Wednesday 23 May 2018

This 'boom' product is making its way back into our shopping basket again

Charlie Weston Personal Finance Editor

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 champagne has made a return to the basket of goods priced after it was out of the index for five years.

The absence of fizz from the index for the last five years likely reflects the fact that the financial crisis meant little bubbly was bought.

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 priced 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.

Our growing sophistication when it comes to eating sees melons, noodles and sweet potatoes added to the list of what is priced every month. And a burger and bun, eaten at home, is also now on the radar of the number crunchers.

Modern electronics now feature, such as streaming services, e-readers and large TVs.

The desire to make sure homes smell nice means that candles have now become an essential in many homes, and are now counted when working out the consumer price index.

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.

Also no longer counted, as influencing prices, are camcorders, disposable cameras and MP4 docking stations.

Deleted from CSO basket of goods that are priced are alterations to trousers, men’s wash, cut-and-blow drys, ladies' body shapers.

Your dad might have liked a lamb chops for his dinner, but gigot lamb chops have gone by the wayside when it comes to what counts for inflation.

Other items being removed include clothes lines, refill pads, dental floss, tea towels, ironing boards, bottle openers, sweeping brushes, and petroleum jelly.

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

Online Editors

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