How much was 27 pence worth in 1973?

27 pence today would have been equivalent to just 2 pence in 1973.

In latest buzz, the UK's key inflation rate hit its highest for more than five years in September, driven up by increases in transport and food prices. The Consumer Prices Index (CPI) climbed to 3%, a level it last reached in April 2012, and up from 2.9% in August.

The pick-up in inflation raises the likelihood of an increase in interest rates - currently 0.25% - next month. The figures are significant because state pension payments from April 2018 will rise in line with September's CPI.

Under the "triple lock" guarantee, the basic state pension rises by a rate equal to September's CPI rate, earnings growth or 2.5%, whichever is the greatest. At the moment, the full new state pension is £159.55 per week, equivalent to £8,296.60 per year. Read more at BBC.

In today's comparatively low inflation economy it's easy to forget what a problem inflation was for politicians, economists and consumers. This calculator lets you see how the value of money has changed between 1900 and 2016. It uses annual RPI inflation for which the most recent data is 2016.

Tag: 1973