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Wall Street follows Europe lower as attention turns to US CPI data

Wall Street follows Europe lower as attention turns to US CPI data

A person carries a shopping basket at a Sainsbury's store, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, December 21, 2020. REUTERS/Hannah McKayA person carries a shopping basket at a Sainsbury's store, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, December 21, 2020. REUTERS/Hannah McKay

A person carries a shopping basket at a Sainsbury’s store, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, December 21, 2020. REUTERS/Hannah McKay (Reuters)

Hand sanitiser and sofa beds were the most prominent victims of the recent shake-up of the ONS’s “inflation basket”, which contains everything from cucumbers and TV licences to compost and tissues and is used to measure the annual rate of inflation.

After COVID, demand for hand hygiene gel has declined, resulting in the product being given less shelf space and being removed from the shopping basket, the ONS said.

These items, out of the 744 included in the calculations, have been replaced by groceries and household appliances, suggesting that Britain is becoming more health conscious in its shopping habits. Rice cakes, spray oil, sunflower and pumpkin seeds and packaged salad are all newly included items, alongside the hot kitchen appliance, the air fryer.

The ONS pointed out that spending on cooking appliances such as air fryers increased by over 30% between 2021 and 2022. Air fryers are also an appliance for the energy conscious at a time when cash-strapped households are trying to save on bills, as they use less energy than a conventional oven.

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