£1 in 1917 → £1.55 in 1920

UK Inflation Calculator

£

UK Inflation Rate, £1 in 1917 to 1920

According to the Office for National Statistics composite price index, prices in 1920 are 55.21% higher than average prices throughout 1917. The pound experienced an average inflation rate of 15.78% per year during this period, meaning the real value of a dollar decreased.

In other words, £1 in 1917 is equivalent in purchasing power to about £1.55 in 1920, a difference of £0.55 over 3 years.

The 1917 inflation rate was 25.38%. The inflation rate in 1920 was 15.53%. The 1920 inflation rate is higher compared to the average inflation rate of 3.90% per year between 1920 and 2019.


Inflation from 1917 to 1920
Cumulative price change 55.21%
Average inflation rate 15.78%
Converted amount (£1 base) £1.55
Price difference (£1 base) £0.55
CPI in 1917 16.300
CPI in 1920 25.300
Inflation in 1917 25.38%
Inflation in 1920 15.53%


UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.


Buying power of £1 in 1917

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1 in 1917 (price index tracking began in 1750).

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:

Year Pound Value Inflation Rate
1917 £1.00 25.38%
1918 £1.22 22.09%
1919 £1.34 10.05%
1920 £1.55 15.53%
1921 £1.42 -8.70%
1922 £1.22 -13.85%
1923 £1.15 -6.03%
1924 £1.14 -0.53%
1925 £1.14 0.00%
1926 £1.13 -0.54%
1927 £1.10 -2.70%
1928 £1.10 0.00%
1929 £1.09 -1.11%
1930 £1.06 -2.81%
1931 £1.02 -4.05%
1932 £0.99 -2.41%
1933 £0.97 -2.47%
1934 £0.97 0.00%
1935 £0.98 0.63%
1936 £0.98 0.63%
1937 £1.02 3.75%
1938 £1.03 1.20%
1939 £1.06 2.98%
1940 £1.24 16.76%
1941 £1.37 10.89%
1942 £1.47 7.14%
1943 £1.52 3.33%
1944 £1.56 2.82%
1945 £1.61 2.75%
1946 £1.66 3.05%
1947 £1.77 7.04%
1948 £1.91 7.61%
1949 £1.96 2.89%
1950 £2.02 3.13%
1951 £2.21 9.09%
1952 £2.41 9.17%
1953 £2.48 3.05%
1954 £2.53 1.98%
1955 £2.64 4.36%
1956 £2.78 5.10%
1957 £2.88 3.53%
1958 £2.97 3.20%
1959 £2.98 0.41%
1960 £3.01 1.03%
1961 £3.12 3.46%
1962 £3.25 4.33%
1963 £3.31 1.89%
1964 £3.42 3.33%
1965 £3.58 4.66%
1966 £3.72 3.94%
1967 £3.82 2.64%
1968 £4.00 4.65%
1969 £4.21 5.37%
1970 £4.48 6.40%
1971 £4.91 9.44%
1972 £5.26 7.13%
1973 £5.74 9.10%
1974 £6.66 16.04%
1975 £8.27 24.24%
1976 £9.64 16.54%
1977 £11.17 15.85%
1978 £12.09 8.30%
1979 £13.71 13.39%
1980 £16.18 17.99%
1981 £18.10 11.87%
1982 £19.66 8.61%
1983 £20.56 4.59%
1984 £21.58 4.98%
1985 £22.90 6.08%
1986 £23.67 3.40%
1987 £24.66 4.17%
1988 £25.87 4.90%
1989 £27.88 7.78%
1990 £30.52 9.46%
1991 £32.31 5.87%
1992 £33.52 3.74%
1993 £34.06 1.59%
1994 £34.88 2.41%
1995 £36.09 3.47%
1996 £36.96 2.41%
1997 £38.12 3.14%
1998 £39.42 3.43%
1999 £40.03 1.54%
2000 £41.21 2.96%
2001 £41.94 1.77%
2002 £42.64 1.67%
2003 £43.88 2.89%
2004 £45.18 2.98%
2005 £46.46 2.82%
2006 £47.94 3.20%
2007 £50.00 4.29%
2008 £51.99 3.99%
2009 £51.72 -0.53%
2010 £54.10 4.61%
2011 £56.92 5.20%
2012 £58.75 3.21%
2013 £60.53 3.04%
2014 £61.96 2.36%
2015 £62.58 0.99%
2016 £63.66 1.74%
2017 £65.94 3.58%
2018 £67.58 2.48%
2019 £68.80 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1917 to 1920

This inflation calculator uses the following inflation rate formula:

CPI in 1920CPI in 1917
×
1917 GBP value
=
1920 GBP value

Then plug in historical CPI values. The UK CPI was 16.3 in the year 1917 and 25.3 in 1920:

25.316.3
×
£1
=
£1.55

£1 in 1917 has the same "purchasing power" or "buying power" as £1.55 in 1920.

To get the total inflation rate for the 3 years between 1917 and 1920, we use the following formula:

CPI in 1920 - CPI in 1917CPI in 1917
×
100
=
Cumulative inflation rate (3 years)

Plugging in the values to this equation, we get:

25.3 - 16.316.3
×
100
=
55%

News headlines from 1917

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

  • The Russian "February Revolution" begins alongside protests celebrating Women's Day and St Petersburg riots.
  • Tsar Nicholas II abdicates, nominating his brother, Grand Duke Michael, to succeed him.
  • President Wilson asks US Congress to declare war against Germany.
  • Vladimir Lenin issues the "April Theses" appealing for Soviets to take power during Russian Revolution.
  • Leon Trotsky becomes chairman of the Petrograd Soviet after the Bolsheviks gain control.

Data Source & Citation

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: “£1 in 1917 → 1920 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 24 May. 2019, https://www.officialdata.org/1917-GBP-in-1920?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


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