UK inflation rate in 1941: 10.89%

UK Inflation Calculator


UK Inflation Rate, 1941-2018 (£1)

The composite price index (CPI) in 1941 was 22.4. 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 5.18% per year. Prices in 2018 are 4795.5% higher than prices in 1941.

In other words, £1 in the year 1941 is equivalent in purchasing power to £48.95 in 2018, a difference of £47.95 over 77 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 1941 to 2018
Cumulative price change 4795.50%
Average inflation rate 5.18%
Price difference (£1 base) £47.95
CPI in 1941 22.4
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 1941

Start with the inflation rate formula:

CPI in 2018 / CPI 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 1096.59148 in 2018:

1096.59148 / 22.4 * £1 = £48.95

£1 in 1941 has the same "purchasing power" as £48.95 in 2018.

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.

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 1941 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 24 Apr. 2018,

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