According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 5.71% per year. Prices in 2017 are 1049.3% higher than prices in 1973.
In other words, £3.40 in 1973 is equivalent in purchasing power to £39.08 in 2017, a difference of £35.68 over 44 years.
The inflation rate in 2017 was 3.59%.
|Cumulative price change||1049.34%|
|Average inflation rate||5.71%|
|Converted amount (£3.40 base)||£39.08|
|Price difference (£3.40 base)||£35.68|
|CPI in 1973||93.5|
|CPI in 2017||1074.63|
Politics and news often influence economic performance. Here's what was happening at the time:
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: “£3.40 in 1973 → 2017 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 22 Jun. 2018, https://www.officialdata.org/1973-GBP-in-2017?amount=3.40.