Inflation United Kingdom 1978
Average inflation: 8.3%
Inflation in 1978
Inflation is very high at 8.3%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 9.9%. The lowest inflation was in June at 7.4%.
- Highest month
- January: 9.9%
- Lowest month
- June: 7.4%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Historical Context
Inflation is 7.9 percentage points lower than the 5-year average of 16.2%.
- 5-year average
- 16.2%
- 10-year average
- 11.9%
- All-time high (1975)
- 24.1%
- All-time low (1959)
- 0.6%
Trend
Over the period 1976-1978, inflation shows a downward trend. Compared to 1977, inflation has fallen by 7.6 percentage points.
- Change vs. previous year
- -7.6 percentage points
- Largest monthly swing
- June: -10.3 percentage points
ECB Target
Inflation is 6.3 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for £100 this year will cost approximately £108.30 next year at this inflation rate.
Multi-year trend
Monthly figures 1978
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 1977 |
|---|---|---|
| January | 9.9% | -6.7 |
| February | 9.5% | -6.7 |
| March | 9.1% | -7.6 |
| April | 7.9% | -9.6 |
| May | 7.7% | -9.4 |
| June | 7.4% | -10.3 |
| July | 7.8% | -9.8 |
| August | 8.0% | -8.5 |
| September | 7.8% | -7.8 |
| October | 7.8% | -6.3 |
| November | 8.1% | -4.9 |
| December | 8.4% | -3.7 |
| Average | 8.3% |
Data source
Data from OECD. Last updated: 17/12/2025.