Not since Simply Red’s album Stars topped the albums chart in 1992 have vinyl records been included in the basket of goods used to calculate annual inflation, but a rise in sales over recent years has brought them back as a marker of UK shop prices.
The Office for National Statistics said the “resurgence of popularity” in vinyl records meant they should be included among the 744 items used to calculate inflation each month, in its latest annual shake-up of the basket.
Sales of vinyl were given an extra push in the UK last year by Taylor Swift’s album 1989 (Taylor’s version), which was the biggest-selling vinyl record, while the Rolling Stones’ Hackney Diamonds ranked as the highest-selling vinyl record by a UK artist.
According to data from the UK record labels association, the BPI, vinyl purchases reached 5.9m units during 2023 – their highest annual level since 1990.
The BPI chief executive, Jo Twist, said the growing popularity of CDs among younger buyers meant they might be including in the inflation basket in a few years.
“It’s good to see the ONS once again including vinyl LPs in its measure of what people are buying around the UK. This much-loved format has seen demand grow consistently for nearly two decades, including among younger and more diverse consumers who stream daily but also love to own their favourite music on physical formats,” she said.
She said vinyl sales had also come to the rescue of small independent stores, which have grown in number to 461 last year in the UK, compared with 339 in 2014.
Vinyl records were among 16 items to join the basket after 15 were dropped.
Air fryers, which became a popular kitchen appliance during the pandemic after praise from chefs such as Gordon Ramsay, were among the other entries, as was another cooking favourite, spray oil, along with gluten-free bread.
“The air fryer has cemented its place on many a kitchen counter over the last few years with expenditure increasing over 30% between 2021 and 2022. The energy-saving aspect as well as the health benefits of cooking with less oil have made this item very appealing to consumers,” the ONS said.
Items removed from the basket include hand sanitiser after demand “dipped dramatically” in a sign that the pandemic has become a distant memory for shoppers.
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Baking trays and roasting tins were also dropped because of a fall in popularity, possibly reflecting the high cost of cooking with an oven during the cost of living crisis and high-priced electricity.
Rotisserie-cooked hot whole chicken was another victim of changing habits. The ONS said: “We are seeing some supermarkets moving away from this item and catering for the lunchtime food market with smaller pieces eg thighs/legs.”
Popcorn and sofa beds were also ejected.
The ONS deputy director for prices, Matt Corder, said some of the changes reflected shifting shopping habits while others helped to rebalance the basket, “adding items where we need to improve coverage or take items out where a type of product may be overrepresented”.
He added: “Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending.
“Healthier lifestyle products continue to influence consumer choice reflected by the addition of the air fryer, spray oils and rice cakes.”
