UK inflation rate in 1943: 3.33%

UK Inflation Calculator


UK Inflation Rate, 1943-2018 (£1)

The composite price index (CPI) in 1943 was 24.8. 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 4321.7% higher than prices in 1943.

In other words, £1 in the year 1943 is equivalent in purchasing power to £44.22 in 2018, a difference of £43.22 over 75 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 1943 to 2018
Cumulative price change 4321.74%
Average inflation rate 5.18%
Price difference (£1 base) £43.22
CPI in 1943 24.8
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 1943

Start with the inflation rate formula:

CPI in 2018 / CPI in 1943 * 1943 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 24.8 in the year 1943 and 1096.59148 in 2018:

1096.59148 / 24.8 * £1 = £44.22

£1 in 1943 has the same "purchasing power" as £44.22 in 2018.

News headlines from 1943

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

  • German general Friedrich von Paul surrenders to the Russians in Stalingrad.
  • The Japanese evacuate Guadalcanal, leading to one of the great WWII battles on the Solomon Islands
  • The Krakow Ghetto is liquidated by the Nazis.
  • The RAF bomb the Möhne and Eder dams in the Ruhr valley, in an operation known as Chastise.
  • Himmler orders the extermination of all the Nazi ghettos in Poland.

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 1943 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 17 Apr. 2018,

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