Inflation: The Value of The Pound 1750-2002

RESEARCH PAPER 03/82
11 NOVEMBER 2003
Inflation: the value of the

pound 1750-2002
The Library is often asked how the purchasing power

of the pound has changed over various periods.
Previously, the Library index was the main source of
publicly available price information over such a long
period, although both the Office for National Statistics
(ONS) and the Bank of England had calculated indices
for their own internal use.
During 2003, discussions were held between the
Library, ONS and the Bank to agree the best index for
long term price comparisons over the period 1750 to
2002.
This Paper presents the new index and compares it to
the index previously calculated by the Library. It
replaces Research Paper 02/44.
Grahame Allen
ECONOMIC POLICY AND STATISTICS SECTION
HOUSE OF COMMONS LIBRARY
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Summary of main points
This Paper presents a price index covering the period 1750 to 2002 to illustrate the way in
which the purchasing power of the pound has changed over the long-term.
A new price index has been agreed between the Office for National Statistics, the Bank of
England and the Library. It differs from the Librarys previous price index only for the
years 1939 to 1974.
Over the period as a whole, prices have risen by around 136 times. This compares to an
increase of 128 times using the old method. Thus one (decimal) penny in 1750 would have
had greater purchasing power than a pound in 2002.
Since 1945 prices have risen in every year. In 2002 prices were almost 27 times higher than
in 1945. By contrast, prices were lower in 1939 than in 1919.
CONTENTS
Introduction
II
Sources
III
Results
IV
Specimen calculations
10
Table 1 Price Index 1750-2002
11
1. Chart 1 Retail prices 1750-2002 (linear scale)
17
2. Chart 2 Retail prices 1750-2002 (log scale)
18
3. Chart 3 Value of the pound 1750-2002 (linear scale)
18
4. Chart 4 Value of the pound 1750-2002 (log scale)
19
5. Chart 5 Change in prices on previous year 1750-2002
19
VI
Table 2 Purchasing power of the pound 1752-2002
20
VII
21
VIII Table 4 Comparison of old and new price indices
22
Introduction
Inflation - the increase in the general level of prices over a specified period - reduces the
internal value of a currency. So, if prices double, any given (nominal) amount of
currency will buy half the goods and services it previously did. On the other hand
(although unusual in the UK since the Second World War) a period of falling prices
results in an increase in purchasing power.
This Paper presents a new price index, as agreed with the ONS and the Bank of England,
covering the period 1750 to 2002, and illustrates the changing purchasing power of the
pound over the long-term. No attempt is made to measure changes in the external value
of the currency as a result of movements in exchange rates, but changes in the prices of
imported goods are reflected in the price index.
It must be stressed that, for a number of reasons, such an exercise is very approximate.
Expenditure patterns have changed dramatically over the past 250 years. Many products
now commonly purchased (cars, electrical appliances, processed foods, etc) simply did
not exist in 1750, and conversely goods that consumed a large share of household budgets
in the eighteenth century - candles for instance - are now an insignificant part of most
families expenditure.
It is, however, possible to compare price levels over the long-term by linking price
indices covering relatively short periods into a single series. Even so, indices covering
only a few years can become unrepresentative if they are not adjusted to reflect changes
in expenditure patterns. Todays Retail Prices Index (RPI), for example, is annually
updated to reflect changes in consumers tastes, and new products and services. For
example, pre-recorded cassette albums were taken out of the 2002 RPI basket of
representative goods and services, while DVD players and recordable CDs came in.
A further problem with long-term comparisons involves changes in the quality of goods.
For example, while it is possible to compare the price of a Mini motor car today with that
of one in 1959, it is much more difficult to identify the degree that the increase in price
reflects an improvement in manufacturing quality and specification.
In addition, the further one looks back into history, the more difficult it is to obtain
reliable information. The first official consumer price index started in 1914. This was
the Cost of Living Index (COLI) that reflected changes in the cost of providing a
standard of living prevalent in working class households. There are also periods for
which a number of alternative indices are available that can suggest different trends in
price levels. Therefore, although the new index given in this Paper is presented in
unrounded form to facilitate computation and presentation, it is not necessarily accurate
to the degree suggested.
II
Sources
Information on changes in prices comes from two main types of source. The more
familiar are consumer price indices such as the RPI. An alternative measure can be
derived from estimates of household expenditure in the national accounts statistics; a
price deflator for household expenditure can be implied as expenditure data are
produced at both current and constant prices. The new price index presented is derived
from the following sources. Further details of source materials are available from the
Library:
New agreed index
1947 to 2002
The all-items RPI as published by the Office
for National Statistics. (The all-items RPI
includes mortgage interest payments.)
Annual data are the average of monthly
figures.1
1870 to 1947
The implied deflator for consumers
expenditure derived from the unofficial
national accounts of the UK based on the
structure of expenditure in 1938 and
produced by the Department of Applied
Economics at Cambridge University.3
Old Library index

