# £6,000 in 1940 → £338,092.09 in 2020

## UK Inflation Calculator

£

### U.K. Inflation Rate, £6,000 from 1940 to 2020

According to the Office for National Statistics composite price index, today's prices in 2020 are 5,534.87% higher than average prices since 1940. The British pound experienced an average inflation rate of 5.17% per year during this period, meaning the real value of a pound decreased.

In other words, £6,000 in 1940 is equivalent in purchasing power to about £338,092.09 in 2020, a difference of £332,092.09 over 80 years.

The 1940 inflation rate was 16.76%. The current inflation rate (2019 to 2020) is now 1.50%1. If this number holds, £6,000 today will be equivalent in buying power to £6,090.00 next year.

 Cumulative price change 5,534.87% Average inflation rate 5.17% Converted amount (£6,000 base) £338,092.09 Price difference (£6,000 base) £332,092.09 CPI in 1940 20.200 CPI in 2020 1,138.243 Inflation in 1940 16.76% Inflation in 2020 1.50%

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

### Buying power of £6,000 in 1940

This chart shows a calculation of buying power equivalence for £6,000 in 1940 (price index tracking began in 1750).

For example, if you started with £6,000, you would need to end with £338,092.09 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £6,000 is equivalent to £338,092.09 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 1940 dollars, the chart below shows how £6,000 buys less over the past 80 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
1940 £6,000.00 16.76%
1941 £6,653.47 10.89%
1942 £7,128.71 7.14%
1943 £7,366.34 3.33%
1944 £7,574.26 2.82%
1945 £7,782.18 2.75%
1946 £8,019.80 3.05%
1947 £8,584.16 7.04%
1948 £9,237.62 7.61%
1949 £9,504.95 2.89%
1950 £9,801.98 3.13%
1951 £10,693.07 9.09%
1952 £11,673.27 9.17%
1953 £12,029.70 3.05%
1954 £12,267.33 1.98%
1955 £12,801.98 4.36%
1956 £13,455.45 5.10%
1957 £13,930.69 3.53%
1958 £14,376.24 3.20%
1959 £14,435.64 0.41%
1960 £14,584.16 1.03%
1961 £15,089.11 3.46%
1962 £15,742.57 4.33%
1963 £16,039.60 1.89%
1964 £16,574.26 3.33%
1965 £17,346.53 4.66%
1966 £18,029.70 3.94%
1967 £18,504.95 2.64%
1968 £19,366.34 4.65%
1969 £20,405.94 5.37%
1970 £21,712.87 6.40%
1971 £23,762.38 9.44%
1972 £25,455.45 7.13%
1973 £27,772.28 9.10%
1974 £32,227.72 16.04%
1975 £40,039.60 24.24%
1976 £46,663.37 16.54%
1977 £54,059.41 15.85%
1978 £58,544.55 8.30%
1979 £66,386.14 13.39%
1980 £78,326.73 17.99%
1981 £87,623.76 11.87%
1982 £95,168.32 8.61%
1983 £99,534.65 4.59%
1984 £104,495.05 4.98%
1985 £110,851.49 6.08%
1986 £114,623.76 3.40%
1987 £119,405.94 4.17%
1988 £125,257.43 4.90%
1989 £135,000.00 7.78%
1990 £147,772.28 9.46%
1991 £156,445.54 5.87%
1992 £162,297.03 3.74%
1993 £164,881.19 1.59%
1994 £168,861.39 2.41%
1995 £174,712.87 3.47%
1996 £178,930.69 2.41%
1997 £184,544.55 3.14%
1998 £190,871.29 3.43%
1999 £193,811.88 1.54%
2000 £199,544.55 2.96%
2001 £203,079.21 1.77%
2002 £206,465.35 1.67%
2003 £212,435.64 2.89%
2004 £218,762.38 2.98%
2005 £224,940.59 2.82%
2006 £232,128.71 3.20%
2007 £242,079.21 4.29%
2008 £251,732.67 3.99%
2009 £250,396.04 -0.53%
2010 £261,950.50 4.61%
2011 £275,584.16 5.20%
2012 £284,435.64 3.21%
2013 £293,079.21 3.04%
2014 £300,000.00 2.36%
2015 £302,970.30 0.99%
2016 £308,227.72 1.74%
2017 £319,277.23 3.58%
2018 £327,205.95 2.48%
2019 £333,095.65 1.80%
2020 £338,092.09 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 74 more rows

### How to Calculate Inflation Rate for £6,000 since 1940

This inflation calculator uses the following inflation rate formula:

CPI in 2020CPI in 1940
×
1940 GBP value
=
2020 GBP value

Then plug in historical CPI values. The U.K. CPI was 20.2 in the year 1940 and 1138.2433607545 in 2020:

1138.243360754520.2
×
£6,000
=
£338,092.09

£6,000 in 1940 has the same "purchasing power" or "buying power" as £338,092.09 in 2020.

To get the total inflation rate for the 80 years between 1940 and 2020, we use the following formula:

CPI in 2020 - CPI in 1940CPI in 1940
×
100
=
Cumulative inflation rate (80 years)

Plugging in the values to this equation, we get:

1138.2433607545 - 20.220.2
×
100
=
5,535%

### 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: “£6,000 in 1940 → 2020 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 26 Mar. 2020, https://www.officialdata.org/uk/inflation/1940?amount=6000.