£7,000 in 1951 → £218,054.28 in 2019

UK Inflation Calculator

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£7,000 in 1951 → £218,054.28 in 2019

UK Inflation Rate, £7,000 in 1951 to 2019

According to the Office for National Statistics composite price index, today's prices in 2019 are 3,015.06% higher than average prices throughout 1951. The pound experienced an average inflation rate of 5.19% per year during this period, meaning the real value of a dollar decreased.

In other words, £7,000 in 1951 is equivalent in purchasing power to about £218,054.28 in 2019, a difference of £211,054.28 over 68 years.

The 1951 inflation rate was 9.09%. The current inflation rate (2018 to 2019) is now 1.80%1. If this number holds, £7,000 today will be equivalent in buying power to £7,126.00 next year.


Inflation from 1951 to 2019
Cumulative price change 3,015.06%
Average inflation rate 5.19%
Converted amount (£7,000 base) £218,054.28
Price difference (£7,000 base) £211,054.28
CPI in 1951 36.000
CPI in 2019 1,121.422
Inflation in 1951 9.09%
Inflation in 2019 1.80%

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


Buying power of £7,000 in 1951

This chart shows calculation of buying power equivalence, often referred to as "the value of a pound" over time for £7,000 in 1951 (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
1951 £7,000.00 9.09%
1952 £7,641.67 9.17%
1953 £7,875.00 3.05%
1954 £8,030.56 1.98%
1955 £8,380.56 4.36%
1956 £8,808.33 5.10%
1957 £9,119.44 3.53%
1958 £9,411.11 3.20%
1959 £9,450.00 0.41%
1960 £9,547.22 1.03%
1961 £9,877.78 3.46%
1962 £10,305.56 4.33%
1963 £10,500.00 1.89%
1964 £10,850.00 3.33%
1965 £11,355.56 4.66%
1966 £11,802.78 3.94%
1967 £12,113.89 2.64%
1968 £12,677.78 4.65%
1969 £13,358.33 5.37%
1970 £14,213.89 6.40%
1971 £15,555.56 9.44%
1972 £16,663.89 7.13%
1973 £18,180.56 9.10%
1974 £21,097.22 16.04%
1975 £26,211.11 24.24%
1976 £30,547.22 16.54%
1977 £35,388.89 15.85%
1978 £38,325.00 8.30%
1979 £43,458.33 13.39%
1980 £51,275.00 17.99%
1981 £57,361.11 11.87%
1982 £62,300.00 8.61%
1983 £65,158.33 4.59%
1984 £68,405.56 4.98%
1985 £72,566.67 6.08%
1986 £75,036.11 3.40%
1987 £78,166.67 4.17%
1988 £81,997.22 4.90%
1989 £88,375.00 7.78%
1990 £96,736.11 9.46%
1991 £102,413.89 5.87%
1992 £106,244.44 3.74%
1993 £107,936.11 1.59%
1994 £110,541.67 2.41%
1995 £114,372.22 3.47%
1996 £117,133.33 2.41%
1997 £120,808.33 3.14%
1998 £124,950.00 3.43%
1999 £126,875.00 1.54%
2000 £130,627.78 2.96%
2001 £132,941.67 1.77%
2002 £135,158.33 1.67%
2003 £139,066.67 2.89%
2004 £143,208.33 2.98%
2005 £147,252.78 2.82%
2006 £151,958.33 3.20%
2007 £158,472.22 4.29%
2008 £164,791.67 3.99%
2009 £163,916.67 -0.53%
2010 £171,480.56 4.61%
2011 £180,405.56 5.20%
2012 £186,200.00 3.21%
2013 £191,858.33 3.04%
2014 £196,388.89 2.36%
2015 £198,333.33 0.99%
2016 £201,775.00 1.74%
2017 £209,008.33 3.58%
2018 £214,198.71 2.48%
2019 £218,054.28 1.80%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 62 more rows

How to Calculate Inflation Rate for £7,000 since 1951

This inflation calculator uses the following inflation rate formula:

CPI in 2019CPI in 1951
×
1951 GBP value
=
2019 GBP value

Then plug in historical CPI values. The UK CPI was 36 in the year 1951 and 1121.4220303 in 2019:

1121.422030336
×
£7,000
=
£218,054.28

£7,000 in 1951 has the same "purchasing power" or "buying power" as £218,054.28 in 2019.

To get the total inflation rate for the 68 years between 1951 and 2019, we use the following formula:

CPI in 2019 - CPI in 1951CPI in 1951
×
100
=
Cumulative inflation rate (68 years)

Plugging in the values to this equation, we get:

1121.4220303 - 3636
×
100
=
3,015%

News headlines from 1951

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

  • Stalin's announces that the USSR has developed an atomic bomb.
  • Luis Miramontes, a Mexican chemist, successfully synthesises the first oral contraceptive.
  • The first underground atomic explosion happens at Frenchman Flat, Nevada.

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: “£7,000 in 1951 → 2019 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 22 Nov. 2019, https://www.officialdata.org/uk/inflation/1951?amount=7000.

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 1951 to 2019
Cumulative price change 3,015.06%
Average inflation rate 5.19%
Converted amount (£7,000 base) £218,054.28
Price difference (£7,000 base) £211,054.28
CPI in 1951 36.000
CPI in 2019 1,121.422
Inflation in 1951 9.09%
Inflation in 2019 1.80%
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