How much did things cost in 1978?
These are prices of some sample items in 1978.
How much were these prices for someone on an average income in 1978? To get a feel for this, I have adjusted them for the increase in incomes from 1978 to today. You can see these adjusted prices in the column 'Income adjusted'.
| 1978 price | Income adjusted | |
|---|---|---|
| Gallon of petrol | 76p | £7.60 |
| Bottle of whisky (Haig) (Tesco) | £4.15 | £42 |
| Bottle of sherry (Harvey's Bristol Cream) (Tesco) | £1.94 | £19 |
| Watneys Party 4 (Tesco) | 99p | £9.90 |
| Watneys Party 7 (Co-op) | £1.65 | £17 |
| Pint of beer | 40p | £4 |
| 20 cigarettes | 57p | £5.70 |
| Pint of milk | 12p | £1.20 |
| Large loaf of bread | 28½p-31p | £2.90-£3.10 |
| 22" Bush colour TV with remote control and stand (Co-op) | £340.00 | £3,400 |
| 12" Bush portable black & white TV (Co-op) | £69.95 | £700 |
| Daily Mirror newspaper | 7p-8p | 70-80p |
| Average house price | £16,000.00 | £160,000 |
| ½lb Country Life English butter (Fine Fare) | 7½p | 75p |
| Nescafé 4oz coffee (Co-op) | £1.07 | £11 |
| Can of coke (Tesco) | 11½p | £1.10 |
| Ford Cortina car | £2767.00 | £28,000 |
| Zoppas fridge-freezer (Currys) | £115.95 | £1,200 |
| Hoover twin tub washing machine (Currys) | £159.95 | £1,600 |
| Hoover automatic washing machine (Currys) | £216.95 | £2,200 |
| Golden Wonder crisps (Fine Fare) | 12p | £1.20 |
| Half a dozen size 4 white eggs (Tesco) | 22½p | £2.20 |
| ½lb Co-op super soft luxury margarine | 16p | £1.60 |
| Sharp pocket calculator with LCD display | £10.95 | £110 |
The income adjusted prices are based on the Bank of England's Three Centuries Macroeconomic Dataset Version 2.3 - 30 June 2016. I have updated the income figures based on the ONS: Series code KAB9, adjusted to bring the figures inline with the Bank of England's.
For a comparison of prices in 1978 adjusted for inflation see Infation adjusted prices for 1978
By Steven Braggs, updated May 2022
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