£1 in 1938 is equivalent in purchasing power to about £1.03 in 1939. The pound had an average inflation rate of 2.98% per year between 1938 and 1939, producing a cumulative price increase of 2.98%. Purchasing power decreased by 2.98% in 1939 compared to 1938. On average, you would have to spend 2.98% more money in 1939 than in 1938 for the same item.

This means that prices in 1939 are 1.03 times higher than average prices since 1938, according to the Office for National Statistics composite price index.

The 1938 inflation rate was 1.20%. The inflation rate in 1939 was 2.98%. The 1939 inflation rate is lower compared to the average inflation rate of 5.26% per year between 1939 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1939 was 17.30. It was 16.80 in the previous year, 1938. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 2.98% |

Converted amount (£1 base) | £1.03 |

Price difference (£1 base) | £0.03 |

CPI in 1938 | 16.800 |

CPI in 1939 | 17.300 |

Inflation in 1938 | 1.20% |

Inflation in 1939 | 2.98% |

£1 in 1938 | £1.03 in 1939 |

Our calculations use the following inflation rate formula to calculate the change in value between 1938 and 1939:

CPI in 1939
CPI in 1938

×

1938 GBP value

=

1939 GBP value

Then plug in historical CPI values. The U.K. CPI was 16.8 in the year 1938 and 17.3 in 1939:

17.316.8

×

£1

=

£1 in 1938 has the same "purchasing power" or "buying power" as £1.03 in 1939.

To get the total inflation rate for the 1 years between 1938 and 1939, we use the following formula:

CPI in 1939 - CPI in 1938CPI in 1938

×

100

=

Plugging in the values to this equation, we get:

17.3 - 16.816.8

×

100

=

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

- Anthony Eden resigns as United Kingdom's Foreign Secretary after stating that Prime Minister Neville Chamberlain has appeased Nazi Germany.
- Czechoslovakia is forced to give territory to Germany after the Treaty of Munich was signed by Hitler, Mussolini, Daladier and Chamberlain.
- Joseph Kennedy is named the 44th US Ambassador to the United Kingdom.

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: “Inflation Rate in 1939 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Oct. 2021, https://www.officialdata.org/UK-inflation-rate-in-1939.

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.

Average inflation rate | 2.98% |

Converted amount (£1 base) | £1.03 |

Price difference (£1 base) | £0.03 |

CPI in 1938 | 16.800 |

CPI in 1939 | 17.300 |

Inflation in 1938 | 1.20% |

Inflation in 1939 | 2.98% |

£1 in 1938 | £1.03 in 1939 |