# £1 in 1955 is worth £0.94 in 1953

£

## Value of £1 from 1955 to 1953

According to the Office for National Statistics composite price index, prices in 1953 are 6.03% lower than average prices since 1955. The British pound experienced an average inflation rate of 3.16% per year during this period, causing the real value of a pound to decrease.

In other words, £1 in 1955 is equivalent in purchasing power to about £0.94 in 1953, a difference of £-0.06 over 2 years.

The 1953 inflation rate was 3.05%. The inflation rate in 1955 was 4.36%. The 1955 inflation rate is lower compared to the average inflation rate of 5.17% per year between 1955 and 2020.

 Cumulative price change -6.03% Average inflation rate 3.16% Converted amount (£1 base) £0.94 Price difference (£1 base) £-0.06 CPI in 1955 43.100 CPI in 1953 40.500 Inflation in 1953 3.05% Inflation in 1955 4.36%

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

## Buying power of £1 in 1953

This chart shows a calculation of buying power equivalence for £1 in 1953 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.94 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £0.94 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1953 dollars, the chart below shows how £1 is worth less over 2 years.

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Pound inflation: 1953-1955
Year Pound Value Inflation Rate
1953 £1.00 3.05%
1954 £1.02 1.98%
1955 £1.06 4.36%
1956 £1.12 5.10%
1957 £1.16 3.53%
1958 £1.20 3.20%
1959 £1.20 0.41%
1960 £1.21 1.03%
1961 £1.25 3.46%
1962 £1.31 4.33%
1963 £1.33 1.89%
1964 £1.38 3.33%
1965 £1.44 4.66%
1966 £1.50 3.94%
1967 £1.54 2.64%
1968 £1.61 4.65%
1969 £1.70 5.37%
1970 £1.80 6.40%
1971 £1.98 9.44%
1972 £2.12 7.13%
1973 £2.31 9.10%
1974 £2.68 16.04%
1975 £3.33 24.24%
1976 £3.88 16.54%
1977 £4.49 15.85%
1978 £4.87 8.30%
1979 £5.52 13.39%
1980 £6.51 17.99%
1981 £7.28 11.87%
1982 £7.91 8.61%
1983 £8.27 4.59%
1984 £8.69 4.98%
1985 £9.21 6.08%
1986 £9.53 3.40%
1987 £9.93 4.17%
1988 £10.41 4.90%
1989 £11.22 7.78%
1990 £12.28 9.46%
1991 £13.00 5.87%
1992 £13.49 3.74%
1993 £13.71 1.59%
1994 £14.04 2.41%
1995 £14.52 3.47%
1996 £14.87 2.41%
1997 £15.34 3.14%
1998 £15.87 3.43%
1999 £16.11 1.54%
2000 £16.59 2.96%
2001 £16.88 1.77%
2002 £17.16 1.67%
2003 £17.66 2.89%
2004 £18.19 2.98%
2005 £18.70 2.82%
2006 £19.30 3.20%
2007 £20.12 4.29%
2008 £20.93 3.99%
2009 £20.81 -0.53%
2010 £21.78 4.61%
2011 £22.91 5.20%
2012 £23.64 3.21%
2013 £24.36 3.04%
2014 £24.94 2.36%
2015 £25.19 0.99%
2016 £25.62 1.74%
2017 £26.54 3.58%
2018 £27.20 2.48%
2019 £27.69 1.80%
2020 £28.10 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1953 amounts in 1955 pounds, based on the -6.03% change in prices:

Conversion Table: Value of a pound in 1955
Initial value Equivalent value
£1 pound in 1953 £1.06 pounds in 1955
£5 pounds in 1953 £5.32 pounds in 1955
£10 pounds in 1953 £10.64 pounds in 1955
£50 pounds in 1953 £53.21 pounds in 1955
£100 pounds in 1953 £106.42 pounds in 1955
£500 pounds in 1953 £532.10 pounds in 1955
£1,000 pounds in 1953 £1,064.20 pounds in 1955
£5,000 pounds in 1953 £5,320.99 pounds in 1955
£10,000 pounds in 1953 £10,641.98 pounds in 1955
£50,000 pounds in 1953 £53,209.88 pounds in 1955
£100,000 pounds in 1953 £106,419.75 pounds in 1955
£500,000 pounds in 1953 £532,098.77 pounds in 1955
£1,000,000 pounds in 1953 £1,064,197.53 pounds in 1955

## How to Calculate Inflation Rate for £1, 1953 to 1955

Our calculations use the following inflation rate formula to calculate the change in value between 1953 and 1955:

CPI in 1953 CPI in 1955
×
1955 GBP value
=
1953 GBP value

Then plug in historical CPI values. The U.K. CPI was 43.1 in the year 1955 and 40.5 in 1953:

40.543.1
×
£1
=
£0.94

£1 in 1955 has the same "purchasing power" or "buying power" as £0.94 in 1953.

To get the total inflation rate for the 2 years between 1953 and 1955, we use the following formula:

CPI in 1953 - CPI in 1955CPI in 1955
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

40.5 - 43.143.1
×
100
=
-6%

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

• The occupying powers grant full Sovereignty to West Germany.
• The Mainau Declaration against nuclear weapons is signed by 18 Nobel laureates.
• Rosa Parks is arrested in Montgomery, Alabama for refusing to give her seat to a white person and move to the back of the bus.

## 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 1955 → 1953 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Aug. 2020, https://www.officialdata.org/1955-GBP-in-1953?amount=1.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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