Vinyl records are now so hot they move UK inflation
CNN
The prices of vinyl records will feed into UK inflation statistics for the first time since 1992, highlighting a surge in their popularity among British consumers driven in part by Taylor Swift.
The prices of vinyl records will feed into UK inflation statistics for the first time since 1992, highlighting a surge in their popularity among British consumers driven in part by Taylor Swift. The Office for National Statistics published its annual update Monday to the basket of more than 700 goods and services it uses to measure inflation. This year, the ONS added 16 items and removed 15 to better reflect what consumers are now typically spending their money on. “Our inflation basket of goods offers a fascinating snapshot of consumer spending through the years,” ONS deputy director for prices Matt Corder said in a statement. “Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending,” he added. The contents of the notional shopping basket matter because they form the basis for calculating the consumer price index, one of the measures of inflation the Bank of England will consider in deciding when to start cutting interest rates. UK inflation has slowed from 11.1% to 4% but remains above the central bank’s 2% target. LPs — which dropped out of the UK inflation basket more than three decades ago, owing to the rise of CDs and cassettes — have made a huge comeback in recent years.
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