UK inflation rate in 1779: -8.45%

UK Inflation Calculator

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Inflation in 1779 and Its Effect on Pound Value

Purchasing power increased by 8.45% in 1779 compared to the previous year, 1778. On average, you would have to spend 8.45% less money in 1779 than in 1778 for the same item. This is an example of deflation.

In other words, £100 in 1778 is equivalent in purchasing power to £91.55 in 1779.

The 1778 inflation rate was 2.90%. The inflation rate in 1779 was -8.45%. The 1779 inflation rate is lower compared to the average inflation rate of 2.17% per year between 1779 and 2018.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1779 was 6.5. It was 7.1 in the previous year, 1778. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation. Because the 1779 CPI is less than 1778 CPI, negative inflation (also known as deflation) has occurred.


Inflation from 1778 to 1779
Average inflation rate -8.45%
Converted amount (£100 base) £91.55
Price difference (£100 base) £-8.45
CPI in 1778 7.1
CPI in 1779 6.5
Inflation in 1778 2.90%
Inflation in 1779 -8.45%


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


How to Calculate Inflation Rate for £100, 1778 to 1779

This inflation calculator uses the following inflation rate formula:

CPI in 1779CPI in 1778
×
1778 GBP value
=
1779 GBP value

Then plug in historical CPI values. The UK CPI was 7.1 in the year 1778 and 6.5 in 1779:

6.57.1
×
£100
=
£91.55

£100 in 1778 has the same "purchasing power" or "buying power" as £91.55 in 1779.

To get the total inflation rate for the 1 years between 1778 and 1779, we use the following formula:

CPI in 1779 - CPI in 1778CPI in 1778
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

6.5 - 7.17.1
×
100
=
-8%

News headlines from 1778

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

  • Discovery of Maui in Hawaii (then Sandwich Islands) by Captain James Cook
  • Louis XVI, King of France, declares war on Great Britain
  • First U.S. treaty is signed in Paris, meaning that the French officially recognise the U.S. as a nation.

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: “Inflation Rate in 1779 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 17 Oct. 2018, https://www.officialdata.org/UK-inflation-rate-in-1779.

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


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