High demand amid the pandemic for items such as hand sanitiser and loungewear mean they are now being used to calculate the cost of living in the UK.
Hand weights used by gym-goers who are stuck at home have also been added to the basket of goods used to measure the movement of prices.
The annual review by the Office for National Statistics (ONS) also added smartwatches and electric cars.
But white chocolate and sandwiches bought at work are out.
The ONS said it decided to add men’s loungewear bottoms and women’s sweatshirts to the basket of more than 700 goods, which is used to calculate inflation, to reflect a move towards more casual clothing.
Economists are, of course, entirely unaware of substitution when calculating inflation…..
The first of these ideas says that if demand for a product rises and the supply does not then its price is going to increase. Economists would say this is so basic that no one could really argue with it. So let me do so.
First, this assumes that there are no alternative products available. The reality is that there usually are. Few things are so essential now that this is not the case.