£1 in 1870 is equivalent in purchasing power to about £1.01 in 1871. The pound had an average inflation rate of 1.05% per year between 1870 and 1871, producing a cumulative price increase of 1.05%. Purchasing power decreased by 1.05% in 1871 compared to 1870. On average, you would have to spend 1.05% more money in 1871 than in 1870 for the same item.

This means that prices in 1871 are 1.01 times higher than average prices since 1870, according to the Office for National Statistics composite price index.

The 1870 inflation rate was 0.00%. The inflation rate in 1871 was 1.05%. The 1871 inflation rate is lower compared to the average inflation rate of 3.25% per year between 1871 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1871 was 9.60. It was 9.50 in the previous year, 1870. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 1.05% |

Converted amount (£1 base) | £1.01 |

Price difference (£1 base) | £0.01 |

CPI in 1870 | 9.500 |

CPI in 1871 | 9.600 |

Inflation in 1870 | 0.00% |

Inflation in 1871 | 1.05% |

£1 in 1870 | £1.01 in 1871 |

Our calculations use the following inflation rate formula to calculate the change in value between 1870 and 1871:

CPI in 1871
CPI in 1870

×

1870 GBP value

=

1871 GBP value

Then plug in historical CPI values. The U.K. CPI was 9.5 in the year 1870 and 9.6 in 1871:

9.69.5

×

£1

=

£1 in 1870 has the same "purchasing power" or "buying power" as £1.01 in 1871.

To get the total inflation rate for the 1 years between 1870 and 1871, we use the following formula:

CPI in 1871 - CPI in 1870CPI in 1870

×

100

=

Plugging in the values to this equation, we get:

9.6 - 9.59.5

×

100

=

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

- New York begins building the Brooklyn Bridge (the bridge is completed in 1883).
- Austria inaugurates Wiener Musikverein, also known as the Great Hall, in Vienna.
- The Carson City mint, in Nevada, starts issuing coins.

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: “Inflation Rate in 1871 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 22 Oct. 2021, https://www.officialdata.org/UK-inflation-rate-in-1871.

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 | 1.05% |

Converted amount (£1 base) | £1.01 |

Price difference (£1 base) | £0.01 |

CPI in 1870 | 9.500 |

CPI in 1871 | 9.600 |

Inflation in 1870 | 0.00% |

Inflation in 1871 | 1.05% |

£1 in 1870 | £1.01 in 1871 |