Belfast Telegraph

Wednesday 27 August 2014

Inflation rate boffins put champagne on ice

Champagne sold in restaurants and bars has been removed from the basket of goods and services used to calculate inflation rates.

In the latest sign that consumers are cutting back on the finer things in life since the financial crisis, the Office for National Statistics (ONS) has removed bottles of champagne in the on-sales market from the basket to reflect falling sales, instead adding off-licence sales of white rum and hot chocolate.

E-books read on digital readers such as Kindles are in, while digital television recorders have replaced Freeview set-top boxes.

The ONS updates the basket each year to ensure it reflects up-to-date spending trends.

The consumer prices index (CPI) and retail prices index (RPI) rates of inflation are calculated using 180,000 price quotations every month, covering around 700 goods and services from 150 areas across the UK.

The ONS said e-books now "represent a significant and growing market, with recent increases in the number of people reading books digitally".

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More