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# £1 in 1780 → £1.03 in 1779

### U.K. Inflation Rate, £1 in 1780 to 1779

According to the Office for National Statistics composite price index, prices in 1779 are 3.17% higher than average prices since 1780. The British pound experienced an average deflation rate of -3.08% per year during this period, meaning the real value of a pound increased.

In other words, £1 in 1780 is equivalent in purchasing power to about £1.03 in 1779.

The 1779 inflation rate was -8.45%. The inflation rate in 1780 was -3.08%. The 1780 inflation rate is lower compared to the average inflation rate of 2.19% per year between 1780 and 2020.

 Average inflation rate -3.08% Converted amount (£1 base) £1.03 Price difference (£1 base) £0.03 CPI in 1780 6.300 CPI in 1779 6.500 Inflation in 1779 -8.45% Inflation in 1780 -3.08%

GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI

### How to Calculate Inflation Rate for £1, 1779 to 1780

This inflation calculator uses the following inflation rate formula:

CPI in 1779CPI in 1780
×
1780 GBP value
=
1779 GBP value

Then plug in historical CPI values. The U.K. CPI was 6.3 in the year 1780 and 6.5 in 1779:

6.56.3
×
£1
=
£1.03

£1 in 1780 has the same "purchasing power" or "buying power" as £1.03 in 1779.

To get the total inflation rate for the 1 years between 1779 and 1780, we use the following formula:

CPI in 1779 - CPI in 1780CPI in 1780
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

6.5 - 6.36.3
×
100
=
3%

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

• The Danish national anthem, Kong Christian, is sung for the first time.
• Pennsylvania abolishes slavery, for new born children.
• British Gazette and Sunday Monitor become the first British Sunday newspaper
• 1781 William Hershel, discovers Uranus, he originally thought it was a comet.
• Forty-four Spanish speaking mestizos found the city of Los Angeles in the Bay of Smokes (Bahia de las Fumas)
• General Cornwallis surrenders at Yorktown,,ending the United States Revolutionary War.

### 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: “£1 in 1780 → 1779 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 24 Jan. 2020, https://www.officialdata.org/1780-GBP-in-1779?amount=1.