What’s in the ONS inflation basket for 2024?
An eclectic mix of goods is a timely reminder that cost-of-living experiences are unique to each individual.
11th March 2024 09:30
by Myron Jobson from interactive investor
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The Office for National Statistics is set to reveal the annual changes to its inflation basket of goods and services on Monday 11 March 2024.
Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “As ever, the inflation basket reflects our evolving tastes and preferences. The collective we seem to have fallen out of love with sofa beds and rotisserie-cooked whole chickens. And with the Covid-19 pandemic now behind us (hopefully!), demand for hand sanitisers has waned.
“The items that have been added are also telling. Despite the dominance of music streaming services, vinyl records are seemingly cool again – experiencing a significant enough resurgence in popularity to be added to the inflation basket. Rice cakes, spray oils, sunflower and pumpkin seeds, and air fryers also make the cut, which could be indicative of a move towards healthier food options and cooking methods. The addition of gluten-free bread is also significant.
“The ONS inflation basket remains a varied mix of goods and services that frankly many of us wouldn’t dream of buying. Items enter the basket for various reasons, with some making the statisticians' shopping list because of consumer popularity or simply to diversify the range of products for already established items.
“Crucially, it is not an exact science, and the eclectic mix of goods and services should remind us that cost-of-living experiences are unique to each individual. We each have a personal inflation number that could be far higher than the catch-all headline figure. As such, while headline inflation is cooling, it remains important to keep a keen eye on your finances and make adjustments if needed to maintain financial resilience."
This year’s key changes to the 2024 basket of goods include:
- IN: air fryer; vinyl music; rice cakes; gluten-free bread and spray oil
- OUT: hand sanitiser; sofa bed; rotisserie-cooked hot whole chicken; bakeware
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