UK inflation rate in 1918: 22.09%

UK Inflation Calculator


Inflation in 1918 and Its Effect on Pound Value

Purchasing power decreased by 22.09% in 1918 compared to 1917. On average, you would have to spend 22.09% more money in 1918 than in 1917 for the same item.

In other words, £1 in 1917 is equivalent in purchasing power to about £1.22 in 1918.

The 1917 inflation rate was 25.38%. The inflation rate in 1918 was 22.09%. The 1918 inflation rate is higher compared to the average inflation rate of 4.07% per year between 1918 and 2019.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1918 was 19.90. It was 16.30 in the previous year, 1917. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

Inflation from 1917 to 1918
Average inflation rate 22.09%
Converted amount (£1 base) £1.22
Price difference (£1 base) £0.22
CPI in 1917 16.300
CPI in 1918 19.900
Inflation in 1917 25.38%
Inflation in 1918 22.09%

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

How to Calculate Inflation Rate for £1, 1917 to 1918

This inflation calculator uses the following inflation rate formula:

CPI in 1918CPI in 1917
1917 GBP value
1918 GBP value

Then plug in historical CPI values. The UK CPI was 16.3 in the year 1917 and 19.9 in 1918:


£1 in 1917 has the same "purchasing power" or "buying power" as £1.22 in 1918.

To get the total inflation rate for the 1 years between 1917 and 1918, we use the following formula:

CPI in 1918 - CPI in 1917CPI in 1917
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

19.9 - 16.316.3

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: “Inflation Rate in 1918 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 18 Apr. 2019,

Special thanks to QuickChart for providing downloadable chart images. is a reference website maintained by the Official Data Foundation.

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