The composite price index (CPI) in 1779 was 6.5. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics, the pound experienced an average inflation rate of 2.17% per year. Prices in 2017 are 16290.0% higher than prices in 1779.

In other words, £1 in the year 1779 is equivalent to £163.90 in 2017, a difference of £162.90 over 238 years.

The
current inflation rate
in 2017 is 2.70%^{1}. If this number holds, £1 today will be equivalent to £1.03 next year.

Cumulative price change | 16289.97% |

Average inflation rate | 2.17% |

Price difference (£1 base) | £162.90 |

CPI in 1779 | 6.5 |

CPI in 2017 | 1065.34818 |

CPI in 2017 / CPI in 1779 * 1779 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 6.5 in the year 1779 and 1065.34818 in 2017:

1065.34818 / 6.5 * £1 =

£1 in 1779 has the same "purchasing power" as £163.90 in 2017.

Politics and news often play an important role in economic performance.

- United States establishes the Army Corps of Engineers
- Captain James Cook makes the last notation in the Discovery ship's log book.
- Ching-Thang Khomba becomes King of Manipur after coronation.

**
Inflation Data Source:
**
This calculator uses 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.