£1,496,874 in 1967 is worth £26,467,840.20 in 2018

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Value of £1,496,874 from 1967 to 2018

According to the Office for National Statistics composite price index, prices in 2018 are 1,668.21% higher than average prices since 1967. The British pound experienced an average inflation rate of 5.79% per year during this period, causing the real value of a pound to decrease.

In other words, £1,496,874 in 1967 is equivalent in purchasing power to about £26,467,840.20 in 2018, a difference of £24,970,966.20 over 51 years.

The 1967 inflation rate was 2.64%. The inflation rate in 2018 was 2.48%. The 2018 inflation rate is higher compared to the average inflation rate of 1.65% per year between 2018 and 2020.


Inflation from 1967 to 2018
Cumulative price change 1,668.21%
Average inflation rate 5.79%
Converted amount (£1,496,874 base) £26,467,840.20
Price difference (£1,496,874 base) £24,970,966.20
CPI in 1967 62.300
CPI in 2018 1,101.593
Inflation in 1967 2.64%
Inflation in 2018 2.48%

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

Buying power of £1,496,874 in 1967

This chart shows a calculation of buying power equivalence for £1,496,874 in 1967 (price index tracking began in 1750).

For example, if you started with £1,496,874, you would need to end with £26,467,840.20 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1,496,874 is equivalent to £26,467,840.20 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 1967 dollars, the chart below shows how £1,496,874 is worth less over 51 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:

Pound inflation: 1967-2018
Year Pound Value Inflation Rate
1967 £1,496,874.00 2.64%
1968 £1,566,551.92 4.65%
1969 £1,650,645.97 5.37%
1970 £1,756,364.20 6.40%
1971 £1,922,149.60 9.44%
1972 £2,059,102.76 7.13%
1973 £2,246,512.34 9.10%
1974 £2,606,915.39 16.04%
1975 £3,238,822.07 24.24%
1976 £3,774,621.27 16.54%
1977 £4,372,890.34 15.85%
1978 £4,735,696.07 8.30%
1979 £5,370,005.44 13.39%
1980 £6,335,885.61 17.99%
1981 £7,087,926.65 11.87%
1982 £7,698,209.14 8.61%
1983 £8,051,404.13 4.59%
1984 £8,452,652.86 4.98%
1985 £8,966,827.88 6.08%
1986 £9,271,969.13 3.40%
1987 £9,658,801.73 4.17%
1988 £10,132,131.07 4.90%
1989 £10,920,212.41 7.78%
1990 £11,953,367.82 9.46%
1991 £12,654,952.42 5.87%
1992 £13,128,281.76 3.74%
1993 £13,337,315.53 1.59%
1994 £13,659,275.59 2.41%
1995 £14,132,604.92 3.47%
1996 £14,473,786.48 2.41%
1997 £14,927,894.32 3.14%
1998 £15,439,666.65 3.43%
1999 £15,677,532.66 1.54%
2000 £16,141,251.26 2.96%
2001 £16,427,171.01 1.77%
2002 £16,701,077.33 1.67%
2003 £17,184,017.41 2.89%
2004 £17,695,789.74 2.98%
2005 £18,195,548.64 2.82%
2006 £18,776,998.89 3.20%
2007 £19,581,899.04 4.29%
2008 £20,362,772.31 3.99%
2009 £20,254,651.40 -0.53%
2010 £21,189,296.64 4.61%
2011 £22,292,129.97 5.20%
2012 £23,008,130.70 3.21%
2013 £23,707,312.61 3.04%
2014 £24,267,138.68 2.36%
2015 £24,507,407.38 0.99%
2016 £24,932,682.98 1.74%
2017 £25,826,482.55 3.58%
2018 £26,467,840.20 2.48%
2019 £26,944,261.32 1.80%
2020 £27,348,425.24 1.50%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 45 more rows

This conversion table shows various other 1967 amounts in 2018 pounds, based on the 1,668.21% change in prices:

Conversion Table: Value of a pound in 2018
Initial value Equivalent value
£1 pound in 1967 £17.68 pounds in 2018
£5 pounds in 1967 £88.41 pounds in 2018
£10 pounds in 1967 £176.82 pounds in 2018
£50 pounds in 1967 £884.10 pounds in 2018
£100 pounds in 1967 £1,768.21 pounds in 2018
£500 pounds in 1967 £8,841.04 pounds in 2018
£1,000 pounds in 1967 £17,682.08 pounds in 2018
£5,000 pounds in 1967 £88,410.38 pounds in 2018
£10,000 pounds in 1967 £176,820.76 pounds in 2018
£50,000 pounds in 1967 £884,103.81 pounds in 2018
£100,000 pounds in 1967 £1,768,207.62 pounds in 2018
£500,000 pounds in 1967 £8,841,038.12 pounds in 2018
£1,000,000 pounds in 1967 £17,682,076.24 pounds in 2018

How to Calculate Inflation Rate for £1,496,874, 1967 to 2018

Our calculations use the following inflation rate formula to calculate the change in value between 1967 and 2018:

CPI in 2018 CPI in 1967
×
1967 GBP value
=
2018 GBP value

Then plug in historical CPI values. The U.K. CPI was 62.3 in the year 1967 and 1101.59335 in 2018:

1101.5933562.3
×
£1,496,874
=
£26,467,840.20

£1,496,874 in 1967 has the same "purchasing power" or "buying power" as £26,467,840.20 in 2018.

To get the total inflation rate for the 51 years between 1967 and 2018, we use the following formula:

CPI in 2018 - CPI in 1967CPI in 1967
×
100
=
Cumulative inflation rate (51 years)

Plugging in the values to this equation, we get:

1101.59335 - 62.362.3
×
100
=
1,668%

News headlines from 1967

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

  • The largest US airborne assault since WWII occurs in Vietnam, known as Operation Junction City: 25,000 United States and South Vietnamese troops attack the Viet Cong.
  • The world's first ATM machine is installed in London.
  • The 6-day War begins between Israel and the Arabs.

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: “£1,496,874 in 1967 → 2018 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 Nov. 2020, https://www.officialdata.org/1967-GBP-in-2018?amount=1496874.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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


Ian Webster

About the author

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.

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Inflation from 1967 to 2018
Cumulative price change 1,668.21%
Average inflation rate 5.79%
Converted amount (£1,496,874 base) £26,467,840.20
Price difference (£1,496,874 base) £24,970,966.20
CPI in 1967 62.300
CPI in 2018 1,101.593
Inflation in 1967 2.64%
Inflation in 2018 2.48%