- The Office for National Statistics (ONS) added 16 items to its inflation basket of goods in 2024
- These items are reviewed annually by the ONS to reflect changing consumer spending patterns and are used to help calculate inflation
- The additions include air fryers, vinyl records and gluten-free bread
- While 15 items were removed from the basket, including hand sanitiser
Laura Suter, director of personal finance at AJ Bell, comments on the latest ONS inflation basket figures:
“Once a year we get a unique insight into the buying habits of the UK population, as the ONS re-shuffles the basket of goods it uses to calculate inflation. Out go the unpopular items or things that have fallen out of fashion, and in go the latest fads or trends.
“The key takeaway from this year is that the pandemic is officially in the rearview mirror, as hand sanitiser is removed from the list of the most popular items we all buy. At the same time, rising energy costs have altered our spending habits, with air fryers now making it into the basket, as people looked for cheaper ways to cook.
“There’s always an interesting lens on how our eating habits have changed – last year we saw more vegan items added and this year gluten-free items are rising in popularity, with gluten-free bread added to the basket. And the nation has clearly been on a health kick, with rice cakes, seeds and spray oil being added – all a nod to healthier eating. One of the more random removals is a hot rotisserie chicken, with many supermarkets not selling them anymore, meaning the price data isn’t as reliable. Popcorn is another item that’s been consigned to the bin, perhaps reflecting the fact that fewer people are going to the cinema.
“While last year saw some CDs and DVDs booted out of the basket, seemingly retro items can have a revival and reappear. That’s the case for vinyl records this year, which have seen a resurgence in popularity and made it back into the basket.
“Another quirk in the basket this year is that sofa beds are out – either because people’s homes are getting bigger and they have spare rooms, or because they are using airbeds or not hosting guests anymore. One that didn’t quite make the list is electric cars. They are undoubtedly more popular than in the past, but concerns about the high cost of insurance and range-anxiety have stalled adoption – meaning that the ONS decided not to include them this year.
“We’ll see the impact of these changes next week at the next set of inflation data, when markets, the government and the Bank of England will be hoping for a significant drop in the figures to get them closer to the 2% target. Both the Bank and the OBR are forecasting a drop to an average of 2% in the second quarter of this year.”
