£1 in 1770 is equivalent in purchasing power to about £1.21 in 1774, an increase of £0.21 over 4 years. The pound had an average inflation rate of 4.87% per year between 1770 and 1774, producing a cumulative price increase of 20.97%.

This means that prices in 1774 are 1.21 times higher than average prices since 1770, according to the Office for National Statistics composite price index.

The inflation rate in 1770 was 0.00%. The inflation rate in 1774 was 1.35%. The 1774 inflation rate is lower compared to the average inflation rate of 2.09% per year between 1774 and 2022.

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Cumulative price change | 20.97% |

Average inflation rate | 4.87% |

Converted amount (£1 base) | £1.21 |

Price difference (£1 base) | £0.21 |

CPI in 1770 | 6.200 |

CPI in 1774 | 7.500 |

Inflation in 1770 | 0.00% |

Inflation in 1774 | 1.35% |

£1 in 1770 | £1.21 in 1774 |

This chart shows a calculation of buying power equivalence for £1 in 1770 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.21 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.21 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 1770 dollars, the chart below shows how £1 is worth less over 4 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:

This conversion table shows various other 1770 amounts in 1774 pounds, based on the 20.97% change in prices:

Initial value | Equivalent value |
---|---|

£1 pound in 1770 | £1.21 pounds in 1774 |

£5 pounds in 1770 | £6.05 pounds in 1774 |

£10 pounds in 1770 | £12.10 pounds in 1774 |

£50 pounds in 1770 | £60.48 pounds in 1774 |

£100 pounds in 1770 | £120.97 pounds in 1774 |

£500 pounds in 1770 | £604.84 pounds in 1774 |

£1,000 pounds in 1770 | £1,209.68 pounds in 1774 |

£5,000 pounds in 1770 | £6,048.39 pounds in 1774 |

£10,000 pounds in 1770 | £12,096.77 pounds in 1774 |

£50,000 pounds in 1770 | £60,483.87 pounds in 1774 |

£100,000 pounds in 1770 | £120,967.74 pounds in 1774 |

£500,000 pounds in 1770 | £604,838.71 pounds in 1774 |

£1,000,000 pounds in 1770 | £1,209,677.42 pounds in 1774 |

Our calculations use the following inflation rate formula to calculate the change in value between 1770 and 1774:

CPI in 1774 CPI in 1770

×

1770 GBP value

=

1774 GBP value

Then plug in historical CPI values. The U.K. CPI was 6.2 in the year 1770 and 7.5 in 1774:

7.56.2

×

£1

=

£1 in 1770 has the same "purchasing power" or "buying power" as £1.21 in 1774.

To get the total inflation rate for the 4 years between 1770 and 1774, we use the following formula:

CPI in 1774 - CPI in 1770CPI in 1770

×

100

=

Plugging in the values to this equation, we get:

7.5 - 6.26.2

×

100

=

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 1770 → 1774 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 30 Sep. 2022, https://www.officialdata.org/uk/inflation/1770?amount=1&endYear=1774.

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.

Cumulative price change | 20.97% |

Average inflation rate | 4.87% |

Converted amount (£1 base) | £1.21 |

Price difference (£1 base) | £0.21 |

CPI in 1770 | 6.200 |

CPI in 1774 | 7.500 |

Inflation in 1770 | 0.00% |

Inflation in 1774 | 1.35% |

£1 in 1770 | £1.21 in 1774 |