£1 in 1970 → £1.48 in 1974

UK Inflation Calculator

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£1 in 1970 → £1.48 in 1974

UK Inflation Rate, £1 in 1970 to 1974

According to the Office for National Statistics composite price index, prices in 1974 are 48.43% higher than average prices throughout 1970. The pound experienced an average inflation rate of 10.38% per year during this period, meaning the real value of a dollar decreased.

In other words, £1 in 1970 is equivalent in purchasing power to about £1.48 in 1974, a difference of £0.48 over 4 years.

The 1970 inflation rate was 6.40%. The inflation rate in 1974 was 16.04%. The 1974 inflation rate is higher compared to the average inflation rate of 5.33% per year between 1974 and 2019.


Inflation from 1970 to 1974
Cumulative price change 48.43%
Average inflation rate 10.38%
Converted amount (£1 base) £1.48
Price difference (£1 base) £0.48
CPI in 1970 73.100
CPI in 1974 108.500
Inflation in 1970 6.40%
Inflation in 1974 16.04%

UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.


Buying power of £1 in 1970

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £1 in 1970 (price index tracking began in 1750).

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
1970 £1.00 6.40%
1971 £1.09 9.44%
1972 £1.17 7.13%
1973 £1.28 9.10%
1974 £1.48 16.04%
1975 £1.84 24.24%
1976 £2.15 16.54%
1977 £2.49 15.85%
1978 £2.70 8.30%
1979 £3.06 13.39%
1980 £3.61 17.99%
1981 £4.04 11.87%
1982 £4.38 8.61%
1983 £4.58 4.59%
1984 £4.81 4.98%
1985 £5.11 6.08%
1986 £5.28 3.40%
1987 £5.50 4.17%
1988 £5.77 4.90%
1989 £6.22 7.78%
1990 £6.81 9.46%
1991 £7.21 5.87%
1992 £7.47 3.74%
1993 £7.59 1.59%
1994 £7.78 2.41%
1995 £8.05 3.47%
1996 £8.24 2.41%
1997 £8.50 3.14%
1998 £8.79 3.43%
1999 £8.93 1.54%
2000 £9.19 2.96%
2001 £9.35 1.77%
2002 £9.51 1.67%
2003 £9.78 2.89%
2004 £10.08 2.98%
2005 £10.36 2.82%
2006 £10.69 3.20%
2007 £11.15 4.29%
2008 £11.59 3.99%
2009 £11.53 -0.53%
2010 £12.06 4.61%
2011 £12.69 5.20%
2012 £13.10 3.21%
2013 £13.50 3.04%
2014 £13.82 2.36%
2015 £13.95 0.99%
2016 £14.20 1.74%
2017 £14.70 3.58%
2018 £15.07 2.48%
2019 £15.34 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

How to Calculate Inflation Rate for £1, 1970 to 1974

This inflation calculator uses the following inflation rate formula:

CPI in 1974CPI in 1970
×
1970 GBP value
=
1974 GBP value

Then plug in historical CPI values. The UK CPI was 73.1 in the year 1970 and 108.5 in 1974:

108.573.1
×
£1
=
£1.48

£1 in 1970 has the same "purchasing power" or "buying power" as £1.48 in 1974.

To get the total inflation rate for the 4 years between 1970 and 1974, we use the following formula:

CPI in 1974 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

108.5 - 73.173.1
×
100
=
48%

News headlines from 1970

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

  • January 1st, 1970 established as Epoch time for UNIX systems.
  • Rhodesia declares independence and sets up a republican government.
  • Aswan Dam opens in Egypt to prevent flooding of the Nile River.
  • A Palestinian terrorist organization hijacks three aircrafts in an incident that is later known as Black September.

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 1970 → 1974 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 6 Dec. 2019, https://www.officialdata.org/1970-GBP-in-1974?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

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


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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» Read more about inflation and investment.

Inflation from 1970 to 1974
Cumulative price change 48.43%
Average inflation rate 10.38%
Converted amount (£1 base) £1.48
Price difference (£1 base) £0.48
CPI in 1970 73.100
CPI in 1974 108.500
Inflation in 1970 6.40%
Inflation in 1974 16.04%
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