While some people use virtual reality headsets and yoga mats to mentally escape the everyday grind, statisticians are now employing them to map the rising cost of living.
Both have entered the Office for National Statistics’ (ONS) basket of goods and services, which is used to determine inflation.
There are 752 items in the basket. To determine the monthly inflation numbers, the ONS gathers the prices of various goods and services from a wide range of retailers.
This number, which now indicates that prices are increasing by 3% annually, is an important economic indicator that affects interest rates, the cost of borrowing money, and increases in benefits and pensions or salary negotiations.