1974 to 2002
Same as new agreed index.1
1948 to 1974
The implied deflator for household final
consumption derived from the official national
accounts of the UK.2
1870 to 1948
Same source as new agreed index.3 However,
for the period 1938 to 1948 two alternative
estimates of prices changes are available, one
based on the structure of expenditure in 1938
and the other on the structure of expenditure in
1948. The figures in the old Library series for
this period were adjusted so that they
represented the average of these two estimates.
1850 to 1870
1850 to 1870
A retail price index constructed by Sir
Walter Layton and Geoffrey Crowther
covering the period 1850 to 1933. The index
for the period 1850 to 1870 is a reproduction
of earlier work by GH Wood from the Board
of Trades Report on Wholesale and Retail
Prices and Cooperative Society records.4
1750 to 1850
An index of consumables prices constructed
by E H Phelps-Brown and Sheila Hopkins
covering the period 1264 to 1954.5
2
3
4
5
1750 to 1850
The all-items RPI is published by ONS monthly and is available on their website at:
www.statistics.gov.uk/statbase/Product.asp?vlnk=9412
Source: NS database series ABJQ and ABJR
Source: C H Feinstein, National Income, Expenditure and Output of the United Kingdom 1855 to 1965,
1972, tables 24 and 25.
Source: W Layton and G Crowther, An Introduction to the Study of Prices, 1935, table 1
Source: E H Phelps-Brown and S Hopkins, Seven Centuries of the Prices of Consumables compared with
Builders Wage-rates, Economica, November 1956, pp296-314
III
Results
Table 1 (pages 11-17) shows for each year the level of the price index with January 1974
equal to 100 and the value of the pound relative to a base of 100 pence in January 1974.
1974 was chosen as the base year largely on the pragmatic grounds that as well as being
one of the link years in the series, its use prevents the data at the start and the end of the
period being inconveniently large or small. The table also shows the change in prices (the
inflation rate) each year. Over the period as a whole, prices have risen by around 136
times. Thus one (decimal) penny in 1750 would have had greater purchasing power than
a pound in 2002.
Although there was considerable year on year fluctuation in price levels prior to 1914
(reflecting the quality of the harvest, wars, etc) there was not the long-term steady
increase in prices associated with the period since 1945. Prices in 1914 were roughly
twice their level in 1750 but were below the level of the early nineteenth century. Prices
doubled during the First World War but in most years between 1921 and 1938 they fell or
showed very small increases. Although prices began to rise during the Second World
War, the increase was less marked than during the First World War. Since 1945 prices
have risen in every year with an aggregate rise of over 27 times. In the period 1974 to
1981, inflation was above 10% in each year except 1978, and prices more than tripled in
these eight years. Despite lower inflation rates in the late 1980s and early 1990s, and
very low (by post-war standards) rates in recent years, prices rose by almost 65% between
1988 and 2002.
Chart 1 (page 17) plots the price index for the period 1750 to 2002. Although such a
graph illustrates the extent to which the absolute increase in prices has been concentrated
in recent years, it over-emphasises the proportional impact. For example, in chart 1 a
doubling of the price index in the eighteenth century from, say, 5 to 10 appears to be
much less significant than a doubling in the 1970s from 100 to 200. Such problems can
be overcome by use of a logarithmic scale as in chart 2 (page 18). With a logarithmic
scale, equal proportional increases produce the same vertical change whatever the initial
value. Charts 3 and 4 (pages 18 and 19) plot the value of the pound on linear and
logarithmic scales respectively. Chart 5 (page 19) plots the rate of inflation in each year.
Table 2 (page 20) shows the value of the pound at intervals between 1752 and 2002. In
each column the value of the pound is equivalent to 100 pence in a different year. Table
3 (page 21) provides a similar analysis for each year since 1984.
Table 4 (page 22) compares the difference in the inflation series calculated from the new
index and the index previously calculated by the Library. It shows that the differences
between the two series are accounted for by the change in the sources used to calculate
the new and old indices as shown in the table on page 8.
IV
Specimen calculations
The examples illustrate how the price index in table 1 can be used to answer frequently
asked questions.
Example 1:
How much would have been needed in 2002 to have the same purchasing power as 100
in 1850?
From table 1 the price index for 1850 was 8.4 and the index for 2002 was 695.1. In 2002
the average price level was 82.8 times (695.1/8.4) the 1850 level. Thus, to have the same
purchasing power as 100 in 1850 one would have needed some 8,280 (82.8 x 100) in
2002.
Example 2:
What was the purchasing power of a pound in 2002 compared to the pound in 1930?
From table 1 the price index for 1930 was 17.3 and the index for 2002 was 695.1. In
2002 the average price level was some 40.2 times (695.1/17.3) the 1930 level. Thus,
relative to 1930, a pound in 2002 was worth under 3 (decimal) pence (100p/40.2).
Example 3:
Cheddar cheese cost 17 pence per kilogram in 1923 and 5.10 per kg in 2002. How did
the price change in real terms?
From table 1 the price index for 1923 was 18.7 and the index for 2002 was 695.1. In
2002 the average price level was 37.2 times (695.1/18.7) the 1923 level. Over the same
period the price of cheese rose 30.0 times (510/17). Thus, in real terms, the price has
fallen by 19.3% [((30.0/37.2)-1) x100].
10
Table 1 Price Index 1750-2002

