UK Inflation Soars As Vinyl Record Sales Spin Out Of Control
Vinyl records are making waves in the UK economy, quite literally causing prices to rise. The return of vinyl to the basket of goods used to measure UK inflation shows how cultural trends can impact household budgets. Fueled by artists like Taylor Swift, Brits bought over 6 million LPs last year – the most in over 30 years. This vinyl revival is starting to add some friction to the wheels of the UK inflation rate.
The Office for National Statistics annually reviews the basket of over 700 items tracked to calculate UK inflation. In a nod to changing consumer habits, they’ve added vinyl records for the first time since 1992. According to the BPI, Taylor Swift’s re-release of “1989” was the biggest selling vinyl of 2021. Their CEO said it was natural for LPs to indicate spending habits now driving UK inflation calculations.
How Vinyl is Spinning The UK Inflation Rate
While music preferences wax and wane, the popularity of vinyl appears to be more than a passing fad. Demand has grown steadily for two decades across generations, as streaming fans also seek out physical formats of favorite albums. As long as record sales continue spinning, the costs of this cultural commodity will play a role in setting the tone for UK inflation.
Other items added to the basket, like air fryers and rice cakes, show a shift to healthier lifestyles. But it’s the heavy rotation of vinyl that’s really dropping the needle on UK inflation now. Whether cranking up vintage vinyl or sparkling new pressings, music fans are giving the costs powering price rises a good spin.
