£1 in 1887 is equivalent in purchasing power to about £1.01 in 1888. The pound had an average inflation rate of 1.16% per year between 1887 and 1888, producing a cumulative price increase of 1.16%. Purchasing power decreased by 1.16% in 1888 compared to 1887. On average, you would have to spend 1.16% more money in 1888 than in 1887 for the same item.

This means that prices in 1888 are 1.01 times higher than average prices since 1887, according to the Office for National Statistics composite price index.

The inflation rate in 1887 was -1.15%. The inflation rate in 1888 was 1.16%. The 1888 inflation rate is lower compared to the average inflation rate of 3.77% per year between 1888 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1888 was 8.70. It was 8.60 in the previous year, 1887. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 1.16% |

Converted amount (£1 base) | £1.01 |

Price difference (£1 base) | £0.01 |

CPI in 1887 | 8.600 |

CPI in 1888 | 8.700 |

Inflation in 1887 | -1.15% |

Inflation in 1888 | 1.16% |

£1 in 1887 | £1.01 in 1888 |

Our calculations use the following inflation rate formula to calculate the change in value between 1887 and 1888:

CPI in 1888
CPI in 1887

×

1887 GBP value

=

1888 GBP value

Then plug in historical CPI values. The U.K. CPI was 8.6 in the year 1887 and 8.7 in 1888:

8.78.6

×

£1

=

£1 in 1887 has the same "purchasing power" or "buying power" as £1.01 in 1888.

To get the total inflation rate for the 1 years between 1887 and 1888, we use the following formula:

CPI in 1888 - CPI in 1887CPI in 1887

×

100

=

Plugging in the values to this equation, we get:

8.7 - 8.68.6

×

100

=

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

- 6-year-old Helen Keller, blind and deaf, begins classes with teacher Anne Sullivan.
- Construction begins of Eiffel Tower in Paris.
- President Abraham Lincoln is re-buried with his wife in Springfield, Illinois.

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 1888 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 Dec. 2021, https://www.officialdata.org/UK-inflation-rate-in-1888.

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 | 1.16% |

Converted amount (£1 base) | £1.01 |

Price difference (£1 base) | £0.01 |

CPI in 1887 | 8.600 |

CPI in 1888 | 8.700 |

Inflation in 1887 | -1.15% |

Inflation in 1888 | 1.16% |

£1 in 1887 | £1.01 in 1888 |