Tuesday 12 December 2017

Statisticians put the fizz back into the price index

Bubbly is back. Photo: Getty Images
Bubbly is back. Photo: Getty Images
Charlie Weston

Charlie Weston

Bubbly is back.

In what is likely to be seized on as a sign that the financial crisis has eased off, statisticians who measure inflation have started taking notice of champagne prices again.

The Central Statistics Office said fizz had made a return to the basket of goods it priced after it was out of the index for five years.

Changing tastes and advances in electronic products have resulted in a radical shake-up in the way statisticians measure inflation.

Craft beers, fish such as hake and avocados are now being included when the number crunchers work out the consumer price index.

Stockbroker fees have been added to the list of prices monitored, in a sign that there is more prosperity around, at least for some.

The popularity of vaping, as an alternative to smoking cigarettes, means that electronic cigarettes are now counted when calculating the inflation rate. Modern electronics now feature, such as streaming services, e-readers and large TVs.

The CSO says a number of items were removed due to declining popularity. Gone out of the basket of goods priced are clock radios, deep-fat fryers and library charges.

And there is no need to include photo development any more as mobile phones and home printers have sent that into the history books.

Irish Independent

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