£1 in 1950 is worth £0.94 in 1948

£

Value of £1 from 1950 to 1948

£1 in 1950 is equivalent in purchasing power to about £0.94 in 1948, an increase of £-0.06 over 2 years. The pound had an average inflation rate of 3.01% per year between 1948 and 1950, producing a cumulative price increase of -5.76%.

This means that prices in 1948 are 5.76% lower than average prices since 1950, according to the Office for National Statistics composite price index.

The inflation rate in 1948 was 7.61%. The inflation rate in 1950 was 3.13%. The 1950 inflation rate is lower compared to the average inflation rate of 5.28% per year between 1950 and 2022.

 Cumulative price change -5.76% Average inflation rate 3.01% Converted amount (£1 base) £0.94 Price difference (£1 base) £-0.06 CPI in 1950 33.000 CPI in 1948 31.100 Inflation in 1948 7.61% Inflation in 1950 3.13% £1 in 1950 £0.94 in 1948

Recent GBP inflation
Annual Rate, the Office for National Statistics CPI

Buying power of £1 in 1948

This chart shows a calculation of buying power equivalence for £1 in 1948 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £0.94 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £0.94 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 1948 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: 1948-1950
YearPound ValueInflation Rate
1948£1.007.61%
1949£1.032.89%
1950£1.063.13%
1951£1.169.09%
1952£1.269.17%
1953£1.303.05%
1954£1.331.98%
1955£1.394.36%
1956£1.465.10%
1957£1.513.53%
1958£1.563.20%
1959£1.560.41%
1960£1.581.03%
1961£1.633.46%
1962£1.704.33%
1963£1.741.89%
1964£1.793.33%
1965£1.884.66%
1966£1.953.94%
1967£2.002.64%
1968£2.104.65%
1969£2.215.37%
1970£2.356.40%
1971£2.579.44%
1972£2.767.13%
1973£3.019.10%
1974£3.4916.04%
1975£4.3324.24%
1976£5.0516.54%
1977£5.8515.85%
1978£6.348.30%
1979£7.1913.39%
1980£8.4817.99%
1981£9.4911.87%
1982£10.308.61%
1983£10.774.59%
1984£11.314.98%
1985£12.006.08%
1986£12.413.40%
1987£12.934.17%
1988£13.564.90%
1989£14.617.78%
1990£16.009.46%
1991£16.945.87%
1992£17.573.74%
1993£17.851.59%
1994£18.282.41%
1995£18.913.47%
1996£19.372.41%
1997£19.983.14%
1998£20.663.43%
1999£20.981.54%
2000£21.602.96%
2001£21.981.77%
2002£22.351.67%
2003£23.002.89%
2004£23.682.98%
2005£24.352.82%
2006£25.133.20%
2007£26.214.29%
2008£27.253.99%
2009£27.11-0.53%
2010£28.364.61%
2011£29.835.20%
2012£30.793.21%
2013£31.733.04%
2014£32.482.36%
2015£32.800.99%
2016£33.371.74%
2017£34.563.58%
2018£35.502.70%
2019£36.382.50%
2020£37.041.80%
2021£37.962.49%
2022£42.9713.20%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 1948 amounts in 1950 pounds, based on the -5.76% change in prices:

Conversion: 1948 pounds in 1950
Initial valueEquivalent value
£1 pound in 1948£1.06 pounds in 1950
£5 pounds in 1948£5.31 pounds in 1950
£10 pounds in 1948£10.61 pounds in 1950
£50 pounds in 1948£53.05 pounds in 1950
£100 pounds in 1948£106.11 pounds in 1950
£500 pounds in 1948£530.55 pounds in 1950
£1,000 pounds in 1948£1,061.09 pounds in 1950
£5,000 pounds in 1948£5,305.47 pounds in 1950
£10,000 pounds in 1948£10,610.93 pounds in 1950
£50,000 pounds in 1948£53,054.66 pounds in 1950
£100,000 pounds in 1948£106,109.32 pounds in 1950
£500,000 pounds in 1948£530,546.62 pounds in 1950
£1,000,000 pounds in 1948£1,061,093.25 pounds in 1950

How to calculate inflation rate for £1, 1948 to 1950

Our calculations use the following inflation rate formula to calculate the change in value between 1948 and 1950:

CPI in 1948 CPI in 1950
×
1950 GBP value
=
1948 GBP value

Then plug in historical CPI values. The U.K. CPI was 33 in the year 1950 and 31.1 in 1948:

31.133
×
£1
=
£0.94

£1 in 1950 has the same "purchasing power" or "buying power" as £0.94 in 1948.

To get the total inflation rate for the 2 years between 1948 and 1950, we use the following formula:

CPI in 1948 - CPI in 1950CPI in 1950
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

31.1 - 3333
×
100
=
-6%

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 1950 → 1948 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Dec. 2022, https://www.officialdata.org/uk/inflation/1950?amount=1&endYear=1948.

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.

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.

 Cumulative price change -5.76% Average inflation rate 3.01% Converted amount (£1 base) £0.94 Price difference (£1 base) £-0.06 CPI in 1950 33.000 CPI in 1948 31.100 Inflation in 1948 7.61% Inflation in 1950 3.13% £1 in 1950 £0.94 in 1948