Every month, the ONS measures inflation – that is to say how past prices are increasing, or decreasing – for British households. They have what they call a “basket” of more than 740 different goods and services that they think people buy. For instance, in 1992, as CDs and cassettes increased in popularity, the ONS removed vinyl records from the basket. ONS deputy director for prices, Matt Corder, said: “Our inflation basket of goods offers a fascinating snapshot of consumer spending through the years. “Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending.

Source: The Times March 11, 2024 09:47 UTC