The Impact of Inflation on value of £240 from 1958 to 2024
In 1913 the price of £240 is approximately equal to £5889.13 in 2024. Prices changed by 5.04% (or £85.59) per year on average during that period. It means that every purchase will cost you 24.54 times as much.
Inflation is a powerful force that can erode the purchasing power of money over time. For anyone curious about the value of £240 in 1958 and what it would be worth in 2024, this page provides a detailed analysis using the cumulative price change, average inflation rate, and other key financial indicators.
How Much is £240 in 1958 Worth Today?
- Converted Amount: The £240 from 1958, adjusted for inflation, would be equivalent to £5889.13 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 2353.80%.
- Average Inflation Rate: The average annual inflation rate between 1958 and 2024 has been 5.04%.
| Cumulative price change | 2353.80% |
| Average inflation rate | 5.04% |
| Converted amount | 5889.13 |
| Price difference | 5649.13 |
| CPI in 1958 | 5.39 |
| CPI in 2024 | 132.26 |
| Inflation in 1958 | 2.47% |
| Inflation in 2024 | 1.35% |
| 240 in 1958 | 5889.13 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 1958: 5.39
- CPI in 2024: 132.26
Inflation Rate at 1958 and 2024
- Inflation in 1958: 2.47%
- Inflation in 2024: 1.35%
Price Difference
- The price difference between 1958 and 2024 is £5649.13.
1958 to 2024 Inflation Calculator
To understand the transformation of £240 from 1958 into 2024 British Pounds, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 1958 | 5.39 | 2.47% | £240 |
| 2024 | 132.26 | 1.35% | £5889.13 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of £240 in 1958
£240 in the year 1958 is now worth £5889.13 in 2024, showing a substantial increase of £5649.13 over the years. This change underscores how the average inflation rate of 5.04% annually has eroded the purchasing power of the British Pound.