Vinyl records back in UK’s ‘inflation basket’ for first time in over 30 years

Vinyl records have returned to the UK’s ‘inflation basket’ for the first time in 30 years.

1992 was the last time vinyl was included in the list of products used to calculate the monthly rate of inflation, with a continued resurgence in sales seeing them return to the basket this month.

Vinyl records are one of 744 products used on the list, which helps indicate a marker of prices of goods in UK shops. Another product new to the list is air fryers.

The Office for National Statistics cited the “resurgence of popularity” in vinyl records as the reason for its inclusion, with the BPI’s chief executive Jo Twist saying: “It’s good to see the ONS once again including vinyl LPs in its measure of what people are buying around the UK.

“This much-loved format has seen demand grow consistently for nearly two decades, including among younger and more diverse consumers who stream daily but also love to own their favourite music on physical formats.”

6.5million vinyl records were sold in the UK in 2023, the 16th year of growth in a row. Sales of vinyl rose by nearly 15 percent year-on-year for the first nine months of 2023.

It was also revealed this month that the number of independent record stores in the UK has hit a ten-year high.

As laid out in the newly-published ERA (Entertainment and Retail Association) 2024 Yearbook, 461 independent record shops now exist in the UK, 122 more than were in business in 2014.

Despite this, the overall number of shops selling physical music, including supermarket chains, has dropped drastically from 10,391 to just 2,486.