| HMcM and the Greggs Pasty Index: G-PI, how much are you worth? |
|
| Setting up the Index:
HMcM is set to introduce a new measure of Standard of Living, the G-PI (Greggs Pasty
Index). This will compliment the existing UK Mars Bar Index MBI) a concept introduced by
Nico Colchester in the 1980's (see below for further details). |
|
| Why Pasties? The pasties are made to a consistent recipe, are sold in
standardised shops, and taste nice - the perfect combination to measure the cost of
living. The cost of the pasty clearly reflects not only the ingredients but also local
rents, rates, energy and labour costs, adding a regional dimension not provided by the
MBI. |
|
We Need Your Help: The
HMcM pasty-detector van is already scouring the country collecting details, but we are
asking for your help to extend the scope of the survey. The HMcM team will be posting
regular price updates to the web site. So if you would like to join in, please send us the
following G-PI data:
- Greggs Store Location;
- Pasty Type (Cornish, Chicken, Cheese, etc - No sausage rolls
please);
- Price (Pence or Mars Bars (MBI) at 2004 exchange rate - see
below).
Emails to G-PI@hmcm.co.uk
please. |
|
| The UK Mars Bar Index (MBI): In his informative and entertaining articles in the Financial Times
(1981 and 1983), the late Nico Colchester introduced the concept of using
the Mars Bar as a standard unit of currency. He argued that the recipe has stayed pretty
much the same, as has the production, distribution and retailing methods. Therefore, other
prices could be valued in terms of the typical price of a Mars Bar (1MB), allowing direct
comparisons to be made over time. Read Nico
Colchester's articles at: 1981 Article in FT or 1983
Article in FT |
|
The MBI in 2004: Nico
Colchester's table of 1983 is shown below, with an updated entry for 2004.
The UK
Mars Bar Index |
| Year |
Mars Bar (£) |
Morris 8 / Mini / BMW Mini (£) |
Roast Beef at Simpsons (£) |
Typical Graduate Starting
Salary (£) |
| 1940 |
0.83p |
£160 = 19,200MB |
20p = 24MB |
£275 = 33,132MB |
| 1960 |
2.5p |
£530 = 21,200MB |
43p = 17MB |
£775 = 31,000MB |
| 1981 |
15p |
£2,900 = 19,333MB |
£5.95 = 39MB |
£5,700 = 38,000MB |
| 1983 |
17p |
£3,100 = 18,235MB |
£6.45 = 38MB |
£7,040 = 41,411MB |
| 2004 |
35p |
£10,300 = 29,430MB |
£19.95 = 57MB |
£19,000 = 54,286MB |
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