£

£1 in 1965 → £1.07 in 1967

U.K. Inflation Rate, £1 in 1965 to 1967

According to the Office for National Statistics composite price index, prices in 1967 are 6.68% higher than average prices since 1965. The British pound experienced an average inflation rate of 3.29% per year during this period, meaning the real value of a pound decreased.

In other words, £1 in 1965 is equivalent in purchasing power to about £1.07 in 1967, a difference of £0.07 over 2 years.

The 1965 inflation rate was 4.66%. The inflation rate in 1967 was 2.64%. The 1967 inflation rate is lower compared to the average inflation rate of 5.63% per year between 1967 and 2020.

 Cumulative price change 6.68% Average inflation rate 3.29% Converted amount (£1 base) £1.07 Price difference (£1 base) £0.07 CPI in 1965 58.400 CPI in 1967 62.300 Inflation in 1965 4.66% Inflation in 1967 2.64%

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

Buying power of £1 in 1965

This chart shows a calculation of buying power equivalence for £1 in 1965 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.07 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.07 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1965 dollars, the chart below shows how £1 buys less over the past 2 years.

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Year Pound Value Inflation Rate
1965 £1.00 4.66%
1966 £1.04 3.94%
1967 £1.07 2.64%
1968 £1.12 4.65%
1969 £1.18 5.37%
1970 £1.25 6.40%
1971 £1.37 9.44%
1972 £1.47 7.13%
1973 £1.60 9.10%
1974 £1.86 16.04%
1975 £2.31 24.24%
1976 £2.69 16.54%
1977 £3.12 15.85%
1978 £3.38 8.30%
1979 £3.83 13.39%
1980 £4.52 17.99%
1981 £5.05 11.87%
1982 £5.49 8.61%
1983 £5.74 4.59%
1984 £6.02 4.98%
1985 £6.39 6.08%
1986 £6.61 3.40%
1987 £6.88 4.17%
1988 £7.22 4.90%
1989 £7.78 7.78%
1990 £8.52 9.46%
1991 £9.02 5.87%
1992 £9.36 3.74%
1993 £9.51 1.59%
1994 £9.73 2.41%
1995 £10.07 3.47%
1996 £10.32 2.41%
1997 £10.64 3.14%
1998 £11.00 3.43%
1999 £11.17 1.54%
2000 £11.50 2.96%
2001 £11.71 1.77%
2002 £11.90 1.67%
2003 £12.25 2.89%
2004 £12.61 2.98%
2005 £12.97 2.82%
2006 £13.38 3.20%
2007 £13.96 4.29%
2008 £14.51 3.99%
2009 £14.43 -0.53%
2010 £15.10 4.61%
2011 £15.89 5.20%
2012 £16.40 3.21%
2013 £16.90 3.04%
2014 £17.29 2.36%
2015 £17.47 0.99%
2016 £17.77 1.74%
2017 £18.41 3.58%
2018 £18.86 2.48%
2019 £19.20 1.80%
2020 £19.49 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1965 to 1967

This inflation calculator uses the following inflation rate formula:

CPI in 1967CPI in 1965
×
1965 GBP value
=
1967 GBP value

Then plug in historical CPI values. The U.K. CPI was 58.4 in the year 1965 and 62.3 in 1967:

62.358.4
×
£1
=
£1.07

£1 in 1965 has the same "purchasing power" or "buying power" as £1.07 in 1967.

To get the total inflation rate for the 2 years between 1965 and 1967, we use the following formula:

CPI in 1967 - CPI in 1965CPI in 1965
×
100
=
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

62.3 - 58.458.4
×
100
=
7%

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

• Aleksei Leonov, a Soviet cosmonaut, makes the first Spacewalk, when he leaves the Hos spacecraft for 12 minutes.
• Winston Churchill, is given the largest state funeral ever, it takes place in St Paul's Cathedral, London.
• The Supreme Court legalises the use of contraception by married couples.
• France becomes the third nation in space, after launching its first satellite.
• Lyndon B. Johnson, US President, signs the Voting Rights Act, making voting discrimination against minorities illegal.

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 1965 → 1967 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 22 Jan. 2020, https://www.officialdata.org/1965-GBP-in-1967?amount=1.

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

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

 Cumulative price change 6.68% Average inflation rate 3.29% Converted amount (£1 base) £1.07 Price difference (£1 base) £0.07 CPI in 1965 58.400 CPI in 1967 62.300 Inflation in 1965 4.66% Inflation in 1967 2.64%