Vinyl record prices being used to help calculate inflation again after revival led by Taylor Swift
VINYL record prices are being used to help calculate inflation again after a revival led by the likes of Taylor Swift.
The Office for National Statistics says it is adding them back into its “basket” of 744 items used for the figure — after a 32-year absence.
Sofa beds have fallen out of fashion and are also no longer part of the inflation calculations.
But the days of Covid fears are over as sales of hand sanitiser have plummeted so dramatically they are no longer included.
The last time vinyl records were used to measure the UK’s levels of inflation was in 1992, when John Major was PM and Simply Red’s album Stars was top of the charts.
The latest annual shake-up of the basket comes on the back of a sales boom, helped by big artists including Swift, pictured, The Rolling Stones, Ed Sheeran and Adele releasing on vinyl.
READ MORE MONEY NEWS
Last year, 6.1 million vinyl albums were bought, 11.8 per cent more than the year before, aided by the release of 1989 (Taylor’s Version). British Phongraphic Industry boss Jo Twist said that while fans streamed music daily, many younger consumers “also love to own their favourite music on physical formats”.
She added: “Most albums are now released by artists and their labels on vinyl, often as highly collective deluxe editions.”
Twist said that there has also been a surge in the number of record stores opening again, “so it feels entirely natural that vinyl should once more be seen as a popular indicator of how people are choosing to spend their money.”
The ONS said that it was also adding air fryers into its basket of goods, They have boomed in popularity since the energy crisis as a recommended way to cut back on cooking costs.
Most read in Money
Healthier eating has also driven other trends with edible seeds, rice cakes and spray cooking oils being added as well
But rotisserie chicken has been cut from the ONS prices measure. Draught stout is also out because the ONS said its price was often similar to bitter.
