The baked beans economic index

Warren Buffett may have reason to feel cheery despite a fall in the sale of baked beans this year — since he now owns HJ Heinz — as the tomatoey toast topper has been cited as an indicator that the economy is coming out of recession. It joins the list of other peculiar indexes such as hemlines, whose rise and fall is said to mimic the movement of economic graphs. Other items of indulgence have also found currency as indicators, including popcorn — whose consumption at cinema halls is seen as a bellwether of people not going in for expensive munchies when the chips are down.

Even unclaimed clothes or a fall in bookings at drycleaners are also said to indicate decreased spending. The underwear index means their shabby or new state reflects the economic situation of the wearer. Romance novels are also said to see a surge when beleaguered people want to daydream, and increased activity in online dating services means relationships are crumbling under financial pressure.

So, baked beans do appear to be suited to join the list at least in the west, where canned goods are the cheapest alternative. Any fall in their sales could indicate people have the money to opt for expensive fresh alternatives. But a fall in demand for baked beans may also mean an insidious change in tastes. That is something Mr Buffett should worry about.