New Additions to the Inflation Basket

Guess what! The wave of smartphones and their apps are about to hit the basket of goods considered for measuring inflation. According to the Office of National Statistics, these are now some of the most essential items that fill the spending basket of consumers. Dating agency websites have also been added as their use has risen sharply. The shifting of goods and services in and out of the basket gives an insight into the changing nature of shopping habits and new technology in the UK.

In Out
Smartphones and their apps Mobile phone downloads
Dating agency fees Vending machine cigarettes
Hair conditioners Rose bushes
Oven ready joints Pork shoulders
Dried fruits Vet fees for spaying a kitten
Sparkling wines Hardboard
Medium density fibreboards
Craft kits

The ONS updates its 650-strong basket of goods and services annually, to better reflect public spending habits. Consumer price inflation is currently running at 4%, surpassing the Bank of England’s target of 2%.

Changes to inflation basket

Source: bbc.co.uk

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