👉 You may be interested in £1,496,874 in 1975 → **2019**

According to the Office for National Statistics composite price index, prices in 2018 are 717.21% higher than average prices throughout 1975. The pound experienced an average inflation rate of 5.01% per year during this period, meaning the real value of a dollar decreased.

In other words, £1,496,874 in 1975 is equivalent in purchasing power to about £12,232,540.39 in 2018, a difference of £10,735,666.39 over 43 years.

The 1975 inflation rate was 24.24%. The inflation rate in 2018 was 2.48%. The 2018 inflation rate is higher compared to the average inflation rate of 1.80% per year between 2018 and 2019.

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Cumulative price change | 717.21% |

Average inflation rate | 5.01% |

Converted amount (£1,496,874 base) | £12,232,540.39 |

Price difference (£1,496,874 base) | £10,735,666.39 |

CPI in 1975 | 134.800 |

CPI in 2018 | 1,101.593 |

Inflation in 1975 | 24.24% |

Inflation in 2018 | 2.48% |

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1,496,874 in 1975 (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:

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 1975

×

1975 GBP value

=

2018 GBP value

Then plug in historical CPI values. The UK CPI was 134.8 in the year 1975 and 1101.59335 in 2018:

1101.59335134.8

×

£1,496,874

=

£1,496,874 in 1975 has the same "purchasing power" or "buying power" as £12,232,540.39 in 2018.

To get the total inflation rate for the 43 years between 1975 and 2018, we use the following formula:

CPI in 2018 - CPI in 1975CPI in 1975

×

100

=

Plugging in the values to this equation, we get:

1101.59335 - 134.8134.8

×

100

=

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

- Margaret Thatcher becomes leader of the British Conservative Party, after defeating Edward Heath.
- Ethiopia abrogates its 3,000-year-old monarchy.
- Bill Gates and Paul Allen found Microsoft.
- The US signals the beginning of the end of its involvement Vietnam, after it begins to evacuate its citizens from Saigon.
- Gough Whitlam is removed by Governor General Sir John Kerr: the first time an elected Prime Minister had been deposed in 200 years (Australia).

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 1975 → 2018 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 18 Jun. 2019, https://www.officialdata.org/1975-GBP-in-2018?amount=1496874.

Special thanks to QuickChart for providing downloadable chart images.

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

Cumulative price change | 717.21% |

Average inflation rate | 5.01% |

Converted amount (£1,496,874 base) | £12,232,540.39 |

Price difference (£1,496,874 base) | £10,735,666.39 |

CPI in 1975 | 134.800 |

CPI in 2018 | 1,101.593 |

Inflation in 1975 | 24.24% |

Inflation in 2018 | 2.48% |