Purchasing power decreased by 13.39% in 1979 compared to 1978. On average, you would have to spend 13.39% more money in 1979 than in 1978 for the same item.
In other words, £1 in 1978 is equivalent in purchasing power to about £1.13 in 1979.
The 1978 inflation rate was 8.30%. The inflation rate in 1979 was 13.39%. The 1979 inflation rate is higher compared to the average inflation rate of 4.11% per year between 1979 and 2019.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1979 was 223.50. It was 197.10 in the previous year, 1978. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
|Average inflation rate||13.39%|
|Converted amount (£1 base)||£1.13|
|Price difference (£1 base)||£0.13|
|CPI in 1978||197.100|
|CPI in 1979||223.500|
|Inflation in 1978||8.30%|
|Inflation in 1979||13.39%|
This inflation calculator uses the following inflation rate formula:
Then plug in historical CPI values. The UK CPI was 197.1 in the year 1978 and 223.5 in 1979:
£1 in 1978 has the same "purchasing power" or "buying power" as £1.13 in 1979.
To get the total inflation rate for the 1 years between 1978 and 1979, we use the following formula:
Plugging in the values to this equation, we get:
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 1979 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 23 May. 2019, https://www.officialdata.org/UK-inflation-rate-in-1979.
Special thanks to QuickChart for providing downloadable chart images.
in2013dollars.com is a reference website maintained by the Official Data Foundation.