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1750
1751
1752
1753
1754
1755
1756
1757
1758
1759
5.1
5.0
5.2
5.1
5.3
5.0
5.2
6.3
6.3
5.8
1,962
2,016
1,926
1,978
1,882
2,002
1,923
1,579
1,583
1,720
-3.1%
-2.7%
4.7%
-2.7%
5.1%
-6.0%
4.2%
21.8%
-0.3%
-7.9%
1760
1761
1762
1763
1764
1765
1766
1767
1768
1769
5.6
5.3
5.5
5.7
6.2
6.4
6.5
6.8
6.7
6.2
1,800
1,885
1,814
1,767
1,623
1,568
1,549
1,465
1,482
1,614
-4.5%
-4.5%
3.9%
2.7%
8.9%
3.5%
1.2%
5.8%
-1.1%
-8.2%
1770
1771
1772
1773
1774
1775
1776
1777
1778
1779
6.2
6.7
7.4
7.4
7.5
7.0
6.9
6.9
7.1
6.5
1,621
1,493
1,349
1,354
1,341
1,420
1,452
1,458
1,401
1,531
-0.4%
8.5%
10.7%
-0.3%
0.9%
-5.6%
-2.2%
-0.4%
4.0%
-8.5%
1780
1781
1782
1783
1784
1785
1786
1787
1788
1789
6.3
6.6
6.7
7.5
7.6
7.2
7.2
7.2
7.5
7.4
1,585
1,523
1,491
1,332
1,324
1,379
1,379
1,388
1,335
1,352
-3.4%
4.1%
2.1%
12.0%
0.6%
-4.0%
0.0%
-0.6%
4.0%
-1.3%
11
Table 1 (continued)
Price Index 1750 to 2002

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1790
1791
1792
1793
1794
1795
1796
1797
1798
1799
7.5
7.5
7.6
7.8
8.5
9.4
10.0
9.0
8.8
9.9
1,329
1,330
1,311
1,275
1,183
1,061
997
1,108
1,132
1,008
1.8%
-0.1%
1.5%
2.8%
7.7%
11.6%
6.4%
-10.0%
-2.2%
12.3%
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
13.5
15.1
11.6
11.0
11.3
13.1
12.6
12.3
12.8
14.0
739
661
859
913
884
761
796
811
784
715
36.5%
11.7%
-23.0%
-5.9%
3.2%
16.2%
-4.4%
-1.9%
3.4%
9.7%
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
14.4
14.0
15.9
16.3
14.2
12.7
11.6
13.2
13.2
12.9
693
714
630
615
705
789
861
758
756
776
3.2%
-2.9%
13.2%
2.5%
-12.7%
-10.7%
-8.4%
13.5%
0.3%
-2.5%
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
11.7
10.3
8.9
9.5
10.3
12.1
11.4
10.7
10.4
10.3
855
973
1,125
1,053
970
827
875
936
964
973
-9.3%
-12.0%
-13.5%
6.8%
8.6%
17.4%
-5.5%
-6.5%
-2.9%
-1.0%
12
Table 1 (continued)

