# £1 in 1945 is worth £0.85 in 1941

£

## Value of £1 from 1945 to 1941

£1 in 1945 is equivalent in purchasing power to about £0.85 in 1941, an increase of £-0.15 over 4 years. The pound had an average inflation rate of 4.00% per year between 1941 and 1945, producing a cumulative price increase of -14.50%.

This means that prices in 1941 are 14.5% lower than average prices since 1945, according to the Office for National Statistics composite price index.

The 1941 inflation rate was 10.89%. The inflation rate in 1945 was 2.75%. The 1945 inflation rate is lower compared to the average inflation rate of 5.11% per year between 1945 and 2021.

 Cumulative price change -14.50% Average inflation rate 4.00% Converted amount (£1 base) £0.85 Price difference (£1 base) £-0.15 CPI in 1945 26.200 CPI in 1941 22.400 Inflation in 1941 10.89% Inflation in 1945 2.75% £1 in 1945 £0.85 in 1941

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

## Buying power of £1 in 1941

This chart shows a calculation of buying power equivalence for £1 in 1941 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.85 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £0.85 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 1941 dollars, the chart below shows how £1 is worth less over 4 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: 1941-1945
Year Pound Value Inflation Rate
1941 £1.00 10.89%
1942 £1.07 7.14%
1943 £1.11 3.33%
1944 £1.14 2.82%
1945 £1.17 2.75%
1946 £1.21 3.05%
1947 £1.29 7.04%
1948 £1.39 7.61%
1949 £1.43 2.89%
1950 £1.47 3.13%
1951 £1.61 9.09%
1952 £1.75 9.17%
1953 £1.81 3.05%
1954 £1.84 1.98%
1955 £1.92 4.36%
1956 £2.02 5.10%
1957 £2.09 3.53%
1958 £2.16 3.20%
1959 £2.17 0.41%
1960 £2.19 1.03%
1961 £2.27 3.46%
1962 £2.37 4.33%
1963 £2.41 1.89%
1964 £2.49 3.33%
1965 £2.61 4.66%
1966 £2.71 3.94%
1967 £2.78 2.64%
1968 £2.91 4.65%
1969 £3.07 5.37%
1970 £3.26 6.40%
1971 £3.57 9.44%
1972 £3.83 7.13%
1973 £4.17 9.10%
1974 £4.84 16.04%
1975 £6.02 24.24%
1976 £7.01 16.54%
1977 £8.13 15.85%
1978 £8.80 8.30%
1979 £9.98 13.39%
1980 £11.77 17.99%
1981 £13.17 11.87%
1982 £14.30 8.61%
1983 £14.96 4.59%
1984 £15.71 4.98%
1985 £16.66 6.08%
1986 £17.23 3.40%
1987 £17.95 4.17%
1988 £18.83 4.90%
1989 £20.29 7.78%
1990 £22.21 9.46%
1991 £23.51 5.87%
1992 £24.39 3.74%
1993 £24.78 1.59%
1994 £25.38 2.41%
1995 £26.26 3.47%
1996 £26.89 2.41%
1997 £27.74 3.14%
1998 £28.69 3.43%
1999 £29.13 1.54%
2000 £29.99 2.96%
2001 £30.52 1.77%
2002 £31.03 1.67%
2003 £31.93 2.89%
2004 £32.88 2.98%
2005 £33.81 2.82%
2006 £34.89 3.20%
2007 £36.38 4.29%
2008 £37.83 3.99%
2009 £37.63 -0.53%
2010 £39.37 4.61%
2011 £41.42 5.20%
2012 £42.75 3.21%
2013 £44.05 3.04%
2014 £45.09 2.36%
2015 £45.54 0.99%
2016 £46.33 1.74%
2017 £47.99 3.58%
2018 £49.28 2.70%
2019 £50.51 2.50%
2020 £51.42 1.80%
2021 £51.78 0.70%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1941 amounts in 1945 pounds, based on the -14.50% change in prices:

Conversion: 1941 pounds in 1945
Initial value Equivalent value
£1 pound in 1941 £1.17 pounds in 1945
£5 pounds in 1941 £5.85 pounds in 1945
£10 pounds in 1941 £11.70 pounds in 1945
£50 pounds in 1941 £58.48 pounds in 1945
£100 pounds in 1941 £116.96 pounds in 1945
£500 pounds in 1941 £584.82 pounds in 1945
£1,000 pounds in 1941 £1,169.64 pounds in 1945
£5,000 pounds in 1941 £5,848.21 pounds in 1945
£10,000 pounds in 1941 £11,696.43 pounds in 1945
£50,000 pounds in 1941 £58,482.14 pounds in 1945
£100,000 pounds in 1941 £116,964.29 pounds in 1945
£500,000 pounds in 1941 £584,821.43 pounds in 1945
£1,000,000 pounds in 1941 £1,169,642.86 pounds in 1945

## How to Calculate Inflation Rate for £1, 1941 to 1945

Our calculations use the following inflation rate formula to calculate the change in value between 1941 and 1945:

CPI in 1941 CPI in 1945
×
1945 GBP value
=
1941 GBP value

Then plug in historical CPI values. The U.K. CPI was 26.2 in the year 1945 and 22.4 in 1941:

22.426.2
×
£1
=
£0.85

£1 in 1945 has the same "purchasing power" or "buying power" as £0.85 in 1941.

To get the total inflation rate for the 4 years between 1941 and 1945, we use the following formula:

CPI in 1941 - CPI in 1945CPI in 1945
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

22.4 - 26.226.2
×
100
=
-15%

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

• The USSR captures Budapest from Germany in a battle that kills 159,000 people.
• The US Fleet captures Iwo Jima.
• 1,500 US Navy ships bomb Okinawa: the operation is believed to be the largest of World War II
• Iwo Jima is occupied by America, costing 6,000 American lives and a further 18,000 Japanese lives.
• Buchenwald, the first Nazi concentration camp, is liberated.

## 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 1945 → 1941 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Sep. 2021, https://www.officialdata.org/uk/inflation/1945?amount=1&endYear=1941.

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.