# £388 in 1914 is worth £47,019.12 today

£

## Value of £388 from 1914 to 2021

£388 in 1914 is equivalent in purchasing power to about £47,019.12 today, an increase of £46,631.12 over 107 years. The pound had an average inflation rate of 4.59% per year between 1914 and today, producing a cumulative price increase of 12,018.33%.

This means that today's prices are 121.18 times higher than average prices since 1914, according to the Office for National Statistics composite price index. A pound today only buys 0.83% of what it could buy back then.

The inflation rate in 1914 was 0.00%. The current year-over-year inflation rate (2020 to 2021) is now 3.10%. If this number holds, £388 today will be equivalent in buying power to £400.03 next year.

 Cumulative price change 12,018.33% Average inflation rate 4.59% Converted amount (£388 base) £47,019.12 Price difference (£388 base) £46,631.12 CPI in 1914 9.800 CPI in 2021 1,187.596 Inflation in 1914 0.00% Inflation in 2021 3.10% £388 in 1914 £47,019.12 in 2021

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

## Buying power of £388 in 1914

This chart shows a calculation of buying power equivalence for £388 in 1914 (price index tracking began in 1750).

For example, if you started with £388, you would need to end with £47,019.12 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £388 is equivalent to £47,019.12 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 1914 dollars, the chart below shows how £388 is worth less over 107 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: 1914-2021
Year Pound Value Inflation Rate
1914 £388.00 -
1915 £435.51 12.24%
1916 £514.69 18.18%
1917 £645.35 25.38%
1918 £787.88 22.09%
1919 £867.06 10.05%
1920 £1,001.67 15.53%
1921 £914.57 -8.70%
1922 £787.88 -13.85%
1923 £740.37 -6.03%
1924 £736.41 -0.53%
1925 £736.41 0.00%
1926 £732.45 -0.54%
1927 £712.65 -2.70%
1928 £712.65 0.00%
1929 £704.73 -1.11%
1930 £684.94 -2.81%
1931 £657.22 -4.05%
1932 £641.39 -2.41%
1933 £625.55 -2.47%
1934 £625.55 0.00%
1935 £629.51 0.63%
1936 £633.47 0.63%
1937 £657.22 3.75%
1938 £665.14 1.20%
1939 £684.94 2.98%
1940 £799.76 16.76%
1941 £886.86 10.89%
1942 £950.20 7.14%
1943 £981.88 3.33%
1944 £1,009.59 2.82%
1945 £1,037.31 2.75%
1946 £1,068.98 3.05%
1947 £1,144.20 7.04%
1948 £1,231.31 7.61%
1949 £1,266.94 2.89%
1950 £1,306.53 3.13%
1951 £1,425.31 9.09%
1952 £1,555.96 9.17%
1953 £1,603.47 3.05%
1954 £1,635.14 1.98%
1955 £1,706.41 4.36%
1956 £1,793.51 5.10%
1957 £1,856.86 3.53%
1958 £1,916.24 3.20%
1959 £1,924.16 0.41%
1960 £1,943.96 1.03%
1961 £2,011.27 3.46%
1962 £2,098.37 4.33%
1963 £2,137.96 1.89%
1964 £2,209.22 3.33%
1965 £2,312.16 4.66%
1966 £2,403.22 3.94%
1967 £2,466.57 2.64%
1968 £2,581.39 4.65%
1969 £2,719.96 5.37%
1970 £2,894.16 6.40%
1971 £3,167.35 9.44%
1972 £3,393.02 7.13%
1973 £3,701.84 9.10%
1974 £4,295.71 16.04%
1975 £5,336.98 24.24%
1976 £6,219.88 16.54%
1977 £7,205.71 15.85%
1978 £7,803.55 8.30%
1979 £8,848.78 13.39%
1980 £10,440.37 17.99%
1981 £11,679.59 11.87%
1982 £12,685.22 8.61%
1983 £13,267.22 4.59%
1984 £13,928.41 4.98%
1985 £14,775.67 6.08%
1986 £15,278.49 3.40%
1987 £15,915.92 4.17%
1988 £16,695.88 4.90%
1989 £17,994.49 7.78%
1990 £19,696.94 9.46%
1991 £20,853.02 5.87%
1992 £21,632.98 3.74%
1993 £21,977.43 1.59%
1994 £22,507.96 2.41%
1995 £23,287.92 3.47%
1996 £23,850.12 2.41%
1997 £24,598.41 3.14%
1998 £25,441.71 3.43%
1999 £25,833.67 1.54%
2000 £26,597.80 2.96%
2001 £27,068.94 1.77%
2002 £27,520.29 1.67%
2003 £28,316.08 2.89%
2004 £29,159.39 2.98%
2005 £29,982.90 2.82%
2006 £30,941.02 3.20%
2007 £32,267.35 4.29%
2008 £33,554.08 3.99%
2009 £33,375.92 -0.53%
2010 £34,916.04 4.61%
2011 £36,733.31 5.20%
2012 £37,913.14 3.21%
2013 £39,065.27 3.04%
2014 £39,987.76 2.36%
2015 £40,383.67 0.99%
2016 £41,084.45 1.74%
2017 £42,557.27 3.58%
2018 £43,706.31 2.70%
2019 £44,798.97 2.50%
2020 £45,605.35 1.80%
2021 £47,019.12 3.10%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 101 more rows

This conversion table shows various other 1914 amounts in today's pounds, based on the 12,018.33% change in prices:

Conversion: 1914 pounds today
Initial value Equivalent value
£1 pound in 1914 £121.18 pounds today
£5 pounds in 1914 £605.92 pounds today
£10 pounds in 1914 £1,211.83 pounds today
£50 pounds in 1914 £6,059.16 pounds today
£100 pounds in 1914 £12,118.33 pounds today
£500 pounds in 1914 £60,591.64 pounds today
£1,000 pounds in 1914 £121,183.29 pounds today
£5,000 pounds in 1914 £605,916.45 pounds today
£10,000 pounds in 1914 £1,211,832.90 pounds today
£50,000 pounds in 1914 £6,059,164.49 pounds today
£100,000 pounds in 1914 £12,118,328.98 pounds today
£500,000 pounds in 1914 £60,591,644.90 pounds today
£1,000,000 pounds in 1914 £121,183,289.80 pounds today

## How to Calculate Inflation Rate for £388 since 1914

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

CPI today CPI in 1914
×
1914 GBP value
=
Today's value

Then plug in historical CPI values. The U.K. CPI was 9.8 in the year 1914 and 1187.59624 in 2021:

1187.596249.8
×
£388
=
£47,019.12

£388 in 1914 has the same "purchasing power" or "buying power" as £47,019.12 in 2021.

To get the total inflation rate for the 107 years between 1914 and 2021, we use the following formula:

CPI in 2021 - CPI in 1914CPI in 1914
×
100
=
Cumulative inflation rate (107 years)

Plugging in the values to this equation, we get:

1187.59624 - 9.89.8
×
100
=
12,018%

## 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.
• World War I begins.
• 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: “£388 in 1914 → 2021 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 Dec. 2021, https://www.officialdata.org/uk/inflation/1914?amount=388.

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.

#### 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.

 Cumulative price change 12,018.33% Average inflation rate 4.59% Converted amount (£388 base) £47,019.12 Price difference (£388 base) £46,631.12 CPI in 1914 9.800 CPI in 2021 1,187.596 Inflation in 1914 0.00% Inflation in 2021 3.10% £388 in 1914 £47,019.12 in 2021