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
9.9
10.9
10.1
9.5
8.7
8.9
9.9
10.1
10.2
10.9
1,010
919
992
1,056
1,145
1,126
1,014
990
983
916
-3.6%
9.9%
-7.4%
-6.1%
-7.8%
1.7%
11.0%
2.5%
0.7%
7.3%
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
11.1
10.9
10.0
8.9
8.9
9.3
9.7
10.9
9.5
8.9
900
921
997
1,124
1,125
1,073
1,032
921
1,047
1,118
1.8%
-2.3%
-7.6%
-11.3%
-0.1%
4.9%
4.0%
12.0%
-12.1%
-6.3%
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
8.4
8.1
8.1
8.9
10.2
10.5
10.5
10.0
9.1
9.0
1,194
1,231
1,231
1,127
979
948
948
1,004
1,096
1,116
-6.4%
-3.0%
0.0%
9.3%
15.1%
3.3%
0.0%
-5.6%
-8.4%
-1.8%
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
9.3
9.5
9.3
9.0
8.9
9.0
9.5
10.1
10.0
9.5
1,076
1,048
1,076
1,116
1,127
1,116
1,048
987
1,004
1,057
3.7%
2.7%
-2.6%
-3.6%
-0.9%
0.9%
6.5%
6.1%
-1.7%
-5.0%
13
Table 1 (continued)

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
9.5
9.6
10.0
10.4
10.0
9.8
9.8
9.7
9.5
9.1
1,057
1,042
996
966
999
1,018
1,021
1,028
1,052
1,100
0.0%
1.4%
4.7%
3.1%
-3.3%
-1.9%
-0.3%
-0.7%
-2.2%
-4.4%
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
9.4
9.3
9.4
9.3
9.1
8.8
8.7
8.6
8.7
8.8
1,068
1,080
1,069
1,074
1,103
1,137
1,156
1,162
1,154
1,139
3.0%
-1.1%
1.0%
-0.5%
-2.7%
-3.0%
-1.6%
-0.5%
0.7%
1.4%
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
8.8
8.9
8.9
8.8
8.7
8.6
8.5
8.7
8.7
8.8
1,136
1,128
1,124
1,132
1,155
1,167
1,171
1,154
1,150
1,142
0.2%
0.7%
0.4%
-0.7%
-2.0%
-1.0%
-0.3%
1.5%
0.3%
0.7%
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
9.2
9.2
9.2
9.3
9.3
9.3
9.3
9.4
9.4
9.5
1,087
1,081
1,081
1,078
1,080
1,076
1,076
1,063
1,058
1,053
5.1%
0.5%
0.0%
0.4%
-0.2%
0.4%
0.0%
1.2%
0.5%
0.5%
14
Table 1 (continued)

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
9.6
9.6
9.9
9.8
9.8
11.0
13.0
16.3
19.9
21.9
1,044
1,042
1,012
1,017
1,019
906
767
613
502
456
0.9%
0.1%
3.0%
-0.4%
-0.3%
12.5%
18.1%
25.2%
22.0%
10.1%
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
25.3
23.1
19.9
18.7
18.6
18.6
18.5
18.0
18.0
17.8
395
433
503
535
539
537
542
555
556
561
15.4%
-8.6%
-14.0%
-6.0%
-0.7%
0.3%
-0.8%
-2.4%
-0.3%
-0.9%
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
17.3
16.6
16.2
15.8
15.8
15.9
16.0
16.6
16.8
17.3
577
603
619
633
633
628
624
603
594
578
-2.8%
-4.3%
-2.6%
-2.1%
0.0%
0.7%
0.7%
3.4%
1.6%
3.1%
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
20.2
22.4
24.0
24.8
25.5
26.2
27.0
28.9
31.1
32.0
495
446
417
403
392
382
370
346
321
312
17.2%
11.2%
7.5%
3.7%
3.1%
3.2%
3.5%
7.4%
6.6%
2.6%
15
Table 1 (continued)

