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Oddity commodities
CONSTANTIN GURDGIEV

 


EVERY once in a while, the national bodies collecting various economic data decide that it is time to revise their methods for measuring inflation. No one can really accuse statisticians to be at the cutting edge of retailing. Hence, virtually no statistical office in the world collects comprehensive data on online purchases as a part of assessing the Consumer Price Index (CPI) or the Harmonised Index of Consumer Prices (HICP) despite the fact that an ever-rising share of all purchases takes place over the internet.

It took the US Bureau of Labor Statistics until the mid 1990s to start including into its survey of prices such things as discount and bulk retailers. By the time they did, these stores already accounted for more than 35% of all household shopping.

This week, the UK's Office for National Statistics (ONS) has announced that the UK CPI figures going forward will include items like DVD recorders, satellite navigation systems, digital radios and mobile downloads for the first time, reflecting shifts in consumption preferences away from such antiques as VHS recorders, road maps, transistor radios and eight-track tapes.

Brussels sprouts and vegetable oil are to be replaced by broccoli and olive oil respectively, although the latest fad foods, like brocco"ower . . . a cross between broccoli and cauliflower developed by researchers in Johns Hopkins University in mid 1990s . . . are yet to make an appearance on the list.

French brie will be displaced by serrano Ham, pro-biotic drinks and Dutch cheeses.

In general, such changes are designed to track shifts in overall consumption preferences. Based on the latest revisions, the UK is no longer the land of 35mm compact cameras, children's Wellington boots, and outdoor pot plants.

Instead, it is a society of metrosexuals, consuming small "at panel TVs, carbonated drinks and meals sold on planes.

The Ryanair service model seems to be taking hold.




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