Vinyl records and air fryers enter ‘inflation basket’ – but Guinness is on the way out
A vinyl records revival has seen the bohemian artefact spin its way back into the inflation-measuring ‘basket’ of goods for the first time since the early 1990s, the Office for National Statistics (ONS) said today.
Air fryers are also included in the new basket, as are spray oils, but draught Guinness is on its way out.
The altarpiece of the retro renaissance, which was replaced in the ONS’s sample of goods by CDs and cassette players in 1992, has seen a remarkable resurgence over the past few years as consumers flock to its superior sound quality and its authentic feel.
“There’s nothing like going crate digging and leaving with an armful of albums chosen purely on the basis of the cover art,” one vinyl enthusiast at City PM commented.
“The only problem is when you’re grooving too hard to the excellent sound quality that your jiving makes the records go wonky,” the person continued sheepishly.
The ONS’s virtual basket contains over 700 items which are representative of what consumers typically spend their money on.
The virtual basket, which is used to calculate inflation, is updated annually to reflect changing consumer preferences.
“Our inflation basket of goods offers a fascinating snapshot of consumer spending through the years,” ONS deputy director for prices Matt Corder said.
“Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending,” he said.
Air fryers also made it into the basket of goods for the first time with the ONS noting consumers appreciate the appliance’s “energy saving aspect as well as the health benefits”.
Expenditure on the counter-top mini oven increased over 30 per cent between 2021 and 2022.
Rice cakes and spray oils also made their way into the virtual basket, as consumers increasingly prioritised healthy options.
“Healthier lifestyle products continue to influence consumer choice reflected by the addition of the air fryer, spray oils and rice cakes as well as sunflower and pumpkin seeds,” Corder said.
Among the goods falling out of the basket were hand sanitiser, which has seen a sharp fall in expenditure since the end of the pandemic. Rotisserie cooked hot whole chickens also fell out.
A pint of Guinness will also no longer be included in the sample, but this is because the ONS thinks it does not need to track the price of draught stout and draught bitter – which often move together.