Year
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
33.0
36.0
39.3
40.5
41.3
43.1
45.3
46.9
48.4
48.6
303
278
254
247
242
232
221
213
207
206
2.8%
9.5%
5.3%
2.2%
1.9%
3.5%
4.7%
3.3%
2.7%
0.9%
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
49.1
50.8
53.0
54.0
55.8
58.4
60.7
62.3
65.2
68.7
204
197
189
185
179
171
165
161
153
146
1.1%
2.9%
3.6%
1.8%
3.5%
4.9%
3.8%
2.6%
4.7%
5.6%
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
73.1
80.0
85.7
93.5
108.5
134.8
157.1
182.0
197.1
223.5
137
125
117
107
92
74
64
55
51
45
5.9%
8.6%
6.4%
8.4%
17.2%
24.2%
16.5%
15.8%
8.3%
13.4%
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
263.7
295.0
320.4
335.1
351.8
373.2
385.9
402.0
421.7
454.5
38
34
31
30
28
27
26
25
24
22
18.0%
11.9%
8.6%
4.6%
5.0%
6.1%
3.4%
4.2%
4.9%
7.8%
16
Table 1 (continued)

Year
1.
Price
index
Jan 1974=100
Value of
the pound
Jan 1974=
100 pence
Change
in prices
on year
before
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
497.5
526.7
546.4
555.1
568.5
588.2
602.4
621.3
642.6
652.5
20
19
18
18
18
17
17
16
16
15
9.5%
5.9%
3.7%
1.6%
2.4%
3.5%
2.4%
3.1%
3.4%
1.5%
2000
2001
2002
671.8
683.7
695.1
15
15
14
3.0%
1.8%
1.7%
Chart 1 Retail prices 1750-2002 (linear scale)

Retail Prices 1750 - 2002
700
Index January 1974=100
600
Linear scale
500
400
300
200
100
0
1750
1800
1850
1900
17
1950
2000
2.
Chart 2 Retail prices 1750-2002 (log scale)

Retail Prices 1750 - 2002
Index January 1974=100
1,000
Log scale
100
10
1
1750
3.
1800
1850
1900
1950
2000
Chart 3 Value of the pound 1750-2002 (linear scale)

Value of the pound 1750 - 2002
2,500
January 1974=100 pence
pence (linear scale)
2,000
1,500
1,000
500
0
1750
1800
1850
1900
18
1950
2000
4.
Chart 4 Value of the pound 1750-2002 (log scale)

Value of the pound 1750 - 2002
10,000
January 1974=100 pence
pence (log scale)
1,000
100
10
1750
5.
1800
1850
1900
1950
2000
1950
2000
Chart 5 Change in prices on previous year 1750-2002

Change in prices on previous year
40%
30%
% change
20%
10%
0%
-10%
-20%
-30%
1750
1800
1850
1900
19
20
1752
1772
1792
1812
1832
1852
1872
1892
1912
1932
1952
1972
1992
2002
VI
1752
1772
1792
1812
100
70
68
33
51
64
52
58
53
32
13
6
1
1
143
100
97
47
74
91
74
83
75
46
19
9
1
1
147
103
100
48
76
94
76
86
77
47
20
10
1
1
305
214
208
100
157
195
158
178
161
98
41
20
3
2
Year in which value equals 100 pence

1832
1852
1872
1892
194
136
132
64
100
124
100
113
102
62
26
13
2
2
156
110
106
51
81
100
81
91
82
50
21
10
2
1
193
135
132
63
100
124
100
113
102
62
26
13
2
2
171
120
117
56
88
110
89
100
90
55
23
11
2
1
1912
1932
1952
190
133
129
62
98
122
98
111
100
61
26
12
2
2
311
218
212
102
160
199
161
182
164
100
42
20
3
2
745
522
507
244
384
476
385
435
391
239
100
48
8
6
1972
1,544
1,081
1,051
505
795
987
798
901
812
496
207
100
16
12
1992
9,873
6,916
6,720
3,232
5,084
6,313
5,105
5,762
5,190
3,173
1,326
640
100
79
2002
12,560
8,798
8,549
4,112
6,468
8,031
6,495
7,330
6,603
4,037
1,687
814
127
100
VII Table 3 Purchasing power of the pound 1984-2002
21
1985
1986
1987
1988
1989
1990
100
94
91
88
83
77
71
67
64
63
62
60
58
57
55
54
52
51
51
106
100
97
93
88
82
75
71
68
67
66
63
62
60
58
57
56
55
54
110
103
100
96
92
85
78
73
71
70
68
66
64
62
60
59
57
56
56
114
108
104
100
95
88
81
76
74
72
71
68
67
65
63
62
60
59
58
120
113
109
105
100
93
85
80
77
76
74
72
70
68
66
65
63
62
61
129
122
118
113
108
100
91
86
83
82
80
77
75
73
71
70
68
66
65
141
133
129
124
118
109
100
94
91
90
88
85
83
80
77
76
74
73
72
Year in which value equals 100 pence

