Inflation in the UK directly affects the relative value of the pound, that is the amount of goods or services that a pound will buy you.
The UK historical inflation rates table includes the relative value of a pound, reverse engineered against historical UK inflation rates. The result is a relative amount that a product costing one pound in 2023 would have cost in previous years.
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The Historical Inflation Rates in the UK: 1900 - 2023 and £1 equivalents are shown in pound format for amounts above 10 pence, once the value drops below 10 pence we display the equivalent value in pence to 2 decimal places for greater detail.
| Year | Rate | =£1 | Year | Rate | =£1 | Year | Rate | =£1 | Year | Rate | =£1 | Year | Rate | =£1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2.6% | £ 0.89 | 1996 | 2.5% | £ 0.54 | 1971 | 9.4% | 7.33p | 1946 | 3.1% | 2.63p | 1921 | -8.6% | 2.5p |
| 2020 | 2% | £ 0.87 | 1995 | 2.7% | £ 0.52 | 1970 | 6.4% | 6.89p | 1945 | 2.8% | 2.56p | 1920 | 15.4% | 2.17p |
| 2019 | 2% | £ 0.85 | 1994 | 1.9% | £ 0.51 | 1969 | 5.4% | 6.54p | 1944 | 2.7% | 2.49p | 1919 | 10.1% | 1.97p |
| 2018 | 2% | £ 0.84 | 1993 | 2.5% | £ 0.50 | 1968 | 4.7% | 6.24p | 1943 | 3.4% | 2.41p | 1918 | 22% | 1.61p |
| 2017 | 2.74% | £ 0.81 | 1992 | 4.3% | £ 0.48 | 1967 | 2.5% | 6.09p | 1942 | 7.1% | 2.25p | 1917 | 25.2% | 1.29p |
| 2016 | 1.79% | £ 0.80 | 1991 | 7.5% | £ 0.45 | 1966 | 3.9% | 5.86p | 1941 | 10.8% | 2.03p | 1916 | 18.1% | 1.09p |
| 2015 | 0% | £ 0.80 | 1990 | 7% | £ 0.42 | 1965 | 4.8% | 5.59p | 1940 | 16.8% | 1.74p | 1915 | 12.5% | 0.97p |
| 2014 | 1.5% | £ 0.79 | 1989 | 5.4% | £ 0.40 | 1964 | 3.3% | 5.42p | 1939 | 2.8% | 1.69p | 1914 | -0.3% | 0.97p |
| 2013 | 2.6% | £ 0.77 | 1988 | 4.1% | £ 0.38 | 1963 | 2% | 5.31p | 1938 | 1.6% | 1.66p | 1913 | -0.4% | 0.98p |
| 2012 | 2.8% | £ 0.75 | 1987 | 3.3% | £ 0.37 | 1962 | 4.3% | 5.09p | 1937 | 3.4% | 1.61p | 1912 | 3% | 0.95p |
| 2011 | 4.5% | £ 0.71 | 1986 | 3% | £ 0.36 | 1961 | 3.4% | 4.92p | 1936 | 0.7% | 1.6p | 1911 | 0.1% | 0.95p |
| 2010 | 3.3% | £ 0.69 | 1985 | 4.9% | £ 0.34 | 1960 | 1% | 4.87p | 1935 | 0.7% | 1.59p | 1910 | 0.9% | 0.94p |
| 2009 | 2.2% | £ 0.68 | 1984 | 4.3% | £ 0.33 | 1959 | 0.6% | 4.85p | 1934 | 0% | 1.59p | 1909 | 0.5% | 0.93p |
| 2008 | 3.6% | £ 0.65 | 1983 | 4.9% | £ 0.31 | 1958 | 3% | 4.7p | 1933 | -2.1% | 1.62p | 1908 | 0.5% | 0.93p |
| 2007 | 2.3% | £ 0.64 | 1982 | 7.9% | £ 0.29 | 1957 | 3.7% | 4.54p | 1932 | -2.6% | 1.66p | 1907 | 1.2% | 0.92p |
| 2006 | 2.3% | £ 0.62 | 1981 | 10.9% | £ 0.26 | 1956 | 4.9% | 4.32p | 1931 | -4.3% | 1.74p | 1906 | 0% | 0.92p |
| 2005 | 2% | £ 0.61 | 1980 | 16.4% | £ 0.22 | 1955 | 4.5% | 4.14p | 1930 | -2.8% | 1.79p | 1905 | 0.4% | 0.91p |
| 2004 | 1.3% | £ 0.60 | 1979 | 13.4% | £ 0.20 | 1954 | 1.8% | 4.07p | 1929 | -0.9% | 1.8p | 1904 | -0.2% | 0.92p |
| 2003 | 1.4% | £ 0.60 | 1978 | 8.3% | £ 0.18 | 1953 | 3.1% | 3.94p | 1928 | -0.3% | 1.81p | 1903 | 0.4% | 0.91p |
| 2002 | 1.2% | £ 0.59 | 1977 | 15.8% | £ 0.16 | 1952 | 9.2% | 3.61p | 1927 | -2.4% | 1.85p | 1902 | 0% | 0.91p |
| 2001 | 1.2% | £ 0.58 | 1976 | 16.5% | £ 0.14 | 1951 | 9.1% | 3.31p | 1926 | 0.8% | 1.84p | 1901 | 0.5% | 0.91p |
| 2000 | 0.8% | £ 0.58 | 1975 | 24.2% | £ 0.11 | 1950 | 3.1% | 3.21p | 1925 | 0.3% | 1.83p | |||
| 1999 | 1.3% | £ 0.57 | 1974 | 16% | 9.38p | 1949 | 2.8% | 3.12p | 1924 | -0.7% | 1.85p | |||
| 1998 | 1.6% | £ 0.56 | 1973 | 9.2% | 8.59p | 1948 | 7.7% | 2.9p | 1923 | -6% | 1.96p | |||
| 1997 | 1.8% | £ 0.55 | 1972 | 7.1% | 8.02p | 1947 | 7% | 2.71p | 1922 | -14% | 2.28p |
As the Historical Inflation Rates in the UK: 1900 - 2023 table illustrates, the value of the pound has changed considerably since 1900 and so too have salaries. The Salary Inflation Calculator allows you to enter your current annual salary in 2023 and see the equivalent salaries in former years.
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