£1 in 1845 is equivalent in purchasing power to about £1.17 in 1847, an increase of £0.17 over 2 years. The pound had an average inflation rate of 8.26% per year between 1845 and 1847, producing a cumulative price increase of 17.20%.

This means that prices in 1847 are 1.17 times higher than average prices since 1845, according to the Office for National Statistics composite price index.

The 1845 inflation rate was 4.49%. The inflation rate in 1847 was 12.37%. The 1847 inflation rate is higher compared to the average inflation rate of 2.72% per year between 1847 and 2021.

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Cumulative price change | 17.20% |

Average inflation rate | 8.26% |

Converted amount (£1 base) | £1.17 |

Price difference (£1 base) | £0.17 |

CPI in 1845 | 9.300 |

CPI in 1847 | 10.900 |

Inflation in 1845 | 4.49% |

Inflation in 1847 | 12.37% |

£1 in 1845 | £1.17 in 1847 |

This chart shows a calculation of buying power equivalence for £1 in 1845 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.17 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.17 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 1845 dollars, the chart below shows how £1 is worth less over 2 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:

This conversion table shows various other 1845 amounts in 1847 pounds, based on the 17.20% change in prices:

Initial value | Equivalent value |
---|---|

£1 pound in 1845 | £1.17 pounds in 1847 |

£5 pounds in 1845 | £5.86 pounds in 1847 |

£10 pounds in 1845 | £11.72 pounds in 1847 |

£50 pounds in 1845 | £58.60 pounds in 1847 |

£100 pounds in 1845 | £117.20 pounds in 1847 |

£500 pounds in 1845 | £586.02 pounds in 1847 |

£1,000 pounds in 1845 | £1,172.04 pounds in 1847 |

£5,000 pounds in 1845 | £5,860.22 pounds in 1847 |

£10,000 pounds in 1845 | £11,720.43 pounds in 1847 |

£50,000 pounds in 1845 | £58,602.15 pounds in 1847 |

£100,000 pounds in 1845 | £117,204.30 pounds in 1847 |

£500,000 pounds in 1845 | £586,021.51 pounds in 1847 |

£1,000,000 pounds in 1845 | £1,172,043.01 pounds in 1847 |

Our calculations use the following inflation rate formula to calculate the change in value between 1845 and 1847:

CPI in 1847
CPI in 1845

×

1845 GBP value

=

1847 GBP value

Then plug in historical CPI values. The U.K. CPI was 9.3 in the year 1845 and 10.9 in 1847:

10.99.3

×

£1

=

£1 in 1845 has the same "purchasing power" or "buying power" as £1.17 in 1847.

To get the total inflation rate for the 2 years between 1845 and 1847, we use the following formula:

CPI in 1847 - CPI in 1845CPI in 1845

×

100

=

Plugging in the values to this equation, we get:

10.9 - 9.39.3

×

100

=

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

- Suggestion of aggressive expansion of the United States made by President James K. Polk to Congress, appeal known as Manifest Destiny
- The Union admits Texas as 28th state.
- James K. Polk,becomes the United States' 11th President,

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 1845 → 1847 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Sep. 2021, https://www.officialdata.org/uk/inflation/1845?amount=1&endYear=1847.

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.

Cumulative price change | 17.20% |

Average inflation rate | 8.26% |

Converted amount (£1 base) | £1.17 |

Price difference (£1 base) | £0.17 |

CPI in 1845 | 9.300 |

CPI in 1847 | 10.900 |

Inflation in 1845 | 4.49% |

Inflation in 1847 | 12.37% |

£1 in 1845 | £1.17 in 1847 |