£1 in 1915 → £2.10 in 1921

UK Inflation Calculator

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U.K. Inflation Rate, £1 from 1915 to 1921

According to the Office for National Statistics composite price index, prices in 1921 are 110.00% higher than average prices since 1915. The British pound experienced an average inflation rate of 13.16% per year during this period, meaning the real value of a pound decreased.

In other words, £1 in 1915 is equivalent in purchasing power to about £2.10 in 1921, a difference of £1.10 over 6 years.

The 1915 inflation rate was 12.24%. The inflation rate in 1921 was -8.70%. The 1921 inflation rate is lower compared to the average inflation rate of 4.02% per year between 1921 and 2020.


Inflation from 1915 to 1921
Cumulative price change 110.00%
Average inflation rate 13.16%
Converted amount (£1 base) £2.10
Price difference (£1 base) £1.10
CPI in 1915 11.000
CPI in 1921 23.100
Inflation in 1915 12.24%
Inflation in 1921 -8.70%

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

Buying power of £1 in 1915

This chart shows a calculation of buying power equivalence for £1 in 1915 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £2.10 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £2.10 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 1915 dollars, the chart below shows how £1 buys less over the past 6 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:

Year Pound Value Inflation Rate
1915 £1.00 12.24%
1916 £1.18 18.18%
1917 £1.48 25.38%
1918 £1.81 22.09%
1919 £1.99 10.05%
1920 £2.30 15.53%
1921 £2.10 -8.70%
1922 £1.81 -13.85%
1923 £1.70 -6.03%
1924 £1.69 -0.53%
1925 £1.69 0.00%
1926 £1.68 -0.54%
1927 £1.64 -2.70%
1928 £1.64 0.00%
1929 £1.62 -1.11%
1930 £1.57 -2.81%
1931 £1.51 -4.05%
1932 £1.47 -2.41%
1933 £1.44 -2.47%
1934 £1.44 0.00%
1935 £1.45 0.63%
1936 £1.45 0.63%
1937 £1.51 3.75%
1938 £1.53 1.20%
1939 £1.57 2.98%
1940 £1.84 16.76%
1941 £2.04 10.89%
1942 £2.18 7.14%
1943 £2.25 3.33%
1944 £2.32 2.82%
1945 £2.38 2.75%
1946 £2.45 3.05%
1947 £2.63 7.04%
1948 £2.83 7.61%
1949 £2.91 2.89%
1950 £3.00 3.13%
1951 £3.27 9.09%
1952 £3.57 9.17%
1953 £3.68 3.05%
1954 £3.75 1.98%
1955 £3.92 4.36%
1956 £4.12 5.10%
1957 £4.26 3.53%
1958 £4.40 3.20%
1959 £4.42 0.41%
1960 £4.46 1.03%
1961 £4.62 3.46%
1962 £4.82 4.33%
1963 £4.91 1.89%
1964 £5.07 3.33%
1965 £5.31 4.66%
1966 £5.52 3.94%
1967 £5.66 2.64%
1968 £5.93 4.65%
1969 £6.25 5.37%
1970 £6.65 6.40%
1971 £7.27 9.44%
1972 £7.79 7.13%
1973 £8.50 9.10%
1974 £9.86 16.04%
1975 £12.25 24.24%
1976 £14.28 16.54%
1977 £16.55 15.85%
1978 £17.92 8.30%
1979 £20.32 13.39%
1980 £23.97 17.99%
1981 £26.82 11.87%
1982 £29.13 8.61%
1983 £30.46 4.59%
1984 £31.98 4.98%
1985 £33.93 6.08%
1986 £35.08 3.40%
1987 £36.55 4.17%
1988 £38.34 4.90%
1989 £41.32 7.78%
1990 £45.23 9.46%
1991 £47.88 5.87%
1992 £49.67 3.74%
1993 £50.46 1.59%
1994 £51.68 2.41%
1995 £53.47 3.47%
1996 £54.76 2.41%
1997 £56.48 3.14%
1998 £58.42 3.43%
1999 £59.32 1.54%
2000 £61.07 2.96%
2001 £62.15 1.77%
2002 £63.19 1.67%
2003 £65.02 2.89%
2004 £66.95 2.98%
2005 £68.85 2.82%
2006 £71.05 3.20%
2007 £74.09 4.29%
2008 £77.05 3.99%
2009 £76.64 -0.53%
2010 £80.17 4.61%
2011 £84.35 5.20%
2012 £87.05 3.21%
2013 £89.70 3.04%
2014 £91.82 2.36%
2015 £92.73 0.99%
2016 £94.34 1.74%
2017 £97.72 3.58%
2018 £100.14 2.48%
2019 £101.95 1.80%
2020 £103.48 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1915 to 1921

This inflation calculator uses the following inflation rate formula:

CPI in 1921CPI in 1915
×
1915 GBP value
=
1921 GBP value

Then plug in historical CPI values. The U.K. CPI was 11 in the year 1915 and 23.1 in 1921:

23.111
×
£1
=
£2.10

£1 in 1915 has the same "purchasing power" or "buying power" as £2.10 in 1921.

To get the total inflation rate for the 6 years between 1915 and 1921, we use the following formula:

CPI in 1921 - CPI in 1915CPI in 1915
×
100
=
Cumulative inflation rate (6 years)

Plugging in the values to this equation, we get:

23.1 - 1111
×
100
=
110%

News headlines from 1915

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

  • French troops force Germans back into the Champagne region, suffering losses of 50,000 men and gaining several hundred yards.
  • Germany uses poison gas for the first time in World War I.
  • Almost 430,000 French, British, and Germans are killed in the Battle of Loos.
  • The one-millionth Model T is produced by Ford Motor Company.

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 1915 → 1921 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Feb. 2020, https://www.officialdata.org/uk/inflation/1915?amount=1&endYear=1921.

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 1915 to 1921
Cumulative price change 110.00%
Average inflation rate 13.16%
Converted amount (£1 base) £2.10
Price difference (£1 base) £1.10
CPI in 1915 11.000
CPI in 1921 23.100
Inflation in 1915 12.24%
Inflation in 1921 -8.70%