UK inflation rate in 1977: 15.85%

UK Inflation Calculator

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Inflation in 1977 and Its Effect on Pound Value

Purchasing power decreased by 15.85% in 1977 compared to the previous year, 1976. On average, you would have to spend 15.85% more money in 1977 than in 1976 for the same item.

In other words, £100 in 1976 is equivalent in purchasing power to £115.85 in 1977.

The 1976 inflation rate was 16.54%. The inflation rate in 1977 was 15.85%. The 1977 inflation rate is higher compared to the average inflation rate of 4.48% per year between 1977 and 2018.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1977 was 182. It was 157.1 in the previous year, 1976. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.


Inflation from 1976 to 1977
Average inflation rate 15.85%
Converted amount (£100 base) £115.85
Price difference (£100 base) £15.85
CPI in 1976 157.1
CPI in 1977 182
Inflation in 1976 16.54%
Inflation in 1977 15.85%


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


How to Calculate Inflation Rate for £100, 1976 to 1977

This inflation calculator uses the following inflation rate formula:

CPI in 1977CPI in 1976
×
1976 GBP value
=
1977 GBP value

Then plug in historical CPI values. The UK CPI was 157.1 in the year 1976 and 182 in 1977:

182157.1
×
£100
=
£115.85

£100 in 1976 has the same "purchasing power" or "buying power" as £115.85 in 1977.

To get the total inflation rate for the 1 years between 1976 and 1977, we use the following formula:

CPI in 1977 - CPI in 1976CPI in 1976
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

182 - 157.1157.1
×
100
=
16%

News headlines from 1976

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

  • Steve Jobs and Stebe Wozniak invent the Apple Computer in Job's parents' garage.
  • The US Viking 1 lands on Mars, becoming the first man-built object on the Red Planet.
  • Osvaldo Dorticos Torrado is replaced as Cuban President by Fidel Castro.

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 1977 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 Oct. 2018, https://www.officialdata.org/UK-inflation-rate-in-1977.

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


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