The Know Daily - Thursday 20 March 2025

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It’s International Day of Happiness 😃 Here’s something to make you smile!

💷 Spending snapshot

The Office of National Statistics (ONS) has released the annual review of its inflation basket highlighting consumer trends.

Hold up. What’s an inflation basket?
It’s a collection of everyday goods like bus tickets and bread loaves, and services such as healthcare and housing. Updated every year, it’s designed to represent consumers’ spending habits and changes. 

Why is this important?
It’s an "official yardstick” which ensures that “the cost of living is as accurate as possible”. This basket is also how the ONS calculates the annual inflation rate – when this is kept low, it means there’s a healthier economy. The overall price of the basket of any given year is known as the Consumer Price Index (CPI). The inflation rate is determined by comparing the most recent CPI with what it was a year ago. So, if the CPI in 2025 is 2%, then an item that was £100 in 2024 would be £102 today. The next inflation reading will be on 26 March.

What did this year’s report find?
This year, there’s 752 items in the basket – 23 were added and 15 were removed. In a snapshot, 2025’s basket reflects a “time-pressed nation”, with the addition of pulled pork showing a trend towards convenience in the kitchen and yoga mats for at-home workouts. 

What’s more, the first-time inclusion of virtual reality headsets highlights an “appetite for emerging technology”, while the removal of items like printed adverts in local newspapers indicates a shift towards the online world. Brits are also spending more on digital products with subscription streaming services like Netflix and Apple TV+ given greater weighting this year.

😊 Content countries: For the 8th year in a row, Finland has been named the happiest country in the world. Country rankings are based on people rating their lives on lots of factors, like social support, freedom and generosity.

• The bigger story: “Happiness isn’t just about wealth or growth – it’s about trust and connection”, according to a spokesperson from the analytics company behind the study. In short, stronger communities and economies means more investment in each other.

🚲 City cycling: This new free Greenground map charts London’s 1k nature spots, helping cyclists travel across the city amid greenery. 

✈️ Passport prices: UK passport application fees will rise again in April.

🐇 Candid critters: The winners of the British Wildlife Photography awards have been unveiled.  

🚆 Printing project: The world’s first 3D-printed train station is on its way.

✉️ Fabled figures: Royal Mail has released a stamp collection featuring mythical creatures from UK folklore.

🎮 Peter is Here: The Vatican has launched a new Minecraft-based game that allows players to explore St. Peter’s Basilica.

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Trivia answer: A) The town of Penne in Italy’s central Abruzzo region is listing homes for as little as €1 – here are the details. 

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