U.K. inflation rate in 1944: 2.82%

£

Inflation in 1944 and its effect on pound value

£1 in 1943 is equivalent in purchasing power to about £1.03 in 1944. The pound had an average inflation rate of 2.82% per year between 1943 and 1944, producing a cumulative price increase of 2.82%. Purchasing power decreased by 2.82% in 1944 compared to 1943. On average, you would have to spend 2.82% more money in 1944 than in 1943 for the same item.

This means that prices in 1944 are 1.03 times as high as average prices since 1943, according to the Office for National Statistics composite price index.

The inflation rate in 1943 was 3.33%. The inflation rate in 1944 was 2.82%. The 1944 inflation rate is lower compared to the average inflation rate of 5.15% per year between 1944 and 2024.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1944 was 25.50. It was 24.80 in the previous year, 1943. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃
Inflation from 1943 to 1944
Average inflation rate2.82%
Converted amount
£1 base		£1.03
Price difference
£1 base		£0.03
CPI in 194324.800
CPI in 194425.500
Inflation in 19433.33%
Inflation in 19442.82%
£1 in 1943£1.03 in 1944
Recent GBP inflation
Annual Rate, the Office for National Statistics CPI
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How to calculate inflation rate for £1, 1943 to 1944

Our calculations use the following inflation rate formula to calculate the change in value between 1943 and 1944:

CPI in 1944 CPI in 1943
×
1943 GBP value
=
1944 GBP value

Then plug in historical CPI values. The U.K. CPI was 24.8 in the year 1943 and 25.5 in 1944:

25.524.8
×
£1
=
£1.03

£1 in 1943 has the same "purchasing power" or "buying power" as £1.03 in 1944.

To get the total inflation rate for the 1 years between 1943 and 1944, we use the following formula:

CPI in 1944 - CPI in 1943CPI in 1943
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

25.5 - 24.824.8
×
100
=
3%

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 the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “Inflation Rate in 1944 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Dec. 2024, https://www.officialdata.org/UK-inflation-rate-in-1944.

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.

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 1943 to 1944
Average inflation rate2.82%
Converted amount
£1 base		£1.03
Price difference
£1 base		£0.03
CPI in 194324.800
CPI in 194425.500
Inflation in 19433.33%
Inflation in 19442.82%
£1 in 1943£1.03 in 1944