the Value of the Pound
Cheddar cheese cost 17 pence per kilogram in 1923 and 5.10 per kg in 2001. How did the price change in real terms?
From table 1 the price index for 1923 was 18.4 and the index for 2001 was 630.1. In 2001 the average price level was 34.2 times (630.1/18.4) 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 12.3% [((30.0/34.2)-1)x100].
Inflation: the Value of the Pound 1750-2001 [pdf]
[x]#214 fan woensdag 17 juli 2002 @ 15:07:02
