation rate for £1, 1955 to 1956
Our calculations use the following inflation rate formula to calculate the change in value between 1955 and 1956:
CPI in 1956 CPI in 1955
×
1955 GBP value
=
1956 GBP value
Then plug in historical CPI values. The U.K. CPI was 43.1 in the year 1955 and 45.3 in 1956:
45.343.1
×
£1
=
£1.05
£1 in 1955 has the same "purchasing power" or "buying power" as £1.05 in 1956.
To get the total inflation rate for the 1 years between 1955 and 1956, we use the following formula:
CPI in 1956 - CPI in 1955CPI in 1955
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
45.3 - 43.143.1
×
100
=
5%
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 the current year, 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.” Official Inflation Data, Alioth Finance, 15 Dec. 2024, https://www.officialdata.org/UK-inflation-rate-in-1956.
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 | 5.10% |
| Converted amount £1 base | £1.05 |
| Price difference £1 base | £0.05 |
| CPI in 1955 | 43.100 |
| CPI in 1956 | 45.300 |
| Inflation in 1955 | 4.36% |
| Inflation in 1956 | 5.10% |
| £1 in 1955 | £1.05 in 1956 |