U.K. inflation rate in 1975: 24.24%

£

Inflation in 1975 and its effect on pound value

£1 in 1974 is equivalent in purchasing power to about £1.24 in 1975. The pound had an average inflation rate of 24.24% per year between 1974 and 1975, producing a cumulative price increase of 24.24%. Purchasing power decreased by 24.24% in 1975 compared to 1974. On average, you would have to spend 24.24% more money in 1975 than in 1974 for the same item.

This means that prices in 1975 are 1.24 times as high as average prices since 1974, according to the Office for National Statistics composite price index.

The inflation rate in 1974 was 16.04%. The inflation rate in 1975 was 24.24%. The 1975 inflation rate is higher compared to the average inflation rate of 4.92% per year between 1975 and 2024.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1975 was 134.80. It was 108.50 in the previous year, 1974. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃
Inflation from 1974 to 1975
Average inflation rate24.24%
Converted amount
£1 base		£1.24
Price difference
£1 base		£0.24
CPI in 1974108.500
CPI in 1975134.800
Inflation in 197416.04%
Inflation in 197524.24%
£1 in 1974£1.24 in 1975
Recent GBP inflation
Annual Rate, the Office for National Statistics CPI
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How to calculate inflation rate for £1, 1974 to 1975

Our calculations use the following inflation rate formula to calculate the change in value between 1974 and 1975:

CPI in 1975 CPI in 1974
×
1974 GBP value
=
1975 GBP value

Then plug in historical CPI values. The U.K. CPI was 108.5 in the year 1974 and 134.8 in 1975:

134.8108.5
×
£1
=
£1.24

£1 in 1974 has the same "purchasing power" or "buying power" as £1.24 in 1975.

To get the total inflation rate for the 1 years between 1974 and 1975, we use the following formula:

CPI in 1975 - CPI in 1974CPI in 1974
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

134.8 - 108.5108.5
×
100
=
24%

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 1975 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 9 Dec. 2024, https://www.officialdata.org/UK-inflation-rate-in-1975.

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 1974 to 1975
Average inflation rate24.24%
Converted amount
£1 base		£1.24
Price difference
£1 base		£0.24
CPI in 1974108.500
CPI in 1975134.800
Inflation in 197416.04%
Inflation in 197524.24%
£1 in 1974£1.24 in 1975