- 23 items have been added to the basket while 15 have been removed as our lifestyles continue to evolve
- Virtual reality headsets and yoga mats are among those which have been added to the latest basket of goods used to track inflation
- Pulled pork replaces an oven ready gammon joint, while department store cafeteria meals are also out of favour
Danni Hewson, AJ Bell head of financial analysis comments on the latest ONS figures on changes to the basket of goods and services used to track inflation:
“It’s always entertaining to rifle through the basket of goods that the ONS uses to track price changes. We can get a real insight into how we are living our lives and things we are spending our money on just by clocking what’s been removed from the list and what’s made the cut.
“AI and the ever-increasing influence of technology on all our lives makes headlines every day so it shouldn’t be a surprise that VR headsets have been added to this year’s basket, especially as more content is developed for their use and the price of buying one becomes less eyewatering.
“Post-pandemic people’s lifestyles have become healthier, and it’s pretty common to see people rocking up at their local gym or leisure centre with a rolled up, brightly coloured mat under their arm.
“As well as quirky insights into our changing tastes, like the inclusion of mangos, smoked salmon and men’s sliders, there’s insight into our desire to eat at home but also our need for speed and convenience as more people head back into the office and try to juggle busy lives and constrained budgets.
“Further deterioration of old-fashioned high streets is evident by the removal of in-store cafeteria meals.
“The era of a Saturday spent rifling through department stores with a mid-day break for a cuppa and a plated sandwich feels almost alien as most of us do our browsing online these days. High streets still sport big holes where physical Debenhams, BHS and Woolies used to dwell, and shopping centres have cottoned onto the value of peppering their premises with fast food favourites and casual dining options.
“It’s fascinating to look back over the years and remember the lives we led, from home perm kits in the 1970s to hand sanitiser as we all struggled to cope in a world forever changed post-pandemic.
“But the basket shows us that life goes on, and current struggles will quickly be forgotten. Just look at the inclusion of fixed rate tariffs for household energy bills as we all try to stay one step ahead of price increases.
“And whilst considering changing fashions gives us all a few moments of fun, it’s important to remember why this basket needs to strike a chord with us all.
“It gives us a crucial economic indicator of what’s happening with prices, a data set that helps Bank of England rate setters determine their next steps and a measure used to work out how much benefits, pensions and train tickets should go up by.”
