How modernity has changed inflation : air fryers and vinyl

Firstly I think that it is important to establish how the rate of inflation is actually established. To put it briefly, the Office for National Statistics looks at the various prices of around 700 different items which they use to establish the Consumer Prices Index (CPI). This basically looks at the price changes that the public are experiencing on their everyday purchases. If you would like a more in depth and knowledgeable explanation more information can be found on the Bank of England’s website.

Inflation had been discussed a lot in light of Covid and it’s aftermath but something that I find interesting is what we now consider as day-to-day consumer products. In the annual review made by the Office for National Statistics vinyl records were added to the list of goods for the first time in 30 years. Who can this be attributed to?

It was found that from the 5.9 million units sold in 2023 these sales were dominated by Taylor Swift and The Beatles. (Does this mean we can thank Taylor for boosting our economy????) 

Another interesting product to note is the air fryer which has been added to the list for the first time. So, yes inflation rates do give an insight into the cost of living and how prices are changing but it also gives an insight into how our lifestyles are changing. 

The resurgence of vinyl into the consumer basket could suggest that during the Covid lockdown’s there was a heavy reliance on music as an escape. It also shows the versatility of the music industry today and that even in a time when we can’t leave the house it still contributes massively to our economy. 

Similarly, the introduction of air fryers to this market could suggest a turn to more sustainable living. Their main selling point is how little energy they use and so their esteemed place in our market could show more families opting for eco-friendly products.                                                          

My main takeaway from this is that during Covid when inflation was at its worst and the economy felt extremely restricted, it was still expanding in ways we may not have realised then.