£3,000,000 in 1941 → £147,089,981.25 in 2018

UK Inflation Rate, £3,000,000 in 1941 to 2018

According to the Office for National Statistics composite price index, prices in 2018 are 4,803.00% higher than prices in 1941. The pound experienced an average inflation rate of 5.19% per year during this period.

In other words, £3,000,000 in 1941 is equivalent in purchasing power to £147,089,981.25 in 2018, a difference of £144,089,981.25 over 77 years.

The 1941 inflation rate was 10.89%. The current inflation rate (2017 to 2018) is now 2.20%1. If this number holds, £3,000,000 today will be equivalent to £3,066,000.00 next year.


Inflation from 1941 to 2018
Cumulative price change 4,803.00%
Average inflation rate 5.19%
Converted amount (£3,000,000 base) £147,089,981.25
Price difference (£3,000,000 base) £144,089,981.25
CPI in 1941 22.400
CPI in 2018 1,098.272
Inflation in 1941 10.89%
Inflation in 2018 2.20%


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


Buying power of £3,000,000 since 1941

This chart shows calculations of buying power equivalence over time for £3,000,000 in 1941 (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
1941 £3,000,000.00 10.89%
1942 £3,214,285.71 7.14%
1943 £3,321,428.57 3.33%
1944 £3,415,178.57 2.82%
1945 £3,508,928.57 2.75%
1946 £3,616,071.43 3.05%
1947 £3,870,535.71 7.04%
1948 £4,165,178.57 7.61%
1949 £4,285,714.29 2.89%
1950 £4,419,642.86 3.13%
1951 £4,821,428.57 9.09%
1952 £5,263,392.86 9.17%
1953 £5,424,107.14 3.05%
1954 £5,531,250.00 1.98%
1955 £5,772,321.43 4.36%
1956 £6,066,964.29 5.10%
1957 £6,281,250.00 3.53%
1958 £6,482,142.86 3.20%
1959 £6,508,928.57 0.41%
1960 £6,575,892.86 1.03%
1961 £6,803,571.43 3.46%
1962 £7,098,214.29 4.33%
1963 £7,232,142.86 1.89%
1964 £7,473,214.29 3.33%
1965 £7,821,428.57 4.66%
1966 £8,129,464.29 3.94%
1967 £8,343,750.00 2.64%
1968 £8,732,142.86 4.65%
1969 £9,200,892.86 5.37%
1970 £9,790,178.57 6.40%
1971 £10,714,285.71 9.44%
1972 £11,477,678.57 7.13%
1973 £12,522,321.43 9.10%
1974 £14,531,250.00 16.04%
1975 £18,053,571.43 24.24%
1976 £21,040,178.57 16.54%
1977 £24,375,000.00 15.85%
1978 £26,397,321.43 8.30%
1979 £29,933,035.71 13.39%
1980 £35,316,964.29 17.99%
1981 £39,508,928.57 11.87%
1982 £42,910,714.29 8.61%
1983 £44,879,464.29 4.59%
1984 £47,116,071.43 4.98%
1985 £49,982,142.86 6.08%
1986 £51,683,035.71 3.40%
1987 £53,839,285.71 4.17%
1988 £56,477,678.57 4.90%
1989 £60,870,535.71 7.78%
1990 £66,629,464.29 9.46%
1991 £70,540,178.57 5.87%
1992 £73,178,571.43 3.74%
1993 £74,343,750.00 1.59%
1994 £76,138,392.86 2.41%
1995 £78,776,785.71 3.47%
1996 £80,678,571.43 2.41%
1997 £83,209,821.43 3.14%
1998 £86,062,500.00 3.43%
1999 £87,388,392.86 1.54%
2000 £89,973,214.29 2.96%
2001 £91,566,964.29 1.77%
2002 £93,093,750.00 1.67%
2003 £95,785,714.29 2.89%
2004 £98,638,392.86 2.98%
2005 £101,424,107.14 2.82%
2006 £104,665,178.57 3.20%
2007 £109,151,785.71 4.29%
2008 £113,504,464.29 3.99%
2009 £112,901,785.71 -0.53%
2010 £118,111,607.14 4.61%
2011 £124,258,928.57 5.20%
2012 £128,250,000.00 3.21%
2013 £132,147,321.43 3.04%
2014 £135,267,857.14 2.36%
2015 £136,607,142.86 0.99%
2016 £138,929,464.29 1.70%
2017 £143,923,660.71 3.59%
2018 £147,089,981.25 2.20%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £3,000,000 since 1941

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 1941
×
1941 GBP value
=
2018 GBP value

Then plug in historical CPI values. The UK CPI was 22.4 in the year 1941 and 1098.27186 in 2018:

1098.2718622.4
×
£3,000,000
=
£147,089,981.25

£3,000,000 in 1941 has the same "purchasing power" or "buying power" as £147,089,981.25 in 2018.

To get the total inflation rate for the 77 years between 1941 and 2018, we use the following formula:

CPI in 2018 - CPI in 1941CPI in 1941
×
100
=
Cumulative inflation rate (77 years)

Plugging in the values to this equation, we get:

1098.27186 - 22.422.4
×
100
=
4,803%

News headlines from 1941

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

  • 6,000 Jews are exterminated in the Bucharest pogrom in Romania.
  • Kuomintang troops open fire at communist forces, leading to the resumption of the Chinese civil war.
  • The British battle cruiser the HMS Hood is sunk by the German Battleship Bismarck, leading to 1,416 dead and only 3 survivors.
  • Germany, Italy, and Romania declare war on the Soviet Union.

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: “£3,000,000 in 1941 → 2018 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Nov. 2018, https://www.officialdata.org/1941-GBP-in-2018?amount=3000000.

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


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