UK Inflation Calculator
Inflation in 1983 and Its Effect on Pound Value
Purchasing power decreased by 4.59% in 1983 compared to the previous year, 1982. On average, you would have to spend 4.59% more money in 1983 than in 1982 for the same item.
In other words, £1 in 1982 is equivalent in purchasing power to £1.05 in 1983.
The 1982 inflation rate was 8.61%. The inflation rate in 1983 was 4.59%. The 1983 inflation rate is higher compared to the average inflation rate of 3.45% per year between 1983 and 2018.
Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1983 was 335.1. It was 320.4 in the previous year, 1982. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.
⌃
| Average inflation rate | 4.59% |
| Converted amount (£1 base) | £1.05 |
| Price difference (£1 base) | £0.05 |
| CPI in 1982 | 320.400 |
| CPI in 1983 | 335.100 |
| Inflation in 1982 | 8.61% |
| Inflation in 1983 | 4.59% |
How to Calculate Inflation Rate for £1, 1982 to 1983
This inflation calculator uses the following inflation rate formula:
CPI in 1983CPI in 1982
×
1982 GBP value
=
1983 GBP value
Then plug in historical CPI values. The UK CPI was 320.4 in the year 1982 and 335.1 in 1983:
335.1320.4
×
£1
=
£1.05
£1 in 1982 has the same "purchasing power" or "buying power" as £1.05 in 1983.
To get the total inflation rate for the 1 years between 1982 and 1983, we use the following formula:
CPI in 1983 - CPI in 1982CPI in 1982
×
100
=
Cumulative inflation rate (1 years)
Plugging in the values to this equation, we get:
335.1 - 320.4320.4
×
100
=
5%
News headlines from 1982
Politics and news often influence economic performance. Here's what was happening at the time:
- The Falkland Islands are seized from Great Britain by several thousand Argentine troops.
- Canada's constitution is adopted.
- The General Belgrano, an Argentine cruiser is sunk by Conqueror, a British Submarine; more than 350 men are killed
- Argentina surrenders to Great Britain ending the Falklands conflict.
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 1983 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 16 Dec. 2018, https://www.officialdata.org/UK-inflation-rate-in-1983.
in2013dollars.com is a reference website maintained by the Official Data Foundation.