1991 1992 1993 1994 1995
150
141
136
131
125
116
106
100
96
95
93
90
87
85
82
81
78
77
76
155
146
142
136
130
120
110
104
100
98
96
93
91
88
85
84
81
80
79
158
149
144
138
132
122
112
105
102
100
98
94
92
89
86
85
83
81
80
162
152
147
141
135
125
114
108
104
102
100
97
94
91
88
87
85
83
82
167
158
152
146
139
129
118
112
108
106
103
100
98
95
92
90
88
86
85
1996
1997
1998
1999
2000
2001
2002
171
161
156
150
143
133
121
114
110
109
106
102
100
97
94
92
90
88
87
177
166
161
155
147
137
125
118
114
112
109
106
103
100
97
95
92
91
89
183
172
167
160
152
141
129
122
118
116
113
109
107
103
100
98
96
94
92
185
175
169
162
155
144
131
124
119
118
115
111
108
105
102
100
97
95
94
191
180
174
167
159
148
135
128
123
121
118
114
112
108
105
103
100
98
97
194
183
177
170
162
150
137
130
125
123
120
116
113
110
106
105
102
100
98
198
186
180
173
165
153
140
132
127
125
122
118
115
112
108
107
103
102
100
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1984
VIII Table 4 Comparison of old and new indices

New series as table 1
Price index
Jan
1974=100
1750
Change in
prices on
year before
Library series consistent with RP 02/44

Difference in yearChange in
on-year % change
Price index
prices on
between two
1974=100
year before
indices
5.1
-3.1%
5.0
-3.1%
1751 to 1937 - no difference in year-on-year % change between two indices
0.0%
1938
1939
16.8
17.3
1.6%
2.8%
16.5
17.1
1.6%
3.1%
0.0%
-0.4%
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
20.2
22.4
24.0
24.8
25.5
26.2
27.0
28.9
31.1
32.0
16.8%
10.8%
7.1%
3.4%
2.7%
2.8%
3.1%
7.0%
7.7%
2.8%
20.0
22.2
23.9
24.8
25.5
26.4
27.3
29.3
31.2
32.0
17.2%
11.2%
7.5%
3.7%
3.1%
3.2%
3.5%
7.4%
6.6%
2.6%
-0.4%
-0.4%
-0.4%
-0.4%
-0.4%
-0.4%
-0.4%
-0.4%
1.1%
0.2%
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
33.0
36.0
39.3
40.5
41.3
43.1
45.3
46.9
48.4
48.6
3.1%
9.1%
9.2%
3.1%
1.8%
4.5%
4.9%
3.7%
3.0%
0.6%
32.9
36.1
38.0
38.8
39.5
40.9
42.9
44.3
45.5
45.9
2.8%
9.5%
5.3%
2.2%
1.9%
3.5%
4.7%
3.3%
2.7%
0.9%
0.2%
-0.4%
3.9%
0.9%
-0.1%
1.0%
0.2%
0.4%
0.4%
-0.4%
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
49.1
50.8
53.0
54.0
55.8
58.4
60.7
62.3
65.2
68.7
1.0%
3.4%
4.3%
2.0%
3.3%
4.8%
3.9%
2.5%
4.7%
5.4%
46.4
47.7
49.4
50.3
52.1
54.6
56.7
58.2
61.0
64.4
1.1%
2.9%
3.6%
1.8%
3.5%
4.9%
3.8%
2.6%
4.7%
5.6%
-0.1%
0.5%
0.7%
0.2%
-0.2%
-0.2%
0.1%
-0.1%
0.0%
-0.1%
1970
1971
1972
1973
1974
1975
73.1
6.4%
68.2
5.9%
80.0
9.4%
74.0
8.6%
85.7
7.1%
78.7
6.4%
93.5
9.2%
85.3
8.4%
108.5
16.0%
100.0
17.2%
134.8
24.2%
124.2
24.2%
1976 to 2001 - no difference in year-on-year % change between two indices
2002
695.1
1.7%
640.7
22
1.7%
0.4%
0.8%
0.7%
0.8%
-1.2%
0.0%
0.0%

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