Measuring inflation: how ONS keeps track of changing spending habits

The updating of the legendary ‘basket of goods’ used by ONS to calculate inflation is a popular annual ritual. The products and services newly included – and those consigned to the statistical dustbin – tell the story of our changing consumption habits. But how accurate can the inflation figures be if you never buy  any of these items?  Phil Gooding explains.     

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A new way of looking at changing household incomes and prices

In February 2017 ONS funded the establishment of a new independent research centre, the Economic Statistics Centre of Excellence (ESCoE). Its objective is to bring economic research closer to the production of economic statistics and identify new ways to address the fast-paced changes observed in the UK economy. Richard Heys explains. 

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