Published:
Mar 25, 2024
Author:
Sarah Parsons Wolter
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What does the average Brit purchase when they venture out on a routine shopping trip? Apparently a wax LP record, health-conscious kitchenware, and a gluten-free crumpet. In reality, that’s not quite accurate – but the U.K.’s Office for National Statistics recently added vinyl records, air fryers, and gluten-free bread into the nation’s inflation basket. These goods were a part of the 16 new items added to the list of 700 that reflect what citizens spend their money on. One major item removed? A pint of Guinness.
Vinyl records made a triumphant return after previously leaving the list in 1992 for CDs, proving technological advancements aren’t the only source of change in consumer spend. These changes in preferences have become easier to measure since the pandemic, where drastic swings in consumer spending (and outsized demand for things like toilet paper) had made it very difficult for experts to accurately track price level changes.
Central banks continue to hone in on how they need to reshape their basket of goods to best track inflation. Do they have all of the answers? Certainly not, and does owning an Air Fryer make you a better cook? Well… certainly not in Britain 🤮
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Vinyl & Air Fryers
Air fryers and vinyl records added to UK inflation basket - In its annual update to the basket of goods and services used to track price growth, the Office for National Statistics added 16 new items to the list of more than 700 deemed representative of what consumers typically spend their money on, while 15 were removed. Read more
The Taylor Swift effect: How vinyl records returned to U.K. inflation basket after 32 years - Vinyl records will be added to the UK’s basket of goods used to calculate the rate of inflation for the first time since 1992. The surging success of Taylor Swift drove the sales of the item last year, contributing to the physical format’s growth in the country. Read more
Inflation tracker: at 3.2%, see the items keeping prices high - The WSJ's price tracker shows year-over-year price movements for items every month. In February 2024, frozen non-carbonated juices and drinks had the highest increase at 27.2% while health insurance had the largest drop, falling 19.7%. Read more
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