£1 in 1960 is equivalent in purchasing power to about £1.08 in 1962, an increase of £0.08 over 2 years. The pound had an average inflation rate of 3.90% per year between 1960 and 1962, producing a cumulative price increase of 7.94%.

This means that prices in 1962 are 1.08 times higher than average prices since 1960, according to the Office for National Statistics composite price index.

The 1960 inflation rate was 1.03%. The inflation rate in 1962 was 4.33%. The 1962 inflation rate is lower compared to the average inflation rate of 5.37% per year between 1962 and 2021.

⌃

Cumulative price change | 7.94% |

Average inflation rate | 3.90% |

Converted amount (£1 base) | £1.08 |

Price difference (£1 base) | £0.08 |

CPI in 1960 | 49.100 |

CPI in 1962 | 53.000 |

Inflation in 1960 | 1.03% |

Inflation in 1962 | 4.33% |

£1 in 1960 | £1.08 in 1962 |

This chart shows a calculation of buying power equivalence for £1 in 1960 (price index tracking began in 1750).

For example, if you started with £1, you would need to end with £1.08 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £1 is equivalent to £1.08 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 1960 dollars, the chart below shows how £1 is worth less over 2 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 1960 amounts in 1962 pounds, based on the 7.94% change in prices:

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

£1 pound in 1960 | £1.08 pounds in 1962 |

£5 pounds in 1960 | £5.40 pounds in 1962 |

£10 pounds in 1960 | £10.79 pounds in 1962 |

£50 pounds in 1960 | £53.97 pounds in 1962 |

£100 pounds in 1960 | £107.94 pounds in 1962 |

£500 pounds in 1960 | £539.71 pounds in 1962 |

£1,000 pounds in 1960 | £1,079.43 pounds in 1962 |

£5,000 pounds in 1960 | £5,397.15 pounds in 1962 |

£10,000 pounds in 1960 | £10,794.30 pounds in 1962 |

£50,000 pounds in 1960 | £53,971.49 pounds in 1962 |

£100,000 pounds in 1960 | £107,942.97 pounds in 1962 |

£500,000 pounds in 1960 | £539,714.87 pounds in 1962 |

£1,000,000 pounds in 1960 | £1,079,429.74 pounds in 1962 |

Our calculations use the following inflation rate formula to calculate the change in value between 1960 and 1962:

CPI in 1962
CPI in 1960

×

1960 GBP value

=

1962 GBP value

Then plug in historical CPI values. The U.K. CPI was 49.1 in the year 1960 and 53 in 1962:

5349.1

×

£1

=

£1 in 1960 has the same "purchasing power" or "buying power" as £1.08 in 1962.

To get the total inflation rate for the 2 years between 1960 and 1962, we use the following formula:

CPI in 1962 - CPI in 1960CPI in 1960

×

100

=

Plugging in the values to this equation, we get:

53 - 49.149.1

×

100

=

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

- Johnny Cash plays his first concert in a prison.
- The Bank of France issues new franc currency, worth 100 times the value of old francs.
- France grants independence to Cameroon (previously French Cameroon) after years of fighting.
- Guided missiles are launched for the first time from a nuclear powered submarine

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 1960 → 1962 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Sep. 2021, https://www.officialdata.org/uk/inflation/1960?amount=1&endYear=1962.

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 | 7.94% |

Average inflation rate | 3.90% |

Converted amount (£1 base) | £1.08 |

Price difference (£1 base) | £0.08 |

CPI in 1960 | 49.100 |

CPI in 1962 | 53.000 |

Inflation in 1960 | 1.03% |

Inflation in 1962 | 4.33% |

£1 in 1960 | £1.08 in 1962 |