UK Real Terms Calculator

This tool is an implementation of the HMRC's Real Terms Calculator. The tool currently uses the latest deflator figures up to March 2017, published in June 2017.

Financial Year

Reference Year
YearCash TermsReal Terms ({{referenceyear}})
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Calendar Year

Reference Year
YearCash TermsReal Terms ({{referenceyearC}})
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The Real Terms calculations above are carried out using the HMRC's deflator table. There are a number of methods for measuring inflation, however when discussing public revenue and expenditure, typically the HMRC's GDP deflator is used to calculate the real terms equivalent.

The HMRC's guidance paper states:

The Consumer Prices Index (CPI) and the Retail Prices Index (RPI) are the two main measures of consumer inflation in the UK. The Producer Price Index (PPI) measures the price changes of goods bought and sold by UK manufacturers. The Services Producer Price Index (SPPI) measures the price changes of services provided by UK businesses to other businesses and government.

The GDP deflator is a much broader price index than the CPI, RPI (which only measure consumer prices), or PPI as it reflects the prices of all domestically produced goods and services in the economy. Hence, the GDP deflator also includes the prices of investment goods, government services and exports, and excludes the price of UK imports. The wider coverage of the GDP deflator makes it more appropriate for deflating public expenditure series.

HMRC Deflator table - Financial Year
Financial year2016-17 = 100per cent change
1955-564.340 
1956-574.6126.27
1957-584.8274.66
1958-594.9482.50
1959-604.9700.46
1960-615.0722.05
1961-625.2393.30
1962-635.4023.10
1963-645.4871.58
1964-655.7454.69
1965-666.0495.30
1966-676.3504.98
1967-686.5272.78
1968-696.8565.05
1969-707.3176.72
1970-718.0399.87
1971-728.6447.53
1972-739.3808.52
1973-7410.2058.80
1974-7512.26120.15
1975-7615.26324.48
1976-7717.38113.88
1977-7819.77213.75
1978-7921.98511.19
1979-8025.69916.89
1980-8130.61719.14
1981-8233.79310.38
1982-8336.2337.22
1983-8437.9524.75
1984-8540.1345.75
1985-8642.4065.66
1986-8744.1514.12
1987-8846.5745.49
1988-8949.5796.45
1989-9053.3877.68
1990-9157.7218.12
1991-9260.9785.64
1992-9362.4692.45
1993-9463.9012.29
1994-9564.6211.13
1995-9666.5843.04
1996-9769.1293.82
1997-9870.2231.58
1998-9971.1791.36
1999-0071.5600.53
2000-0173.0282.05
2001-0273.9631.28
2002-0375.6362.26
2003-0477.3342.24
2004-0579.3862.65
2005-0681.5052.67
2006-0783.9763.03
2007-0886.0092.42
2008-0988.3472.72
2009-1089.5621.38
2010-1191.2001.83
2011-1292.4671.39
2012-1394.4082.10
2013-1495.9651.65
2014-1597.3751.47
2015-1698.0420.69
2016-17100.0002.00
HMRC Deflator table - Calendar Year
Calendar year2016 = 100per cent change
19554.303 
19564.5986.87
19574.7854.05
19584.9643.74
19595.0010.74
19605.0521.03
19615.2293.51
19625.4133.51
19635.4861.35
19645.6813.55
19656.0165.90
19666.3285.18
19676.5162.98
19686.7834.10
19697.2186.41
19707.9079.54
19718.5618.27
19729.2117.60
197310.0278.86
197411.63516.04
197514.67426.12
197616.93915.44
197719.28213.83
197821.54511.74
197924.66314.48
198029.65620.24
198133.27312.20
198235.8857.85
198337.8655.52
198439.8155.15
198542.0475.60
198643.9204.45
198746.2405.28
198848.9545.87
198952.7287.71
199056.9478.00
199160.6446.49
199262.4512.98
199364.0462.55
199464.7931.17
199566.3432.39
199669.0464.08
199770.3991.96
199871.2321.18
199971.8520.87
200073.3002.02
200173.9760.92
200275.5992.19
200377.4152.40
200479.3022.44
200581.4122.66
200683.8152.95
200785.9482.55
200888.3932.84
200989.7321.52
201091.1151.54
201192.9492.01
201294.3761.54
201396.1751.91
201497.7571.65
201598.2970.55
2016100.0001.73