£1 in 1917 is equivalent in purchasing power to about £1.22 in 1918. The pound had an average inflation rate of 22.09% per year between 1917 and 1918, producing a cumulative price increase of 22.09%. Purchasing power decreased by 22.09% in 1918 compared to 1917. On average, you would have to spend 22.09% more money in 1918 than in 1917 for the same item.

This means that prices in 1918 are 1.22 times higher than average prices since 1917, according to the Office for National Statistics composite price index.

The inflation rate in 1917 was 25.38%. The inflation rate in 1918 was 22.09%. The 1918 inflation rate is higher compared to the average inflation rate of 4.05% per year between 1918 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1918 was 19.90. It was 16.30 in the previous year, 1917. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 22.09% |

Converted amount (£1 base) | £1.22 |

Price difference (£1 base) | £0.22 |

CPI in 1917 | 16.300 |

CPI in 1918 | 19.900 |

Inflation in 1917 | 25.38% |

Inflation in 1918 | 22.09% |

£1 in 1917 | £1.22 in 1918 |

Our calculations use the following inflation rate formula to calculate the change in value between 1917 and 1918:

CPI in 1918
CPI in 1917

×

1917 GBP value

=

1918 GBP value

Then plug in historical CPI values. The U.K. CPI was 16.3 in the year 1917 and 19.9 in 1918:

19.916.3

×

£1

=

£1 in 1917 has the same "purchasing power" or "buying power" as £1.22 in 1918.

To get the total inflation rate for the 1 years between 1917 and 1918, we use the following formula:

CPI in 1918 - CPI in 1917CPI in 1917

×

100

=

Plugging in the values to this equation, we get:

19.9 - 16.316.3

×

100

=

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

- The Russian "February Revolution" begins alongside protests celebrating Women's Day and St Petersburg riots.
- Tsar Nicholas II abdicates, nominating his brother, Grand Duke Michael, to succeed him.
- President Wilson asks US Congress to declare war against Germany.
- Vladimir Lenin issues the "April Theses" appealing for Soviets to take power during Russian Revolution.
- Leon Trotsky becomes chairman of the Petrograd Soviet after the Bolsheviks gain control.

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 1918 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 6 Dec. 2021, https://www.officialdata.org/UK-inflation-rate-in-1918.

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 | 22.09% |

Converted amount (£1 base) | £1.22 |

Price difference (£1 base) | £0.22 |

CPI in 1917 | 16.300 |

CPI in 1918 | 19.900 |

Inflation in 1917 | 25.38% |

Inflation in 1918 | 22.09% |

£1 in 1917 | £1.22 in 1918 |