# £1 in 1945 is worth £1.10 in 1947

£

## Value of £1 from 1945 to 1947

£1 in 1945 is equivalent in purchasing power to about £1.10 in 1947, an increase of £0.10 over 2 years. The pound had an average inflation rate of 5.03% per year between 1945 and 1947, producing a cumulative price increase of 10.31%.

This means that prices in 1947 are 1.10 times higher than average prices since 1945, according to the Office for National Statistics composite price index.

The inflation rate in 1945 was 2.75%. The inflation rate in 1947 was 7.04%. The 1947 inflation rate is higher compared to the average inflation rate of 5.10% per year between 1947 and 2022.

 Cumulative price change 10.31% Average inflation rate 5.03% Converted amount (£1 base) £1.10 Price difference (£1 base) £0.10 CPI in 1945 26.200 CPI in 1947 28.900 Inflation in 1945 2.75% Inflation in 1947 7.04% £1 in 1945 £1.10 in 1947

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

## Buying power of £1 in 1945

This chart shows a calculation of buying power equivalence for £1 in 1945 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.10 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.10 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 1945 dollars, the chart below shows how £1 is worth less over 2 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: 1945-1947
Year Pound Value Inflation Rate
1945 £1.00 2.75%
1946 £1.03 3.05%
1947 £1.10 7.04%
1948 £1.19 7.61%
1949 £1.22 2.89%
1950 £1.26 3.13%
1951 £1.37 9.09%
1952 £1.50 9.17%
1953 £1.55 3.05%
1954 £1.58 1.98%
1955 £1.65 4.36%
1956 £1.73 5.10%
1957 £1.79 3.53%
1958 £1.85 3.20%
1959 £1.85 0.41%
1960 £1.87 1.03%
1961 £1.94 3.46%
1962 £2.02 4.33%
1963 £2.06 1.89%
1964 £2.13 3.33%
1965 £2.23 4.66%
1966 £2.32 3.94%
1967 £2.38 2.64%
1968 £2.49 4.65%
1969 £2.62 5.37%
1970 £2.79 6.40%
1971 £3.05 9.44%
1972 £3.27 7.13%
1973 £3.57 9.10%
1974 £4.14 16.04%
1975 £5.15 24.24%
1976 £6.00 16.54%
1977 £6.95 15.85%
1978 £7.52 8.30%
1979 £8.53 13.39%
1980 £10.06 17.99%
1981 £11.26 11.87%
1982 £12.23 8.61%
1983 £12.79 4.59%
1984 £13.43 4.98%
1985 £14.24 6.08%
1986 £14.73 3.40%
1987 £15.34 4.17%
1988 £16.10 4.90%
1989 £17.35 7.78%
1990 £18.99 9.46%
1991 £20.10 5.87%
1992 £20.85 3.74%
1993 £21.19 1.59%
1994 £21.70 2.41%
1995 £22.45 3.47%
1996 £22.99 2.41%
1997 £23.71 3.14%
1998 £24.53 3.43%
1999 £24.90 1.54%
2000 £25.64 2.96%
2001 £26.10 1.77%
2002 £26.53 1.67%
2003 £27.30 2.89%
2004 £28.11 2.98%
2005 £28.90 2.82%
2006 £29.83 3.20%
2007 £31.11 4.29%
2008 £32.35 3.99%
2009 £32.18 -0.53%
2010 £33.66 4.61%
2011 £35.41 5.20%
2012 £36.55 3.21%
2013 £37.66 3.04%
2014 £38.55 2.36%
2015 £38.93 0.99%
2016 £39.61 1.74%
2017 £41.03 3.58%
2018 £42.13 2.70%
2019 £43.19 2.50%
2020 £43.97 1.80%
2021 £44.97 2.28%
2022 £45.99 2.27%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1945 amounts in 1947 pounds, based on the 10.31% change in prices:

Conversion: 1945 pounds in 1947
Initial value Equivalent value
£1 pound in 1945 £1.10 pounds in 1947
£5 pounds in 1945 £5.52 pounds in 1947
£10 pounds in 1945 £11.03 pounds in 1947
£50 pounds in 1945 £55.15 pounds in 1947
£100 pounds in 1945 £110.31 pounds in 1947
£500 pounds in 1945 £551.53 pounds in 1947
£1,000 pounds in 1945 £1,103.05 pounds in 1947
£5,000 pounds in 1945 £5,515.27 pounds in 1947
£10,000 pounds in 1945 £11,030.53 pounds in 1947
£50,000 pounds in 1945 £55,152.67 pounds in 1947
£100,000 pounds in 1945 £110,305.34 pounds in 1947
£500,000 pounds in 1945 £551,526.72 pounds in 1947
£1,000,000 pounds in 1945 £1,103,053.44 pounds in 1947

## How to Calculate Inflation Rate for £1, 1945 to 1947

Our calculations use the following inflation rate formula to calculate the change in value between 1945 and 1947:

CPI in 1947 CPI in 1945
×
1945 GBP value
=
1947 GBP value

Then plug in historical CPI values. The U.K. CPI was 26.2 in the year 1945 and 28.9 in 1947:

28.926.2
×
£1
=
£1.10

£1 in 1945 has the same "purchasing power" or "buying power" as £1.10 in 1947.

To get the total inflation rate for the 2 years between 1945 and 1947, we use the following formula:

CPI in 1947 - CPI in 1945CPI in 1945
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

28.9 - 26.226.2
×
100
=
10%

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 → 1947 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Jan. 2022, https://www.officialdata.org/uk/inflation/1945?amount=1&endYear=1947.

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.