Today we reveal the annual changes to the ONS inflation ‘basket of goods and services.' The virtual basket contains over 700 carefully selected items representative of the goods and services that consumers typically spend their money on.??
Some items are removed from the basket, some are brought in, while others remain unchanged.?This annual updating reflects the?changing tastes and habits of UK?consumers and maintains the accuracy and relevance of our inflation estimates.
New items are introduced to represent areas where consumer spending is significant or growing while items are removed where expenditure is low or decreasing.
Some of the changes also help to rebalance the basket, adding items where we need to improve coverage or take items out where a type of product may be over-represented.?
However, these annual changes are only a small percentage?of the?items sampled. This year we’ve added?16?items and removed?15 out of a total of 744 items.?
This year, vinyl records have returned to the basket after a resurgence in their popularity. This is not the first time that vinyl has been in the basket of goods, we last saw it there in 1992, only to then disappear as CDs and cassettes became more popular.
The air fryer has cemented its place on many a kitchen counter over the last few years with expenditure increasing over 30% between 2021 and 2022. The energy saving aspect as well as the health benefits of cooking with less oil have made this item very appealing to consumers.
We’re again seeing the influence of the COVID-19 pandemic fading from our shopping habits with hand sanitiser disappearing from the basket in 2024 as demand has dipped dramatically.
This year’s?key changes to the 2024 basket of goods include:??
IN?
Air fryer - This popular product has seen rapidly increasing expenditure in recent years.
Vinyl music – Vinyl records have experienced a resurgence in popularity, so make a return to the basket.
Rice cakes – An item experiencing growing popularity from consumers as part of a healthier lifestyle.
Gluten free bread – New item added to reflect the increasing demand for gluten-free products amidst a very fast-growing section of the supermarket.
Spray oil – This product type was previously unrepresented and highlights the move towards healthier cooking methods with more supermarkets releasing their own ranges.
OUT
Hand sanitiser – This item has been removed from an over covered area of the basket. Collectors noted a vast reduction in shelf space dedicated to this product as demand has fallen since the pandemic.
Sofa bed – This item leaves the basket reflecting a drop in popularity.
Rotisserie cooked hot whole chicken – We are seeing some supermarkets moving away from this item and catering for the lunchtime food market with smaller pieces e.g. thighs/legs.
Bakeware - Bakeware, such as a baking tray or roasting tin, has been removed from another over-covered area of the basket. The item will be represented by frying pans in future with the price movements for both following similar trends.
Commenting on this year’s basket of goods,?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.
“We are also seeing the impact of the pandemic fading from the basket with the removal of hand sanitiser due to decreased demand.
“Healthier lifestyle products continue to influence consumer choice reflected by the addition of the air fryer, spray oils and rice cakes as well as sunflower and pumpkin seeds.”
