Vinyl in, Hand San Out – How UK Inflation Basket is…
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The upcoming general election is expected to focus on the rising cost of living post-covid. Although the CPI has dropped to 4%, it remains double the Bank of England’s target. Changes to the CPI basket include the addition of vinyl records and air fryers, while hand gels and sofa beds are out.
Consumers are faced with higher prices across various goods and services, prompting a focus on the monthly CPI number and the contents of the ONS’s basket of goods. The annual revision of the basket reveals additions like air fryers and vinyl records, reflecting changing consumer trends and preferences. Food items like rice cakes and pre-packed salads are prominent in the updated basket.
The 2024 CPI basket changes are significant, with a focus on food items like air fryers, rice cakes, and pre-packed salads. The ONS explains the rationale behind adding and removing items, emphasizing the representative nature of the items in the basket. Changes in consumer behavior, particularly related to food and convenience, are evident in the updated basket.
Read more at Morningstar: Vinyl in, Hand San Out – How UK Inflation Basket is…