Vinyl records, air fryers join the ONS basket of goods

11th Mar 2024 15:19

(Sharecast News) - The Office for National Statistics (ONS) unveiled its annual update to the basket of goods and services used to calculate inflation, revealing shifts in consumer spending as vinyl records and air fryers join the list.

The statistics agency said the virtual basket encompasses more than 700 items deemed representative of typical consumer expenditures.

Each year, adjustments are made to reflect evolving consumer behaviours, ensuring the accuracy and relevance of inflation estimates.

In 2024, 16 new items were introduced while 15 were removed from the basket, maintaining a balance of representation.

Notably, vinyl records reclaimed their place in the basket after last being included in 1992, indicative of a renewed interest in analog music formats.

Another addition to the basket was the air fryer, reflecting a significant increase in consumer expenditure, driven by its energy-saving features and health benefits.

Conversely, the impact of the Covid-19 pandemic on consumer habits was waning, with hand sanitiser removed from the basket due to a sharp decline in demand.

Key changes to the 2024 basket included the addition of items like rice cakes and gluten-free bread, mirroring a growing consumer focus on healthier dietary choices.

Additionally, spray oil made its debut, signalling a shift towards healthier cooking methods.

Items exiting the basket included the sofa bed, indicative of a decline in popularity, and rotisserie-cooked hot whole chicken, as supermarkets pivoted towards catering to changing consumer preferences for smaller, more convenient meal options.

Bakeware was also removed, with frying pans slated to represent the category in future assessments.

"Our inflation basket of goods offers a fascinating snapshot of consumer spending through the years," said ONS deputy director of prices, Matt Corder.

"Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending."

Corder said the impact of the pandemic fading from the basket was also evident, with the removal of hand sanitiser due to decreased demand.

"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."

Reporting by Josh White for Sharecast.com.