The Impact of Inflation on value of £1 from 2016 to 2024
In 1913 the price of £1 is approximately equal to £1.31 in 2024. Prices changed by 3.19% (or £0.04) per year on average during that period. It means that every purchase will cost you 1.31 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 £1 in 2016 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 £1 in 2016 Worth Today?
- Converted Amount: The £1 from 2016, adjusted for inflation, would be equivalent to £1.31 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 31.34%.
- Average Inflation Rate: The average annual inflation rate between 2016 and 2024 has been 3.19%.
| Cumulative price change | 31.34% |
| Average inflation rate | 3.19% |
| Converted amount | 1.31 |
| Price difference | 0.31 |
| CPI in 2016 | 100.7 |
| CPI in 2024 | 132.26 |
| Inflation in 2016 | 0.70% |
| Inflation in 2024 | 1.35% |
| 1 in 2016 | 1.31 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 2016: 100.7
- CPI in 2024: 132.26
Inflation Rate at 2016 and 2024
- Inflation in 2016: 0.70%
- Inflation in 2024: 1.35%
Price Difference
- The price difference between 2016 and 2024 is £0.31.
2016 to 2024 Inflation Calculator
To understand the transformation of £1 from 2016 into 2024 British Pounds, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 2016 | 100.7 | 0.70% | £1 |
| 2024 | 132.26 | 1.35% | £1.31 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of £1 in 2016
£1 in the year 2016 is now worth £1.31 in 2024, showing a substantial increase of £0.31 over the years. This change underscores how the average inflation rate of 3.19% annually has eroded the purchasing power of the British Pound.