U.K. inflation rate in 1971: 9.44%

£

Inflation in 1971 and its effect on pound value

£1 in 1970 is equivalent in purchasing power to about £1.09 in 1971. The pound had an average inflation rate of 9.44% per year between 1970 and 1971, producing a cumulative price increase of 9.44%. Purchasing power decreased by 9.44% in 1971 compared to 1970. On average, you would have to spend 9.44% more money in 1971 than in 1970 for the same item.

This means that prices in 1971 are 1.09 times as high as average prices since 1970, according to the Office for National Statistics composite price index.

The inflation rate in 1970 was 6.40%. The inflation rate in 1971 was 9.44%. The 1971 inflation rate is higher compared to the average inflation rate of 5.57% per year between 1971 and 2024.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1971 was 80.00. It was 73.10 in the previous year, 1970. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃
Inflation from 1970 to 1971
Average inflation rate9.44%
Converted amount
£1 base		£1.09
Price difference
£1 base		£0.09
CPI in 197073.100
CPI in 197180.000
Inflation in 19706.40%
Inflation in 19719.44%
£1 in 1970£1.09 in 1971
Recent GBP inflation
Annual Rate, the Office for National Statistics CPI
Download

How to calculate inflation rate for £1, 1970 to 1971

Our calculations use the following inflation rate formula to calculate the change in value between 1970 and 1971:

CPI in 1971 CPI in 1970
×
1970 GBP value
=
1971 GBP value

Then plug in historical CPI values. The U.K. CPI was 73.1 in the year 1970 and 80 in 1971:

8073.1
×
£1
=
£1.09

£1 in 1970 has the same "purchasing power" or "buying power" as £1.09 in 1971.

To get the total inflation rate for the 1 years between 1970 and 1971, we use the following formula:

CPI in 1971 - CPI in 1970CPI in 1970
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

80 - 73.173.1
×
100
=
9%

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 the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “Inflation Rate in 1971 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 4 Dec. 2024, https://www.officialdata.org/UK-inflation-rate-in-1971.

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 1970 to 1971
Average inflation rate9.44%
Converted amount
£1 base		£1.09
Price difference
£1 base		£0.09
CPI in 197073.100
CPI in 197180.000
Inflation in 19706.40%
Inflation in 19719.44%
£1 in 1970£1.09 in 1971