UK inflation rate in 1977: 15.85%

UK Inflation Calculator

£

UK Inflation Rate, 1977-2018 (£1)

The composite price index (CPI) in 1977 was 182. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 4.48% per year. Prices in 2018 are 502.5% higher than prices in 1977.

In other words, £1 in the year 1977 is equivalent in purchasing power to £6.03 in 2018, a difference of £5.03 over 41 years.

The current inflation rate in 2018 is 3.10%1. If this number holds, £1 today will be equivalent to £1.03 next year.

Inflation from 1977 to 2018
Cumulative price change 502.52%
Average inflation rate 4.48%
Price difference (£1 base) £5.03
CPI in 1977 182
CPI in 2018 1096.59148


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


How to calculate the inflation rate for £1 since 1977

Start with the inflation rate formula:

CPI in 2018 / CPI in 1977 * 1977 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 182 in the year 1977 and 1096.59148 in 2018:

1096.59148 / 182 * £1 = £6.03

£1 in 1977 has the same "purchasing power" as £6.03 in 2018.


News headlines from 1977

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

  • Apple Computer incorperated by Steve Jobs, Steve Wozniak, and Ronald Wayne.
  • The Hindu Kubh Mela gathered 15,000,000 people, making it (at the time) the biggest crowd gathering in history.
  • First Apple II computers are shipped.
  • The last Guillotine execution was performed on Hamida Djandoubi, convicted torturer and murderer.

Inflation Data Source

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 1977 | UK Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 21 Jan. 2018, http://www.in2013dollars.com/UK-inflation-rate-in-1977.


» Read more about inflation.