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What was £5 in 1983 equivalent to in todays money?


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Old 15-03-2008, 15:36
shackfan
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I'm looking through some of ny old 12" records and I'm curious to know what they would cost in todays terms. I can use the result in arguments with those who STILL claim that cds are too expensive!. I spent as much as £2.99 on a 12" in 1983. This, I would have thought (thinking what my wages, petrol and house prices where back then!) be the same as maybe £8 or £9 now. But how do I find out? Its difficult to describe it on google
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Old 15-03-2008, 15:52
Migster
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This will sort you out - just put in the amount and the year.

http://img.thisismoney.co.uk/calcula...ceInflate.html
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Old 15-03-2008, 15:55
bradleyspencer1
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This will sort you out - just put in the amount and the year.

http://img.thisismoney.co.uk/calcula...ceInflate.html
Depends what the prevailing rate of inflation has been.

For example:

2% increase every year: £5 in 1983 is equal to £8.20 now
2.5%: £9.27
3%: £10.47
3.5%: £11.82

And so on and so forth...
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Old 15-03-2008, 16:01
Migster
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Depends what the prevailing rate of inflation has been.

For example:

2% increase every year: £5 in 1983 is equal to £8.20 now
2.5%: £9.27
3%: £10.47
3.5%: £11.82

And so on and so forth...
Presumably that calculator I provided the link for uses the actual inflation rate for each year, and therefore gives an accurate answer.
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Old 15-03-2008, 16:05
shackfan
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This will sort you out - just put in the amount and the year.

http://img.thisismoney.co.uk/calcula...ceInflate.html
Thanks for that. That is VERY useful.
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Old 15-03-2008, 16:06
bradleyspencer1
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Presumably that calculator I provided the link for uses the actual inflation rate for each year, and therefore gives an accurate answer.
I was just using Excel to work out mine.

Seems the actual figure is £12.15, so around 3.62% on average
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Old 15-03-2008, 17:08
flicker
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Just as a slightly off-topic bit of useless info, I was talking to my friend yesterday about equivalents, and the price of petrol. In 1972 when I got my first car, petrol was around 25p a gallon! I filled the tank of my mini for £1.50 (about 6 galls) Which means something like 6p a litre if I'm not mistaken.
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Old 15-03-2008, 17:29
beintot
 
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I'm looking through some of ny old 12" records and I'm curious to know what they would cost in todays terms. I can use the result in arguments with those who STILL claim that cds are too expensive!. I spent as much as £2.99 on a 12" in 1983. This, I would have thought (thinking what my wages, petrol and house prices where back then!) be the same as maybe £8 or £9 now. But how do I find out? Its difficult to describe it on google

I'd agree with you.
£12 seems a bit high ,i was in my 20s in the 1980s and i don't remember £5 being viewed as that valuable ,i'd say £8 to £9 myself.builders in london were getting wages of £500 during that year ,which would have made them very rich if it was £12 for every £5

Last edited by beintot : 15-03-2008 at 17:32. Reason: added a bit
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Old 15-03-2008, 18:04
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Just as a slightly off-topic bit of useless info, I was talking to my friend yesterday about equivalents, and the price of petrol. In 1972 when I got my first car, petrol was around 25p a gallon! I filled the tank of my mini for £1.50 (about 6 galls) Which means something like 6p a litre if I'm not mistaken.
Using the link provided above, that equates to £2.44/gallon in todays money.

So petrol is about twice as expensive in real terms than it was 36 years ago!

Clearly such a massive price increase has drastically reduced the popularity of the car. ho ho.
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Old 15-03-2008, 19:26
elke21
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I moved to UK in 1981 and a pint of milk was 17 1/2 pence.
Walkers Crisps and Sun/Star paper were 10p and a prescription was 90p.
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Old 15-03-2008, 19:37
matt6667
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hand job
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Old 15-03-2008, 19:40
AS1
 
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Using the link provided above, that equates to £2.44/gallon in todays money.

So petrol is about twice as expensive in real terms than it was 36 years ago!

Clearly such a massive price increase has drastically reduced the popularity of the car. ho ho.
How much is it a gallon these days?

Working it out it was around 5p a litre in 1972, so it should be 49p/lt now. A bit different to what it is.

