£1 in 1978 is equivalent in purchasing power to about £1.13 in 1979. The pound had an average inflation rate of 13.39% per year between 1978 and 1979, producing a cumulative price increase of 13.39%. Purchasing power decreased by 13.39% in 1979 compared to 1978. On average, you would have to spend 13.39% more money in 1979 than in 1978 for the same item.

This means that prices in 1979 are 1.13 times higher than average prices since 1978, according to the Office for National Statistics composite price index.

The inflation rate in 1978 was 8.30%. The inflation rate in 1979 was 13.39%. The 1979 inflation rate is higher compared to the average inflation rate of 4.06% per year between 1979 and 2021.

Inflation rate is calculated by change in the composite price index (CPI). The CPI in 1979 was 223.50. It was 197.10 in the previous year, 1978. The difference in CPI between the years is used by the Office for National Statistics to officially determine inflation.

⌃

Average inflation rate | 13.39% |

Converted amount (£1 base) | £1.13 |

Price difference (£1 base) | £0.13 |

CPI in 1978 | 197.100 |

CPI in 1979 | 223.500 |

Inflation in 1978 | 8.30% |

Inflation in 1979 | 13.39% |

£1 in 1978 | £1.13 in 1979 |

Our calculations use the following inflation rate formula to calculate the change in value between 1978 and 1979:

CPI in 1979
CPI in 1978

×

1978 GBP value

=

1979 GBP value

Then plug in historical CPI values. The U.K. CPI was 197.1 in the year 1978 and 223.5 in 1979:

223.5197.1

×

£1

=

£1 in 1978 has the same "purchasing power" or "buying power" as £1.13 in 1979.

To get the total inflation rate for the 1 years between 1978 and 1979, we use the following formula:

CPI in 1979 - CPI in 1978CPI in 1978

×

100

=

Plugging in the values to this equation, we get:

223.5 - 197.1197.1

×

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: “Inflation Rate in 1979 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 7 Dec. 2021, https://www.officialdata.org/UK-inflation-rate-in-1979.

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.

Average inflation rate | 13.39% |

Converted amount (£1 base) | £1.13 |

Price difference (£1 base) | £0.13 |

CPI in 1978 | 197.100 |

CPI in 1979 | 223.500 |

Inflation in 1978 | 8.30% |

Inflation in 1979 | 13.39% |

£1 in 1978 | £1.13 in 1979 |