12. The Inflation Genie

Workers strike during the 1978/79 “Winter of Discontent”, towards the end of the UK’s most inflationary decade ever, the 1970s.
This chart shows the Consumer Price Index (the level of prices, not yearly inflation) from Table A.47 in the Millennium of Macro spreadsheet. The annotations are mine.
Source: Millennium of Macro, Table A.21 and A.47, with my calculations.
Source: ONS Producer Price Index and Consumer Price Index releases. I have indexed both series so that Q1 2008 = 100. Services PPI is a measure of how much services cost when sold by businesses; CPI is the main measure of consumer prices.

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Andrew Sissons

Andrew Sissons

I write for Nesta’s All You Can Heat by day, and am writing the What Would Make Life Better? series by night. With occasional economic history thrown in too!