asked the Taoiseach what is the present-day value of the pound, taking 1916 as a base.
Ceisteanna—Questions. Oral Answers. - Value of the Pound.
3.
Estimates of the purchasing power of money are based on the retail price index numbers. The first series of such index numbers for this country was calculated in respect of 1922, to base July, 1914=100. The relevant index number is not therefore available for the year 1916. The information available suggests that retail prices in the United Kingdom rose by 46 per cent between 1914 and 1916. On the assumption that a similar price rise occurred in this country in that period it is estimated that 5/1d would be required in 1916 to purchase the same quantum of goods and services at retail prices as would £1 at mid-February, 1966.