[nomadking]

Originally Posted by TheDaddy

Probably because rent/ mortgages and utility bills weren't so high, unless you're going to say wage increases have kept pace with those increases

Inflation is inflation, doesn't matter what it's made up of.
Link

Wilson, and Callaghan, who succeeded him as Prime Minister after Wilson resigned for health reasons in 1976, continued to fight inflation, which peaked at 26.9 per cent in the 12 months to August 1975.

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Phase I of the pay policy was announced on 11 July 1975 with a white paper entitled The Attack on Inflation. This proposed a limit on wage rises of £6 per week for all earning below £8,500 annually. The TUC General Council had accepted these proposals by 19 votes to 13. On 5 May 1976 the TUC accepted a new policy for 1976 increases, beginning 1 August, of between £2.50 and £4 per week with further years outlined.