£1 in 1940 is equivalent in purchasing power to about £0.86 in 1939. The pound had an average inflation rate of 16.76% per year between 1939 and 1940, producing a cumulative price increase of -14.36%.

This means that prices in 1939 are 14.36% lower than average prices since 1940, according to the Office for National Statistics composite price index.

The 1939 inflation rate was 2.98%. The inflation rate in 1940 was 16.76%. The 1940 inflation rate is higher compared to the average inflation rate of 5.17% per year between 1940 and 2020.

⌃

Average inflation rate | 16.76% |

Converted amount (£1 base) | £0.86 |

Price difference (£1 base) | £-0.14 |

CPI in 1940 | 20.200 |

CPI in 1939 | 17.300 |

Inflation in 1939 | 2.98% |

Inflation in 1940 | 16.76% |

£1 in 1940 | £0.86 in 1939 |

Our calculations use the following inflation rate formula to calculate the change in value between 1939 and 1940:

CPI in 1939
CPI in 1940

×

1940 GBP value

=

1939 GBP value

Then plug in historical CPI values. The U.K. CPI was 20.2 in the year 1940 and 17.3 in 1939:

17.320.2

×

£1

=

£1 in 1940 has the same "purchasing power" or "buying power" as £0.86 in 1939.

To get the total inflation rate for the 1 years between 1939 and 1940, we use the following formula:

CPI in 1939 - CPI in 1940CPI in 1940

×

100

=

Plugging in the values to this equation, we get:

17.3 - 20.220.2

×

100

=

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 1940 → 1939 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Jan. 2021, https://www.officialdata.org/uk/inflation/1940?amount=1&endYear=1939.

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.

Average inflation rate | 16.76% |

Converted amount (£1 base) | £0.86 |

Price difference (£1 base) | £-0.14 |

CPI in 1940 | 20.200 |

CPI in 1939 | 17.300 |

Inflation in 1939 | 2.98% |

Inflation in 1940 | 16.76% |

£1 in 1940 | £0.86 in 1939 |