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The Galway Mercury November 1849 (during the Great Famine) contains the following statement. “On the 18th instant, at Athenry, Mr. Thomas Connell, auctioneer, put up for sale, by auction, several lots of land, the property of Lord Oranmore, in that neighbourhood, but now under the courts. We would here observe, those lands were held by the late tenants at from 20s. to 34 shillings per acre, for the greater part of which a single bid could not be got.

The following is the order in which they were put up for: 8 1/4 acres, knocked down for 31 (Shillings) per annum; 10 acres, no bidders; 10 acres, knocked down at 41 per annum; 9 acres, ditto, 10 acres, no bidders; 5 acres, no bidders; 10 1/2 acres knocked down for 21s per annum; 20 acres, no bidders; 74 acres knocked down for 81s. per annum; 54 acres, no bidders; 35 acres, ditto; 34 1/2 acres, ditto”.

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Editor’s note: The British pound has lost 98% its value since 1948 
Updated: November 14, 2023£100 in 1948 is equivalent in purchasing power to about £4,483.84 today, an increase of £4,383.84 over 75 years. The pound had an average inflation rate of 5.20% per year between 1948 and today, producing a cumulative price increase of 4,383.84%.

This means that today’s prices are 44.84 times as high as average prices since 1948, according to the Office for National Statistics composite price index. A pound today only buys 2.230% of what it could buy back then. 
The inflation rate in 1948 was 7.61%. The current inflation rate compared to last year is now 6.70%. If this number holds, £100 today will be equivalent in buying power to £106.70 next year.

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Written by To be confirmed!

Published here 19 Nov 2023 and originally published Spring 2004

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