# £1.58 in 1956 is worth £39.70 today

£

## Value of £1.58 from 1956 to 2020

£1.58 in 1956 is equivalent in purchasing power to about £39.70 today, an increase of £38.12 over 64 years. The pound had an average inflation rate of 5.17% per year between 1956 and today, producing a cumulative price increase of 2,412.68%.

This means that today's prices are 25.13 times higher than average prices since 1956, according to the Office for National Statistics composite price index. A pound today only buys 3.98% of what it could buy back then.

The 1956 inflation rate was 5.10%. The current year-over-year inflation rate (2019 to 2020) is now 1.50%1. If this number holds, £1.58 today will be equivalent in buying power to £1.60 next year.

 Cumulative price change 2,412.68% Average inflation rate 5.17% Converted amount (£1.58 base) £39.70 Price difference (£1.58 base) £38.12 CPI in 1956 45.300 CPI in 2020 1,138.243 Inflation in 1956 5.10% Inflation in 2020 1.50% £1.58 in 1956 £39.70 in 2020

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI

## Buying power of £1.58 in 1956

This chart shows a calculation of buying power equivalence for £1.58 in 1956 (price index tracking began in 1750).

For example, if you started with £1.58, you would need to end with £39.70 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1.58 is equivalent to £39.70 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 1956 dollars, the chart below shows how £1.58 is worth less over 64 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:

Pound inflation: 1956-2020
Year Pound Value Inflation Rate
1956 £1.58 5.10%
1957 £1.64 3.53%
1958 £1.69 3.20%
1959 £1.70 0.41%
1960 £1.71 1.03%
1961 £1.77 3.46%
1962 £1.85 4.33%
1963 £1.88 1.89%
1964 £1.95 3.33%
1965 £2.04 4.66%
1966 £2.12 3.94%
1967 £2.17 2.64%
1968 £2.27 4.65%
1969 £2.40 5.37%
1970 £2.55 6.40%
1971 £2.79 9.44%
1972 £2.99 7.13%
1973 £3.26 9.10%
1974 £3.78 16.04%
1975 £4.70 24.24%
1976 £5.48 16.54%
1977 £6.35 15.85%
1978 £6.87 8.30%
1979 £7.80 13.39%
1980 £9.20 17.99%
1981 £10.29 11.87%
1982 £11.18 8.61%
1983 £11.69 4.59%
1984 £12.27 4.98%
1985 £13.02 6.08%
1986 £13.46 3.40%
1987 £14.02 4.17%
1988 £14.71 4.90%
1989 £15.85 7.78%
1990 £17.35 9.46%
1991 £18.37 5.87%
1992 £19.06 3.74%
1993 £19.36 1.59%
1994 £19.83 2.41%
1995 £20.52 3.47%
1996 £21.01 2.41%
1997 £21.67 3.14%
1998 £22.41 3.43%
1999 £22.76 1.54%
2000 £23.43 2.96%
2001 £23.85 1.77%
2002 £24.24 1.67%
2003 £24.95 2.89%
2004 £25.69 2.98%
2005 £26.41 2.82%
2006 £27.26 3.20%
2007 £28.43 4.29%
2008 £29.56 3.99%
2009 £29.40 -0.53%
2010 £30.76 4.61%
2011 £32.36 5.20%
2012 £33.40 3.21%
2013 £34.41 3.04%
2014 £35.23 2.36%
2015 £35.58 0.99%
2016 £36.19 1.74%
2017 £37.49 3.58%
2018 £38.42 2.48%
2019 £39.11 1.80%
2020 £39.70 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 58 more rows

This conversion table shows various other 1956 amounts in today's pounds, based on the 2,412.68% change in prices:

Conversion: 1956 pounds today
Initial value Equivalent value
£1 pound in 1956 £25.13 pounds today
£5 pounds in 1956 £125.63 pounds today
£10 pounds in 1956 £251.27 pounds today
£50 pounds in 1956 £1,256.34 pounds today
£100 pounds in 1956 £2,512.68 pounds today
£500 pounds in 1956 £12,563.39 pounds today
£1,000 pounds in 1956 £25,126.79 pounds today
£5,000 pounds in 1956 £125,633.93 pounds today
£10,000 pounds in 1956 £251,267.85 pounds today
£50,000 pounds in 1956 £1,256,339.25 pounds today
£100,000 pounds in 1956 £2,512,678.50 pounds today
£500,000 pounds in 1956 £12,563,392.50 pounds today
£1,000,000 pounds in 1956 £25,126,785.01 pounds today

## How to Calculate Inflation Rate for £1.58 since 1956

Our calculations use the following inflation rate formula to calculate the change in value between 1956 and today:

CPI today CPI in 1956
×
1956 GBP value
=
Today's value

Then plug in historical CPI values. The U.K. CPI was 45.3 in the year 1956 and 1138.2433607545 in 2020:

1138.243360754545.3
×
£1.58
=
£39.70

£1.58 in 1956 has the same "purchasing power" or "buying power" as £39.70 in 2020.

To get the total inflation rate for the 64 years between 1956 and 2020, we use the following formula:

CPI in 2020 - CPI in 1956CPI in 1956
×
100
=
Cumulative inflation rate (64 years)

Plugging in the values to this equation, we get:

1138.2433607545 - 45.345.3
×
100
=
2,413%

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

• Nikita Khrushchev criticises Stalin at 20th Soviet Party Conference.
• Morocco declares independence from France, tearing up the Treaty of Fez.
• IBM introduces the first computer with a hard drive, RAMAC 305, which weighs over one ton.
• President Eisenhower orders the desegregation of Little Rock schools.
• Shippingport Atomic Power Station in Pennsylvania becomes the world's first nuclear power station to generate electricity.

## 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: “£1.58 in 1956 → 2020 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Apr. 2021, https://www.officialdata.org/uk/inflation/1956?amount=1.58.

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.