UK inflation rate in 1918: 22.09%

UK Inflation Calculator


UK Inflation Rate, 1918-2018 (£1)

The composite price index (CPI) in 1918 was 19.9. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 4.09% per year. Prices in 2018 are 5410.5% higher than prices in 1918.

In other words, £1 in the year 1918 is equivalent in purchasing power to £55.11 in 2018, a difference of £54.11 over 100 years.

The current inflation rate in 2018 is 3.10%1. If this number holds, £1 today will be equivalent to £1.03 next year.

Inflation from 1918 to 2018
Cumulative price change 5410.51%
Average inflation rate 4.09%
Price difference (£1 base) £54.11
CPI in 1918 19.9
CPI in 2018 1096.59148

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

How to calculate the inflation rate for £1 since 1918

Start with the inflation rate formula:

CPI in 2018 / CPI in 1918 * 1918 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 19.9 in the year 1918 and 1096.59148 in 2018:

1096.59148 / 19.9 * £1 = £55.11

£1 in 1918 has the same "purchasing power" as £55.11 in 2018.

News headlines from 1918

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

  • First recorded case of Spanish flu in Kansas, marking the beginning of a worldwide pandemic killing millions.
  • The Bolshevik Party changes its name to the Communist Party.
  • Moscow is declared the capital of Russia.
  • Tsar Nicholas II of Russia is executed along with his family by a Bolshevik squad in Ekaterinburg.

Inflation Data Source

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: “Inflation Rate in 1918 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 18 Apr. 2018,

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