The UK’s inflation basket is set to welcome back vinyl records for the first time in three decades, on the back of a growth in their popularity. Conversely, as the pandemic loses its grip on the nation’s buying behaviour, hand sanitiser will be exiting the range.
The Office for National Statistics (ONS) has announced other additions to the basket to mirror evolving dining trends such as air fryers, gluten-free bread, and rice cakes. However, items like hot rotisserie chickens and sofa beds are slated for removal.
The annual review of consumer goods and services included in the ONS basket is done to ensure it keeps pace with rapidly changing shopping patterns, replacing items no longer in vogue.
Back in 1992, vinyl records were instrumental in estimating living costs until they were overtaken by compact discs. However, a recent resurgence in vinyl, which saw them surpass CDs in sales value in the UK, has been triggered by artists like Taylor Swift and The Rolling Stones registering record sales. The British Phonographic Industry trade group reports these are the highest figures since 1990.
Despite the boom in music streaming services, the tangible music market’s revival has given vinyls a lifeline. CDs failing to reach the top 40 UK charts were excluded from the inflation basket in the previous year.
ONS Deputy Director for Prices, Matt Corder, pointed out that while inflation baskets often track the uptake of new technology, the comeback of vinyl showcases how cultural renaissance can influence our spending habits. He also noted the declining relevance of the pandemic with the phasing out of hand sanitiser due to dwindled demand.
The revision in the basket will take effect from the inflation report due on March 20. This comes at a moment when the growth rate of consumer prices, presently at 4%, is swiftly decelerating, after soaring to double figures.
Additions and removals also mirrored shifts in Britons’ dietary habits, with a greater preference for healthier and gluten-free food items. Other fresh inclusions are healthier cooking oil sprays, sunflower seeds and pumpkin seeds.
In the wake of escalating energy costs post Russia’s invasion of Ukraine, the excessive consumption of energy-efficient air fryers has seen an upturn. ONS data reveals a 30% increase in air fryer expenditure from 2021-2022 as they become indispensable cooking gadgets in UK households. – Bloomberg