UK inflation rate in 1962: 4.33%

UK Inflation Calculator


UK Inflation Rate, 1962-2017 (£1)

The composite price index (CPI) in 1962 was 53. 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 5.61% per year. Prices in 2017 are 1910.1% higher than prices in 1962.

In other words, £1 in the year 1962 is equivalent to £20.10 in 2017, a difference of £19.10 over 55 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.

Inflation from 1962 to 2017
Cumulative price change 1910.09%
Average inflation rate 5.61%
Price difference (£1 base) £19.10
CPI in 1962 53
CPI in 2017 1065.34818

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

How to calculate the inflation rate for £1 since 1962

Start with the inflation rate formula:

CPI in 2017 / CPI in 1962 * 1962 GBP value = 2017 GBP value

Then plug in historical CPI values. The UK CPI was 53 in the year 1962 and 1065.34818 in 2017:

1065.34818 / 53 * £1 = £20.10

The "purchasing power" of £1 from 1962 is £20.10 in 2017.

News headlines from 1962

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

  • The second Vatican Council is convened by Pope John XXIII.
  • The American President, Kennedy, orders the naval blockade of Cuba marking the beginning of the missile crisis.
  • The Cuban missile crisis also known as Black Saturday begins.

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.

» Read more about inflation.