ETA: £4.62 a gallon
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Old 15-03-2008, 19:55
beintot
 
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here is all the petrol prices from 83 onwards.
http://www.speedlimit.org.uk/petrolprices.html
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Old 15-03-2008, 21:14
Alcdrew
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here is all the petrol prices from 83 onwards.
http://www.speedlimit.org.uk/petrolprices.html
Don't know where they get there prices from 2007 at 87.9, I would say it was at least 10p a ltr more.
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Old 15-03-2008, 21:23
Sadperson
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My first house cost £17,500 in 1983 and is now worth in the region of £125,000

Now THAT's inflation... wish I'd kept the place
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Old 15-03-2008, 21:35
kev
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Don't know where they get there prices from 2007 at 87.9, I would say it was at least 10p a ltr more.
As he says, the first time he filled his car up in March of the year. Can't remember it getting near to 90p/l until last last year round here (now 1.059 at my local Morrisons - interestingly the price goes from 99.9 to 1.001 - hmm, do you think I could argue with them successfully and buy if for 1p/l?)
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Old 16-03-2008, 01:15
Rebel MC
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I'm looking through some of ny old 12" records and I'm curious to know what they would cost in todays terms. I can use the result in arguments with those who STILL claim that cds are too expensive!. I spent as much as £2.99 on a 12" in 1983. This, I would have thought (thinking what my wages, petrol and house prices where back then!) be the same as maybe £8 or £9 now. But how do I find out? Its difficult to describe it on google
Some things have gone up in real terms, some things have dropped in price.

In 1982, I spent most of my first week's full time wages (£45) on a state of the art Casio digital watch; it was waterproof, it was LCD, it had a multifunction stopwatch, a backlight, a long term calender and a few other things.

I recently bought another Casio LCD digital watch for 20 quid; it does all the stuff the other watch did, and a bit more, but now it costs pocket money, not 90% of what I earn.

As for records, it depends on what you have; imports were as much as £5 back then, when a mainstream chart 7" single was 99p.

There isn't really an argument for CDs, they cost pence to produce and we are all expected to pay pounds for them.

Legal download sites tell you all you need to know; 79p to download a single, with the website, record company, publisher, author and artist all making a handsome profit at that price.
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Old 16-03-2008, 22:28
lozza73
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I can remember spending £10.89 on U2's Rattle & Hum in '87/88 in Woolies - bloomin' fortune then and still expensive now!
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Old 17-03-2008, 04:52
Tanequil
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This will sort you out - just put in the amount and the year.

http://img.thisismoney.co.uk/calcula...ceInflate.html
Thanks that has been of use to me.
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Old 17-03-2008, 05:20
alan stepney
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When I bought my mini (they were THE latest car then) I could fill the tank for £1.

One interesting comparison of prices "then" and now, is televisions.

In 1949, a 10” HMV cost £89-5-0 (that is 89 pounds and five shillings, or £89.25p), which is roughly equal to £2,271 pounds in 2007.

One of the first “portable” TV’s, the Ekco TMB 272, cost £69-6-0 (£49-3-4 + 20-2-8 tax) in 1956 or £1247 in 2007. (Although described as “portable”, the weight was sufficient to pull your arm out of its socket, and it needed a car battery to run it!)

When colour TV transmissions started, a typical colour set cost £300, equal to £3926 now.

As for records, I used to pay 6/8 for a single.
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Old 17-03-2008, 09:43
Alcdrew
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As he says, the first time he filled his car up in March of the year. Can't remember it getting near to 90p/l until last last year round here (now 1.059 at my local Morrisons - interestingly the price goes from 99.9 to 1.001 - hmm, do you think I could argue with them successfully and buy if for 1p/l?)

OK, yeah sorry. Just looked at the table didn't read it.

Our local Shell, only has space on there sign to show 2 digits + the decimal, so last time I went by it said 05.9 per ltr, I was going to try it on, and fill my car up at 6p per ltr
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Old 17-03-2008, 10:00
alan stepney
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Another site that calulates the value of money at different times is:

http://www.measuringworth.com/ppower...tors/ppoweruk/
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Old 17-03-2008, 11:09
liquidJP
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The problem with using inflation is that it is such a generic calculation it has very little relevence to individual items.
Whilst items such as food, holidays, electrical goods have fallen in real terms, others such as petrol and housing have gone through the roof, i would say little if anything has actually increased 'in line with inflation'.
So in answer to the OP, how much your fiver would have been worth depends on what you intend to spend it on!
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Old 17-03-2008, 11:11
liquidJP
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I'd agree with you.
£12 seems a bit high ,i was in my 20s in the 1980s and i don't remember £5 being viewed as that valuable ,i'd say £8 to £9 myself.builders in london were getting wages of £500 during that year ,which would have made them very rich if it was £12 for every £5
Remember we were in teh middle of a massive boom in the 80's (well first half) builders were in massive demand and there was a lot of corporate and private money about to pay them.
I don't think £1-1.5k per week is that unheard of or unreasonable in the circumstances.
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Old 17-03-2008, 13:32
mrnicelybig
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I can't say I've noticed the the petrol price increases everyone keeps going on about.

In the late 80s when I first started driving I used to always put £10 of petrol in my car and I'm still putting £10 in now...
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