£640 in 1929 is equivalent in purchasing power to about £42,700.09 today, an increase of £42,060.09 over 92 years. The pound had an average inflation rate of 4.67% per year between 1929 and today, producing a cumulative price increase of 6,571.89%.

This means that today's prices are 66.72 times higher than average prices since 1929, according to the Office for National Statistics composite price index. A pound today only buys 1.50% of what it could buy back then.

The 1929 inflation rate was -1.11%. The current year-over-year inflation rate (2020 to 2021) is now 3.10%^{1}.
If this number holds, £640 today will be equivalent in buying power to £659.84 next year.

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Cumulative price change | 6,571.89% |

Average inflation rate | 4.67% |

Converted amount (£640 base) | £42,700.09 |

Price difference (£640 base) | £42,060.09 |

CPI in 1929 | 17.800 |

CPI in 2021 | 1,187.596 |

Inflation in 1929 | -1.11% |

Inflation in 2021 | 3.10% |

£640 in 1929 | £42,700.09 in 2021 |

This chart shows a calculation of buying power equivalence for £640 in 1929 (price index tracking began in 1750).

For example, if you started with £640, you would need to end with £42,700.09 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £640 is equivalent to £42,700.09 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 1929 dollars, the chart below shows how £640 is worth less over 92 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:

This conversion table shows various other 1929 amounts in today's pounds, based on the 6,571.89% change in prices:

Initial value | Equivalent value |
---|---|

£1 pound in 1929 | £66.72 pounds today |

£5 pounds in 1929 | £333.59 pounds today |

£10 pounds in 1929 | £667.19 pounds today |

£50 pounds in 1929 | £3,335.94 pounds today |

£100 pounds in 1929 | £6,671.89 pounds today |

£500 pounds in 1929 | £33,359.44 pounds today |

£1,000 pounds in 1929 | £66,718.89 pounds today |

£5,000 pounds in 1929 | £333,594.45 pounds today |

£10,000 pounds in 1929 | £667,188.90 pounds today |

£50,000 pounds in 1929 | £3,335,944.49 pounds today |

£100,000 pounds in 1929 | £6,671,888.99 pounds today |

£500,000 pounds in 1929 | £33,359,444.94 pounds today |

£1,000,000 pounds in 1929 | £66,718,889.89 pounds today |

Our calculations use the following inflation rate formula to calculate the change in value between 1929 and today:

CPI today
CPI in 1929

×

1929 GBP value

=

Today's value

Then plug in historical CPI values. The U.K. CPI was 17.8 in the year 1929 and 1187.59624 in 2021:

1187.5962417.8

×

£640

=

£640 in 1929 has the same "purchasing power" or "buying power" as £42,700.09 in 2021.

To get the total inflation rate for the 92 years between 1929 and 2021, we use the following formula:

CPI in 2021 - CPI in 1929CPI in 1929

×

100

=

Plugging in the values to this equation, we get:

1187.59624 - 17.817.8

×

100

=

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

- The world's smallest country, the Vatican City, is created as an enclave of Rome.
- Seven gangsters are killed in Chicago on Al Capone's orders in an event now known as St. Valentine's Day Massacre.
- A final solution of a border dispute between Chile and Peru is reached after the signing of the Treaty of Lima.
- Beginning of the Great Depression with stock market crash known as "Black Thursday".
- ‘Black Thursday’, leads to a Wall Street crash and the biggest depression in the history of the world.

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: “£640 in 1929 → 2021 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Dec. 2021, https://www.officialdata.org/uk/inflation/1929?amount=640.

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.

Cumulative price change | 6,571.89% |

Average inflation rate | 4.67% |

Converted amount (£640 base) | £42,700.09 |

Price difference (£640 base) | £42,060.09 |

CPI in 1929 | 17.800 |

CPI in 2021 | 1,187.596 |

Inflation in 1929 | -1.11% |

Inflation in 2021 | 3.10% |

£640 in 1929 | £42,700.09 in 2021 |