£1 in 1930 is worth £0.97 in 1938

£

Value of £1 from 1930 to 1938

£1 in 1930 is equivalent in purchasing power to about £0.97 in 1938, a difference of £-0.03 over 8 years. The pound had an average deflation rate of -0.37% per year since 1930, producing a cumulative price change of -2.89%.

This means that prices in 1938 are 2.89% lower than average prices since 1930, according to the Office for National Statistics composite price index.

The inflation rate in 1930 was -2.81%. The inflation rate in 1938 was 1.20%. The 1938 inflation rate is lower compared to the average inflation rate of 5.22% per year between 1938 and 2022.

 Cumulative price change -2.89% Average inflation rate -0.37% Converted amount (£1 base) £0.97 Price difference (£1 base) £-0.03 CPI in 1930 17.300 CPI in 1938 16.800 Inflation in 1930 -2.81% Inflation in 1938 1.20% £1 in 1930 £0.97 in 1938

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

Buying power of £1 in 1930

This chart shows a calculation of buying power equivalence for £1 in 1930 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.97 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

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: 1930-1938
Year Pound Value Inflation Rate
1930 £1.00 -2.81%
1931 £0.96 -4.05%
1932 £0.94 -2.41%
1933 £0.91 -2.47%
1934 £0.91 0.00%
1935 £0.92 0.63%
1936 £0.92 0.63%
1937 £0.96 3.75%
1938 £0.97 1.20%
1939 £1.00 2.98%
1940 £1.17 16.76%
1941 £1.29 10.89%
1942 £1.39 7.14%
1943 £1.43 3.33%
1944 £1.47 2.82%
1945 £1.51 2.75%
1946 £1.56 3.05%
1947 £1.67 7.04%
1948 £1.80 7.61%
1949 £1.85 2.89%
1950 £1.91 3.13%
1951 £2.08 9.09%
1952 £2.27 9.17%
1953 £2.34 3.05%
1954 £2.39 1.98%
1955 £2.49 4.36%
1956 £2.62 5.10%
1957 £2.71 3.53%
1958 £2.80 3.20%
1959 £2.81 0.41%
1960 £2.84 1.03%
1961 £2.94 3.46%
1962 £3.06 4.33%
1963 £3.12 1.89%
1964 £3.23 3.33%
1965 £3.38 4.66%
1966 £3.51 3.94%
1967 £3.60 2.64%
1968 £3.77 4.65%
1969 £3.97 5.37%
1970 £4.23 6.40%
1971 £4.62 9.44%
1972 £4.95 7.13%
1973 £5.40 9.10%
1974 £6.27 16.04%
1975 £7.79 24.24%
1976 £9.08 16.54%
1977 £10.52 15.85%
1978 £11.39 8.30%
1979 £12.92 13.39%
1980 £15.24 17.99%
1981 £17.05 11.87%
1982 £18.52 8.61%
1983 £19.37 4.59%
1984 £20.34 4.98%
1985 £21.57 6.08%
1986 £22.31 3.40%
1987 £23.24 4.17%
1988 £24.38 4.90%
1989 £26.27 7.78%
1990 £28.76 9.46%
1991 £30.45 5.87%
1992 £31.58 3.74%
1993 £32.09 1.59%
1994 £32.86 2.41%
1995 £34.00 3.47%
1996 £34.82 2.41%
1997 £35.91 3.14%
1998 £37.14 3.43%
1999 £37.72 1.54%
2000 £38.83 2.96%
2001 £39.52 1.77%
2002 £40.18 1.67%
2003 £41.34 2.89%
2004 £42.57 2.98%
2005 £43.77 2.82%
2006 £45.17 3.20%
2007 £47.11 4.29%
2008 £48.99 3.99%
2009 £48.73 -0.53%
2010 £50.98 4.61%
2011 £53.63 5.20%
2012 £55.35 3.21%
2013 £57.03 3.04%
2014 £58.38 2.36%
2015 £58.96 0.99%
2016 £59.98 1.74%
2017 £62.13 3.58%
2018 £63.81 2.70%
2019 £65.41 2.50%
2020 £66.58 1.80%
2021 £68.10 2.28%
2022 £69.65 2.27%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1930 amounts in 1938 pounds, based on the -2.89% change in prices:

Conversion: 1930 pounds in 1938
Initial value Equivalent value
£1 pound in 1930 £0.97 pounds in 1938
£5 pounds in 1930 £4.86 pounds in 1938
£10 pounds in 1930 £9.71 pounds in 1938
£50 pounds in 1930 £48.55 pounds in 1938
£100 pounds in 1930 £97.11 pounds in 1938
£500 pounds in 1930 £485.55 pounds in 1938
£1,000 pounds in 1930 £971.10 pounds in 1938
£5,000 pounds in 1930 £4,855.49 pounds in 1938
£10,000 pounds in 1930 £9,710.98 pounds in 1938
£50,000 pounds in 1930 £48,554.91 pounds in 1938
£100,000 pounds in 1930 £97,109.83 pounds in 1938
£500,000 pounds in 1930 £485,549.13 pounds in 1938
£1,000,000 pounds in 1930 £971,098.27 pounds in 1938

How to Calculate Inflation Rate for £1, 1930 to 1938

Our calculations use the following inflation rate formula to calculate the change in value between 1930 and 1938:

CPI in 1938 CPI in 1930
×
1930 GBP value
=
1938 GBP value

Then plug in historical CPI values. The U.K. CPI was 17.3 in the year 1930 and 16.8 in 1938:

16.817.3
×
£1
=
£0.97

£1 in 1930 has the same "purchasing power" or "buying power" as £0.97 in 1938.

To get the total inflation rate for the 8 years between 1930 and 1938, we use the following formula:

CPI in 1938 - CPI in 1930CPI in 1930
×
100
=
Cumulative inflation rate (8 years)

Plugging in the values to this equation, we get:

16.8 - 17.317.3
×
100
=
-3%

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

• Mohandas Gandhi protests British salt tax by a 200-mile-long walk.
• Clyde Tombaugh discovers Pluto.
• Lawrence Hyland discovers the first radar by accident.
• Roald Amundsen's leads the first expedition to reach the South Pole.
• American explorer Hiram Bingham discovers Machu Picchu.

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 1930 → 1938 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Jan. 2022, https://www.officialdata.org/uk/inflation/1930?amount=1&endYear=1938.

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.