£1 in 1935 is worth £1.04 in 1931

Value of £1 from 1935 to 1931

£1 in 1935 is equivalent in purchasing power to about £1.04 in 1931, a difference of £0.04 over 4 years. The pound had an average deflation rate of -1.07% per year since 1931, producing a cumulative price change of 4.40%.

This means that prices in 1931 are 1.04 times higher than average prices since 1935, according to the Office for National Statistics composite price index.

The inflation rate in 1931 was -4.05%. The inflation rate in 1935 was 0.63%. The 1935 inflation rate is lower compared to the average inflation rate of 5.15% per year between 1935 and 2022.


Inflation from 1935 to 1931
Cumulative price change4.40%
Average inflation rate-1.07%
Converted amount (£1 base)£1.04
Price difference (£1 base)£0.04
CPI in 193515.900
CPI in 193116.600
Inflation in 1931-4.05%
Inflation in 19350.63%
£1 in 1935£1.04 in 1931

GBP inflation since 1931
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £1 in 1931

This chart shows a calculation of buying power equivalence for £1 in 1931 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.04 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

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:

Pound inflation: 1931-1935
YearPound ValueInflation Rate
1931£1.00-4.05%
1932£0.98-2.41%
1933£0.95-2.47%
1934£0.950.00%
1935£0.960.63%
1936£0.960.63%
1937£1.003.75%
1938£1.011.20%
1939£1.042.98%
1940£1.2216.76%
1941£1.3510.89%
1942£1.457.14%
1943£1.493.33%
1944£1.542.82%
1945£1.582.75%
1946£1.633.05%
1947£1.747.04%
1948£1.877.61%
1949£1.932.89%
1950£1.993.13%
1951£2.179.09%
1952£2.379.17%
1953£2.443.05%
1954£2.491.98%
1955£2.604.36%
1956£2.735.10%
1957£2.833.53%
1958£2.923.20%
1959£2.930.41%
1960£2.961.03%
1961£3.063.46%
1962£3.194.33%
1963£3.251.89%
1964£3.363.33%
1965£3.524.66%
1966£3.663.94%
1967£3.752.64%
1968£3.934.65%
1969£4.145.37%
1970£4.406.40%
1971£4.829.44%
1972£5.167.13%
1973£5.639.10%
1974£6.5416.04%
1975£8.1224.24%
1976£9.4616.54%
1977£10.9615.85%
1978£11.878.30%
1979£13.4613.39%
1980£15.8917.99%
1981£17.7711.87%
1982£19.308.61%
1983£20.194.59%
1984£21.194.98%
1985£22.486.08%
1986£23.253.40%
1987£24.224.17%
1988£25.404.90%
1989£27.387.78%
1990£29.979.46%
1991£31.735.87%
1992£32.923.74%
1993£33.441.59%
1994£34.252.41%
1995£35.433.47%
1996£36.292.41%
1997£37.433.14%
1998£38.713.43%
1999£39.311.54%
2000£40.472.96%
2001£41.191.77%
2002£41.871.67%
2003£43.082.89%
2004£44.372.98%
2005£45.622.82%
2006£47.083.20%
2007£49.104.29%
2008£51.053.99%
2009£50.78-0.53%
2010£53.134.61%
2011£55.895.20%
2012£57.693.21%
2013£59.443.04%
2014£60.842.36%
2015£61.450.99%
2016£62.511.74%
2017£64.753.58%
2018£66.502.70%
2019£68.162.50%
2020£69.391.80%
2021£71.122.49%
2022£75.716.46%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1931 amounts in 1935 pounds, based on the 4.40% change in prices:

Conversion: 1931 pounds in 1935
Initial valueEquivalent value
£1 pound in 1931£0.96 pounds in 1935
£5 pounds in 1931£4.79 pounds in 1935
£10 pounds in 1931£9.58 pounds in 1935
£50 pounds in 1931£47.89 pounds in 1935
£100 pounds in 1931£95.78 pounds in 1935
£500 pounds in 1931£478.92 pounds in 1935
£1,000 pounds in 1931£957.83 pounds in 1935
£5,000 pounds in 1931£4,789.16 pounds in 1935
£10,000 pounds in 1931£9,578.31 pounds in 1935
£50,000 pounds in 1931£47,891.57 pounds in 1935
£100,000 pounds in 1931£95,783.13 pounds in 1935
£500,000 pounds in 1931£478,915.66 pounds in 1935
£1,000,000 pounds in 1931£957,831.33 pounds in 1935

How to calculate inflation rate for £1, 1931 to 1935

Our calculations use the following inflation rate formula to calculate the change in value between 1931 and 1935:

CPI in 1931 CPI in 1935
×
1935 GBP value
=
1931 GBP value

Then plug in historical CPI values. The U.K. CPI was 15.9 in the year 1935 and 16.6 in 1931:

16.615.9
×
£1
=
£1.04

£1 in 1935 has the same "purchasing power" or "buying power" as £1.04 in 1931.

To get the total inflation rate for the 4 years between 1931 and 1935, we use the following formula:

CPI in 1931 - CPI in 1935CPI in 1935
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

16.6 - 15.915.9
×
100
=
4%

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: “£1 in 1935 → 1931 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 11 Aug. 2022, https://www.officialdata.org/uk/inflation/1935?amount=1&endYear=1931.

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 1935 to 1931
Cumulative price change4.40%
Average inflation rate-1.07%
Converted amount (£1 base)£1.04
Price difference (£1 base)£0.04
CPI in 193515.900
CPI in 193116.600
Inflation in 1931-4.05%
Inflation in 19350.63%
£1 in 1935£1.04 in 1931