£450 in 1938 → £28,784.73 in 2017

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UK Inflation Rate, £450 in 1938 to 2017

According to the Office for National Statistics composite price index, prices in 2017 are 6,296.61% higher than prices in 1938. The pound experienced an average inflation rate of 5.40% per year during this period.

In other words, £450 in 1938 is equivalent in purchasing power to £28,784.73 in 2017, a difference of £28,334.73 over 79 years.

The 1938 inflation rate was 1.20%. The inflation rate in 2017 was 3.59%. The 2017 inflation rate is higher compared to the average inflation rate of 2.20% per year between 2017 and 2018.


Inflation from 1938 to 2017
Cumulative price change 6,296.61%
Average inflation rate 5.40%
Converted amount (£450 base) £28,784.73
Price difference (£450 base) £28,334.73
CPI in 1938 16.800
CPI in 2017 1,074.630
Inflation in 1938 1.20%
Inflation in 2017 3.59%


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


Buying power of £450 since 1938

This chart shows calculations of buying power equivalence over time for £450 in 1938 (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 GBP Value Inflation Rate
1938 £450.00 1.20%
1939 £463.39 2.98%
1940 £541.07 16.76%
1941 £600.00 10.89%
1942 £642.86 7.14%
1943 £664.29 3.33%
1944 £683.04 2.82%
1945 £701.79 2.75%
1946 £723.21 3.05%
1947 £774.11 7.04%
1948 £833.04 7.61%
1949 £857.14 2.89%
1950 £883.93 3.13%
1951 £964.29 9.09%
1952 £1,052.68 9.17%
1953 £1,084.82 3.05%
1954 £1,106.25 1.98%
1955 £1,154.46 4.36%
1956 £1,213.39 5.10%
1957 £1,256.25 3.53%
1958 £1,296.43 3.20%
1959 £1,301.79 0.41%
1960 £1,315.18 1.03%
1961 £1,360.71 3.46%
1962 £1,419.64 4.33%
1963 £1,446.43 1.89%
1964 £1,494.64 3.33%
1965 £1,564.29 4.66%
1966 £1,625.89 3.94%
1967 £1,668.75 2.64%
1968 £1,746.43 4.65%
1969 £1,840.18 5.37%
1970 £1,958.04 6.40%
1971 £2,142.86 9.44%
1972 £2,295.54 7.13%
1973 £2,504.46 9.10%
1974 £2,906.25 16.04%
1975 £3,610.71 24.24%
1976 £4,208.04 16.54%
1977 £4,875.00 15.85%
1978 £5,279.46 8.30%
1979 £5,986.61 13.39%
1980 £7,063.39 17.99%
1981 £7,901.79 11.87%
1982 £8,582.14 8.61%
1983 £8,975.89 4.59%
1984 £9,423.21 4.98%
1985 £9,996.43 6.08%
1986 £10,336.61 3.40%
1987 £10,767.86 4.17%
1988 £11,295.54 4.90%
1989 £12,174.11 7.78%
1990 £13,325.89 9.46%
1991 £14,108.04 5.87%
1992 £14,635.71 3.74%
1993 £14,868.75 1.59%
1994 £15,227.68 2.41%
1995 £15,755.36 3.47%
1996 £16,135.71 2.41%
1997 £16,641.96 3.14%
1998 £17,212.50 3.43%
1999 £17,477.68 1.54%
2000 £17,994.64 2.96%
2001 £18,313.39 1.77%
2002 £18,618.75 1.67%
2003 £19,157.14 2.89%
2004 £19,727.68 2.98%
2005 £20,284.82 2.82%
2006 £20,933.04 3.20%
2007 £21,830.36 4.29%
2008 £22,700.89 3.99%
2009 £22,580.36 -0.53%
2010 £23,622.32 4.61%
2011 £24,851.79 5.20%
2012 £25,650.00 3.21%
2013 £26,429.46 3.04%
2014 £27,053.57 2.36%
2015 £27,321.43 0.99%
2016 £27,785.89 1.70%
2017 £28,784.73 3.59%
2018 £29,418.00 2.20%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £450, 1938 to 2017

This inflation calculator uses the following inflation rate formula:

CPI in 2017CPI in 1938
×
1938 GBP value
=
2017 GBP value

Then plug in historical CPI values. The UK CPI was 16.8 in the year 1938 and 1074.63 in 2017:

1074.6316.8
×
£450
=
£28,784.73

£450 in 1938 has the same "purchasing power" or "buying power" as £28,784.73 in 2017.

To get the total inflation rate for the 79 years between 1938 and 2017, we use the following formula:

CPI in 2017 - CPI in 1938CPI in 1938
×
100
=
Cumulative inflation rate (79 years)

Plugging in the values to this equation, we get:

1074.63 - 16.816.8
×
100
=
6,297%

News headlines from 1938

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

  • Anthony Eden resigns as United Kingdom's Foreign Secretary after stating that Prime Minister Neville Chamberlain has appeased Nazi Germany.
  • Czechoslovakia is forced to give territory to Germany after the Treaty of Munich was signed by Hitler, Mussolini, Daladier and Chamberlain.
  • Joseph Kennedy is named the 44th US Ambassador to the United Kingdom.

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: “£450 in 1938 → 2017 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Nov. 2018, https://www.officialdata.org/1938-GBP-in-2017?amount=450.

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


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