UK inflation rate in 1962: 4.33%

UK Inflation Calculator

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Inflation in 1962 and Its Effect on Pound Value

Purchasing power decreased by 4.33% in 1962 compared to the previous year, 1961. On average, you would have to spend 4.33% more money in 1962 than in 1961 for the same item.

In other words, £100 in 1961 is equivalent in purchasing power to £104.33 in 1962.

The 1961 inflation rate was 3.46%. The inflation rate in 1962 was 4.33%. The 1962 inflation rate is lower compared to the average inflation rate of 5.56% per year between 1962 and 2018.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1962 was 53. It was 50.8 in the previous year, 1961. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.


Inflation from 1961 to 1962
Average inflation rate 4.33%
Converted amount (£100 base) £104.33
Price difference (£100 base) £4.33
CPI in 1961 50.8
CPI in 1962 53
Inflation in 1961 3.46%
Inflation in 1962 4.33%


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


How to Calculate Inflation Rate for £100, 1961 to 1962

This inflation calculator uses the following inflation rate formula:

CPI in 1962CPI in 1961
×
1961 GBP value
=
1962 GBP value

Then plug in historical CPI values. The UK CPI was 50.8 in the year 1961 and 53 in 1962:

5350.8
×
£100
=
£104.33

£100 in 1961 has the same "purchasing power" or "buying power" as £104.33 in 1962.

To get the total inflation rate for the 1 years between 1961 and 1962, we use the following formula:

CPI in 1962 - CPI in 1961CPI in 1961
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

53 - 50.850.8
×
100
=
4%

News headlines from 1961

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

  • A dog named Chernushka, frogs, and a guinea pig orbit the Earth in the Soviet flight Sputnik 9.
  • Nelson Mandela is acquitted of treason after a four-and-a-half year trial.

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 1962 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 22 Oct. 2018, https://www.officialdata.org/UK-inflation-rate-in-1962.

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


» Read more about inflation.