£1 in 1970 → £0.85 in 1967

UK Inflation Calculator

£

UK Inflation Rate, £1 in 1970 to 1967

According to the Office for National Statistics composite price index, prices in 1967 are 14.77% lower than average prices throughout 1970. The pound experienced an average inflation rate of 5.47% per year during this period, meaning the real value of a dollar decreased.

In other words, £1 in 1970 is equivalent in purchasing power to about £0.85 in 1967, a difference of £-0.15 over 3 years.

The 1967 inflation rate was 2.64%. The inflation rate in 1970 was 6.40%. The 1970 inflation rate is higher compared to the average inflation rate of 5.73% per year between 1970 and 2019.


Inflation from 1970 to 1967
Cumulative price change -14.77%
Average inflation rate 5.47%
Converted amount (£1 base) £0.85
Price difference (£1 base) £-0.15
CPI in 1970 73.100
CPI in 1967 62.300
Inflation in 1967 2.64%
Inflation in 1970 6.40%


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


Buying power of £1 in 1967

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1 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 Pound Value Inflation Rate
1967 £1.00 2.64%
1968 £1.05 4.65%
1969 £1.10 5.37%
1970 £1.17 6.40%
1971 £1.28 9.44%
1972 £1.38 7.13%
1973 £1.50 9.10%
1974 £1.74 16.04%
1975 £2.16 24.24%
1976 £2.52 16.54%
1977 £2.92 15.85%
1978 £3.16 8.30%
1979 £3.59 13.39%
1980 £4.23 17.99%
1981 £4.74 11.87%
1982 £5.14 8.61%
1983 £5.38 4.59%
1984 £5.65 4.98%
1985 £5.99 6.08%
1986 £6.19 3.40%
1987 £6.45 4.17%
1988 £6.77 4.90%
1989 £7.30 7.78%
1990 £7.99 9.46%
1991 £8.45 5.87%
1992 £8.77 3.74%
1993 £8.91 1.59%
1994 £9.13 2.41%
1995 £9.44 3.47%
1996 £9.67 2.41%
1997 £9.97 3.14%
1998 £10.31 3.43%
1999 £10.47 1.54%
2000 £10.78 2.96%
2001 £10.97 1.77%
2002 £11.16 1.67%
2003 £11.48 2.89%
2004 £11.82 2.98%
2005 £12.16 2.82%
2006 £12.54 3.20%
2007 £13.08 4.29%
2008 £13.60 3.99%
2009 £13.53 -0.53%
2010 £14.16 4.61%
2011 £14.89 5.20%
2012 £15.37 3.21%
2013 £15.84 3.04%
2014 £16.21 2.36%
2015 £16.37 0.99%
2016 £16.66 1.74%
2017 £17.25 3.58%
2018 £17.68 2.48%
2019 £18.00 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1967 to 1970

This inflation calculator uses the following inflation rate formula:

CPI in 1967CPI in 1970
×
1970 GBP value
=
1967 GBP value

Then plug in historical CPI values. The UK CPI was 73.1 in the year 1970 and 62.3 in 1967:

62.373.1
×
£1
=
£0.85

£1 in 1970 has the same "purchasing power" or "buying power" as £0.85 in 1967.

To get the total inflation rate for the 3 years between 1967 and 1970, we use the following formula:

CPI in 1967 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (3 years)

Plugging in the values to this equation, we get:

62.3 - 73.173.1
×
100
=
-15%

News headlines from 1967

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

  • 1/1/1970 established as Epoch time for UNIX systems.
  • Rhodesia declares independence and sets up a republican government.
  • Aswan Dam opens in Egypt to prevent flooding of the Nile River.
  • A Palestinian terrorist organization, hijacks three aircraft, in an incident that is later known as Black September.

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 in 1970 → 1967 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 22 May. 2019, https://www.officialdata.org/1970-GBP-in-1967?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

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


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