£1 in 1945 is worth £0.97 in 1944

Value of £1 from 1945 to 1944

£1 in 1945 is equivalent in purchasing power to about £0.97 in 1944. The pound had an average inflation rate of 2.75% per year between 1944 and 1945, producing a cumulative price increase of -2.67%.

This means that prices in 1944 are 2.67% lower than average prices since 1945, according to the Office for National Statistics composite price index.

The 1944 inflation rate was 2.82%. The inflation rate in 1945 was 2.75%. The 1945 inflation rate is lower compared to the average inflation rate of 5.15% per year between 1945 and 2021.


Inflation from 1945 to 1944
Average inflation rate 2.75%
Converted amount (£1 base) £0.97
Price difference (£1 base) £-0.03
CPI in 1945 26.200
CPI in 1944 25.500
Inflation in 1944 2.82%
Inflation in 1945 2.75%
£1 in 1945 £0.97 in 1944

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

How to Calculate Inflation Rate for £1, 1944 to 1945

Our calculations use the following inflation rate formula to calculate the change in value between 1944 and 1945:

CPI in 1944 CPI in 1945
×
1945 GBP value
=
1944 GBP value

Then plug in historical CPI values. The U.K. CPI was 26.2 in the year 1945 and 25.5 in 1944:

25.526.2
×
£1
=
£0.97

£1 in 1945 has the same "purchasing power" or "buying power" as £0.97 in 1944.

To get the total inflation rate for the 1 years between 1944 and 1945, we use the following formula:

CPI in 1944 - CPI in 1945CPI in 1945
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

25.5 - 26.226.2
×
100
=
-3%

News headlines from 1944

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 → 1944 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 4 Dec. 2021, https://www.officialdata.org/uk/inflation/1945?amount=1&endYear=1944.

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.


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 1945 to 1944
Average inflation rate 2.75%
Converted amount (£1 base) £0.97
Price difference (£1 base) £-0.03
CPI in 1945 26.200
CPI in 1944 25.500
Inflation in 1944 2.82%
Inflation in 1945 2.75%
£1 in 1945 £0.97 in 1944