£1 in 1914 is worth £1.12 in 1915

Value of £1 from 1914 to 1915

According to the Office for National Statistics composite price index, prices in 1915 are 12.24% higher than average prices since 1914. The British pound experienced an average inflation rate of 12.24% per year during this period, causing the real value of a pound to decrease.

In other words, £1 in 1914 is equivalent in purchasing power to about £1.12 in 1915.

The 1914 inflation rate was 0.00%. The inflation rate in 1915 was 12.24%. The 1915 inflation rate is higher compared to the average inflation rate of 4.52% per year between 1915 and 2020.


Inflation from 1914 to 1915
Average inflation rate 12.24%
Converted amount (£1 base) £1.12
Price difference (£1 base) £0.12
CPI in 1914 9.800
CPI in 1915 11.000
Inflation in 1914 0.00%
Inflation in 1915 12.24%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI
Download

How to Calculate Inflation Rate for £1, 1914 to 1915

Our calculations use the following inflation rate formula to calculate the change in value between 1914 and 1915:

CPI in 1915 CPI in 1914
×
1914 GBP value
=
1915 GBP value

Then plug in historical CPI values. The U.K. CPI was 9.8 in the year 1914 and 11 in 1915:

119.8
×
£1
=
£1.12

£1 in 1914 has the same "purchasing power" or "buying power" as £1.12 in 1915.

To get the total inflation rate for the 1 years between 1914 and 1915, we use the following formula:

CPI in 1915 - CPI in 1914CPI in 1914
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

11 - 9.89.8
×
100
=
12%

News headlines from 1914

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

  • The Model T assembly line is introduced by Henry Ford's company.
  • The first successful blood transfusion happens in Brussels, Belgium.
  • The Assassination of Franz Ferdinand, an Austrian prince, and his wife Sophie by Serbian nationalist Gavrilo Princip in Sarayevo signals the start of World War I.
  • Austria-Hungary declares war on Serbia, officially beginning World War I.
  • Germany declares war on France and Belgium in World War I.

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: “£1 in 1914 → 1915 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 3 Jun. 2020, https://www.officialdata.org/1914-GBP-in-1915?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

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


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 1914 to 1915
Average inflation rate 12.24%
Converted amount (£1 base) £1.12
Price difference (£1 base) £0.12
CPI in 1914 9.800
CPI in 1915 11.000
Inflation in 1914 0.00%
Inflation in 1915 12.24%