£380 in 1978 is worth £2,128.31 in 2018

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Value of £380 from 1978 to 2018

£380 in 1978 is equivalent in purchasing power to about £2,128.31 in 2018, an increase of £1,748.31 over 40 years. The pound had an average inflation rate of 4.40% per year between 1978 and 2018, producing a cumulative price increase of 460.08%.

This means that prices in 2018 are 5.60 times higher than average prices since 1978, according to the Office for National Statistics composite price index.

The 1978 inflation rate was 8.30%. The inflation rate in 2018 was 2.70%. The 2018 inflation rate is higher compared to the average inflation rate of 1.66% per year between 2018 and 2021.


Inflation from 1978 to 2018
Cumulative price change 460.08%
Average inflation rate 4.40%
Converted amount (£380 base) £2,128.31
Price difference (£380 base) £1,748.31
CPI in 1978 197.100
CPI in 2018 1,103.922
Inflation in 1978 8.30%
Inflation in 2018 2.70%
£380 in 1978 £2,128.31 in 2018

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

Buying power of £380 in 1978

This chart shows a calculation of buying power equivalence for £380 in 1978 (price index tracking began in 1750).

For example, if you started with £380, you would need to end with £2,128.31 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £380 is equivalent to £2,128.31 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 1978 dollars, the chart below shows how £380 is worth less over 40 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: 1978-2018
Year Pound Value Inflation Rate
1978 £380.00 8.30%
1979 £430.90 13.39%
1980 £508.40 17.99%
1981 £568.75 11.87%
1982 £617.72 8.61%
1983 £646.06 4.59%
1984 £678.25 4.98%
1985 £719.51 6.08%
1986 £744.00 3.40%
1987 £775.04 4.17%
1988 £813.02 4.90%
1989 £876.26 7.78%
1990 £959.16 9.46%
1991 £1,015.45 5.87%
1992 £1,053.43 3.74%
1993 £1,070.21 1.59%
1994 £1,096.04 2.41%
1995 £1,134.02 3.47%
1996 £1,161.40 2.41%
1997 £1,197.84 3.14%
1998 £1,238.90 3.43%
1999 £1,257.99 1.54%
2000 £1,295.20 2.96%
2001 £1,318.14 1.77%
2002 £1,340.12 1.67%
2003 £1,378.87 2.89%
2004 £1,419.94 2.98%
2005 £1,460.04 2.82%
2006 £1,506.70 3.20%
2007 £1,571.28 4.29%
2008 £1,633.94 3.99%
2009 £1,625.27 -0.53%
2010 £1,700.26 4.61%
2011 £1,788.76 5.20%
2012 £1,846.21 3.21%
2013 £1,902.31 3.04%
2014 £1,947.23 2.36%
2015 £1,966.51 0.99%
2016 £2,000.64 1.74%
2017 £2,072.36 3.58%
2018 £2,128.31 2.70%
2019 £2,181.52 2.50%
2020 £2,220.79 1.80%
2021 £2,236.33 0.70%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 34 more rows

This conversion table shows various other 1978 amounts in 2018 pounds, based on the 460.08% change in prices:

Conversion: 1978 pounds in 2018
Initial value Equivalent value
£1 pound in 1978 £5.60 pounds in 2018
£5 pounds in 1978 £28.00 pounds in 2018
£10 pounds in 1978 £56.01 pounds in 2018
£50 pounds in 1978 £280.04 pounds in 2018
£100 pounds in 1978 £560.08 pounds in 2018
£500 pounds in 1978 £2,800.41 pounds in 2018
£1,000 pounds in 1978 £5,600.82 pounds in 2018
£5,000 pounds in 1978 £28,004.12 pounds in 2018
£10,000 pounds in 1978 £56,008.23 pounds in 2018
£50,000 pounds in 1978 £280,041.17 pounds in 2018
£100,000 pounds in 1978 £560,082.34 pounds in 2018
£500,000 pounds in 1978 £2,800,411.72 pounds in 2018
£1,000,000 pounds in 1978 £5,600,823.44 pounds in 2018

How to Calculate Inflation Rate for £380, 1978 to 2018

Our calculations use the following inflation rate formula to calculate the change in value between 1978 and 2018:

CPI in 2018 CPI in 1978
×
1978 GBP value
=
2018 GBP value

Then plug in historical CPI values. The U.K. CPI was 197.1 in the year 1978 and 1103.9223 in 2018:

1103.9223197.1
×
£380
=
£2,128.31

£380 in 1978 has the same "purchasing power" or "buying power" as £2,128.31 in 2018.

To get the total inflation rate for the 40 years between 1978 and 2018, we use the following formula:

CPI in 2018 - CPI in 1978CPI in 1978
×
100
=
Cumulative inflation rate (40 years)

Plugging in the values to this equation, we get:

1103.9223 - 197.1197.1
×
100
=
460%

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: “£380 in 1978 → 2018 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 14 May. 2021, https://www.officialdata.org/1978-GBP-in-2018?amount=380.

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 1978 to 2018
Cumulative price change 460.08%
Average inflation rate 4.40%
Converted amount (£380 base) £2,128.31
Price difference (£380 base) £1,748.31
CPI in 1978 197.100
CPI in 2018 1,103.922
Inflation in 1978 8.30%
Inflation in 2018 2.70%
£380 in 1978 £2,128.31 in 2018