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last yr.

Vinyl Records Reintroduced to UK's Inflation Basket After 32 Years

The resurgence in vinyl record sales, driven by Generation Z, prompts their inclusion in the UK's inflation measurement basket, alongside other lifestyle and technology updates.

LONDON, ENGLAND - DECEMBER 28: A customer looks through a rack of vinyl records at the HMV store on Oxford street on December 28, 2023 in London, England. The British Phonographic Industry figures show UK vinyl sales rose by 11.7% to 5.9 million units this year, increasing for the 16th year in a row. Taylor Swift's 1989 (Taylor's version) was the best-selling LP and she has two further albums in the top 10. (Photo by Peter Nicholls/Getty Images)
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Overview

  • Vinyl records return to the UK's inflation basket for the first time since 1992, reflecting a significant surge in demand, especially among Generation Z.
  • Sales of vinyl records hit their highest level since 1990, with nearly six million units sold last year, featuring popular albums from artists like Harry Styles and Taylor Swift.
  • The Office for National Statistics updates the inflation basket, adding items such as air fryers and gluten-free bread, while removing products like hand sanitiser and Guinness.
  • The changes in the inflation basket reflect shifts in consumer behavior, including the fading impact of the pandemic and a growing focus on healthier lifestyle products.
  • The updated inflation basket will guide the Bank of England's decisions on interest rates, amid efforts to manage inflation rates that have recently shown signs of decrease.