The rule
change % = (final − initial) ÷ initial × 100
Why it works
Percentage change measures the difference against the starting value, not against the final one. That choice of reference is the whole subtlety: the same absolute difference gives a different percentage depending on which end you divide by.
How to do it by hand
- Subtract the starting value from the final one
- Divide the result by the starting value
- Multiply by 100
- A positive answer is a rise, a negative one a fall
What is worth knowing
The asymmetry catches everyone out. A 50 % rise is undone by a 33.3 % fall, not by another 50 %, because the second percentage is taken from a bigger number. That is why a stock that drops 50 % needs to double just to break even, and why a shop can advertise '50 % off' and then '50 % extra' and end up nowhere near where it started. Whenever a percentage is quoted, the question worth asking is: a percentage of what?