£1 in 2011 is worth £1.56 today

Value of £1 from 2011 to 2023

£1 in 2011 is equivalent in purchasing power to about £1.56 today, an increase of £0.56 over 12 years. The pound had an average inflation rate of 3.77% per year between 2011 and today, producing a cumulative price increase of 55.93%.

This means that today's prices are 1.56 times as high as average prices since 2011, according to the Office for National Statistics composite price index. A pound today only buys 64.103% of what it could buy back then.

The inflation rate in 2011 was 5.20%. The current inflation rate compared to last year is now 10.70%. If this number holds, £1 today will be equivalent in buying power to £1.11 next year.


Inflation from 2011 to 2023
Cumulative price change55.93%
Average inflation rate3.77%
Converted amount (£1 base)£1.56
Price difference (£1 base)£0.56
CPI in 2011927.800
CPI in 20231,446.752
Inflation in 20115.20%
Inflation in 202310.70%
£1 in 2011£1.56 in 2023

GBP inflation since 2011
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £1 in 2011

This chart shows a calculation of buying power equivalence for £1 in 2011 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.56 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.56 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 2011 dollars, the chart below shows how £1 is worth less over 12 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: 2011-2023
YearPound ValueInflation Rate
2011£1.005.20%
2012£1.033.21%
2013£1.063.04%
2014£1.092.36%
2015£1.100.99%
2016£1.121.74%
2017£1.163.58%
2018£1.192.70%
2019£1.222.50%
2020£1.241.80%
2021£1.272.49%
2022£1.4110.70%
2023£1.5610.70%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 6 more rows

This conversion table shows various other 2011 amounts in today's pounds, based on the 55.93% change in prices:

Conversion: 2011 pounds today
Initial valueEquivalent value
£1 pound in 2011£1.56 pounds today
£5 pounds in 2011£7.80 pounds today
£10 pounds in 2011£15.59 pounds today
£50 pounds in 2011£77.97 pounds today
£100 pounds in 2011£155.93 pounds today
£500 pounds in 2011£779.67 pounds today
£1,000 pounds in 2011£1,559.34 pounds today
£5,000 pounds in 2011£7,796.68 pounds today
£10,000 pounds in 2011£15,593.36 pounds today
£50,000 pounds in 2011£77,966.78 pounds today
£100,000 pounds in 2011£155,933.56 pounds today
£500,000 pounds in 2011£779,667.78 pounds today
£1,000,000 pounds in 2011£1,559,335.55 pounds today

How to calculate inflation rate for £1 since 2011

Our calculations use the following inflation rate formula to calculate the change in value between 2011 and today:

CPI today CPI in 2011
×
2011 GBP value
=
Today's value

Then plug in historical CPI values. The U.K. CPI was 927.8 in the year 2011 and 1446.7515236795698 in 2023:

1446.7515236795698927.8
×
£1
=
£1.56

£1 in 2011 has the same "purchasing power" or "buying power" as £1.56 in 2023.

To get the total inflation rate for the 12 years between 2011 and 2023, we use the following formula:

CPI in 2023 - CPI in 2011CPI in 2011
×
100
=
Cumulative inflation rate (12 years)

Plugging in the values to this equation, we get:

1446.7515236795698 - 927.8927.8
×
100
=
56%

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 2011 → 2023 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 30 Jan. 2023, https://www.officialdata.org/uk/inflation/2011?amount=1.

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 2011 to 2023
Cumulative price change55.93%
Average inflation rate3.77%
Converted amount (£1 base)£1.56
Price difference (£1 base)£0.56
CPI in 2011927.800
CPI in 20231,446.752
Inflation in 20115.20%
Inflation in 202310.70%
£1 in 2011£1.56 in 2023