The Consumer Price Index is the UK government’s chosen index when it comes to maintaining inflation at 2%. The way the index is determined is therefore crucial to the framing of UK monetary policy. As of today, the basket has been selectively restructured in favour of the spending habits of persons working in the City of London.
A press release from the Office of National Statistics reveals that the CPI now includes:
1. The fresh fruit snacking pot: found in Pret-a-Manger and other banker-friendly takeout places
2. Hand car washing facilities: found near high-end City and Canary Wharf parking areas
3. Interchangeable lens digital cameras: popular among visually-literate 20-30-something banking professionals
Less promisingly for
Stephen Hester people in the City, gardeners’ fees have been eliminated. So has the price of hardwood flooring, the latter being less common since the downturn according to the Office of National Statistics. Men’s clothing hire has been added in. So, inexplicably, has wild bird seed.