£1,496,874 in 1967 → £26,388,035.19 in 2018

UK Inflation Rate, £1,496,874 in 1967 to 2018

According to the Office for National Statistics composite price index, prices in 2018 are 1,662.88% higher than prices in 1967. The pound experienced an average inflation rate of 5.79% per year during this period.

In other words, £1,496,874 in 1967 is equivalent in purchasing power to £26,388,035.19 in 2018, a difference of £24,891,161.19 over 51 years.

The 1967 inflation rate was 2.64%. The current inflation rate (2017 to 2018) is now 2.20%1. If this number holds, £1,496,874 today will be equivalent to £1,529,805.23 next year.


Inflation from 1967 to 2018
Cumulative price change 1,662.88%
Average inflation rate 5.79%
Converted amount (£1,496,874 base) £26,388,035.19
Price difference (£1,496,874 base) £24,891,161.19
CPI in 1967 62.300
CPI in 2018 1,098.272
Inflation in 1967 2.64%
Inflation in 2018 2.20%


UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.


Buying power of £1,496,874 since 1967

This chart shows calculations of buying power equivalence over time for £1,496,874 in 1967 (price index tracking began in 1750).

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:

Year GBP Value Inflation Rate
1967 £1,496,874.00 2.64%
1968 £1,566,551.92 4.65%
1969 £1,650,645.97 5.37%
1970 £1,756,364.20 6.40%
1971 £1,922,149.60 9.44%
1972 £2,059,102.76 7.13%
1973 £2,246,512.34 9.10%
1974 £2,606,915.39 16.04%
1975 £3,238,822.07 24.24%
1976 £3,774,621.27 16.54%
1977 £4,372,890.34 15.85%
1978 £4,735,696.07 8.30%
1979 £5,370,005.44 13.39%
1980 £6,335,885.61 17.99%
1981 £7,087,926.65 11.87%
1982 £7,698,209.14 8.61%
1983 £8,051,404.13 4.59%
1984 £8,452,652.86 4.98%
1985 £8,966,827.88 6.08%
1986 £9,271,969.13 3.40%
1987 £9,658,801.73 4.17%
1988 £10,132,131.07 4.90%
1989 £10,920,212.41 7.78%
1990 £11,953,367.82 9.46%
1991 £12,654,952.42 5.87%
1992 £13,128,281.76 3.74%
1993 £13,337,315.53 1.59%
1994 £13,659,275.59 2.41%
1995 £14,132,604.92 3.47%
1996 £14,473,786.48 2.41%
1997 £14,927,894.32 3.14%
1998 £15,439,666.65 3.43%
1999 £15,677,532.66 1.54%
2000 £16,141,251.26 2.96%
2001 £16,427,171.01 1.77%
2002 £16,701,077.33 1.67%
2003 £17,184,017.41 2.89%
2004 £17,695,789.74 2.98%
2005 £18,195,548.64 2.82%
2006 £18,776,998.89 3.20%
2007 £19,581,899.04 4.29%
2008 £20,362,772.31 3.99%
2009 £20,254,651.40 -0.53%
2010 £21,189,296.64 4.61%
2011 £22,292,129.97 5.20%
2012 £23,008,130.70 3.21%
2013 £23,707,312.61 3.04%
2014 £24,267,138.68 2.36%
2015 £24,507,407.38 0.99%
2016 £24,924,033.31 1.70%
2017 £25,819,995.29 3.59%
2018 £26,388,035.19 2.20%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1,496,874 since 1967

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 1967
×
1967 GBP value
=
2018 GBP value

Then plug in historical CPI values. The UK CPI was 62.3 in the year 1967 and 1098.27186 in 2018:

1098.2718662.3
×
£1,496,874
=
£26,388,035.19

£1,496,874 in 1967 has the same "purchasing power" or "buying power" as £26,388,035.19 in 2018.

To get the total inflation rate for the 51 years between 1967 and 2018, we use the following formula:

CPI in 2018 - CPI in 1967CPI in 1967
×
100
=
Cumulative inflation rate (51 years)

Plugging in the values to this equation, we get:

1098.27186 - 62.362.3
×
100
=
1,663%

News headlines from 1967

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

  • The largest US airborne assault since WWII occurs in Vietnam, known as Operation Junction City: 25,000 United States and South Vietnamese troops attack the Viet Cong.
  • The world's first ATM machine is installed in London.
  • The 6-day War begins between Israel and the Arabs.

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: “£1,496,874 in 1967 → 2018 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Dec. 2018, https://www.officialdata.org/1967-GBP-in-2018?amount=1496874.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


» Read more about inflation and investment.