The
rising
cost
of
living
has
been
a
source
of
anxiety
since
the
covid
era,
and
is
now
set
to
be
a
key
issue
in
the
upcoming
general
election.
While
the
consumer
price
index
(CPI)
has
fallen
from
over
11%
to
4%,
this
is
still
double
the
Bank
of
England’s
target
of
2%.
And
even
if
price
rises
are
abating
as
we
enter
a
period
of
disinflation,
the
cost
of
goods
remains
at
elevated
levels.
How
Has
The
CPI
Basket
Changed?
•
In:
Vinyl
records,
Air
fryers;
•
Out:
Hand
gels,
Sofa
beds.
From
the
weekly
food
shop
to
airline
tickets,
consumers
are
becoming
used
to
higher
prices,
though
they’re
naturally
keen
to
shop
around
as
much
as
possible.
That
means
the
Office
for
National
Statistics’
monthly
CPI
number
is
followed
closely,
and
with
it,
the
contents
of
the
ONS’s
theoretical
“basket”
of
goods.
While
this
may
seem
abstract,
a
lot
of
thought
goes
into
its
components.
This
basket
is
revised
annually
and
contains
744
items.
It’s
a
useful
proxy
for
changing
consumer
trends
and
it’s
just
been
updated
for
2024.
Air
fryers
and
vinyl
records
are
now
“in”
the
basket,
while
hand
sanitisers,
the
must-have
for
post-pandemic
commuters,
are
“out”.
So
too
are
sofa
beds,
a
staple
of
1990s
student
life!
Previous
changes
to
the
basket
have
included
CDs,
DVDs,
MP3
players
and
streaming
services.
Vinyl’s
resurgence
is
an
example
of
a
consumer
product
coming
back
into
favour,
having
previously
been
removed
from
the
basket
in
1992.
Food
is
Key
to
the
Inflation
Basket
Looking
at
the
additions
to
the
2024
basket,
food
looms
large,
especially
in
terms
of
convenience
and
perceived
health
benefits:
one
of
2023’s
most-bought
and
discussed
products,
the
air
fryer,
makes
its
first
appearance.
Rice
cakes,
pre-packed
salad
and
sunflower
seeds
suggest
the
time-pressed
office
worker
trying
to
keep
the
calories
down.
For
the
sake
of
space,
I’ve
removed
“duplicate”
items
like
second-hand
cars,
takeaway
hot
drinks,
pre-packed
salads
and
portable
storage
devices,
as
these
are
category
changes
rather
than
indicators
of
changes
to
consumer
behaviour.
And
sometimes
these
reflect
the
difficulty
of
the
ONS
collecting
data
on
their
sales;
popcorn
isn’t
suddenly
less
popular.
“This
item
has
been
dropped
due
to
poor
coverage
in
terms
of
the
relatively
low
numbers
of
quotes
collected,”
the
ONS
says.
But
others
do
reflect
consumer
changes
perhaps
connected
to
the
return
to
offices;
supermarkets
are
selling
fewer
whole
roast
chickens
and
preferring
to
sell
smaller
portions
aimed
at
the
“lunch
on
the
go”
market.
While
these
are
headline-grabbing
changes,
the
ONS
is
keen
to
point
out
that
16
items
have
been
added
and
15
removed
as
part
of
a
much
wider
cohort
of
744
goods.
A
full
methodology
and
explanation
can
be
found
on
the
ONS
website
here.
We
get
the
latest
inflation
figures
for
February
on
March
20;
last
month’s
numbers
were
reported
here.
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