Not just cigarettes and alcohol: why the ‘Oasis index’ and others like it offer real economic insights

According to The Conversation, Deutsche Bank has created an unusual economic metric: the Oasis Index, which tracks the price of five beers and two cigarettes across sixty nine cities worldwide, inspired by the nineteen ninety four Oasis song Cigarettes and Alcohol. Melbourne has claimed the unenviable top spot at one hundred eleven point two dollars, roughly double the cost in New York. Per The Conversation's report, over the past decade, the cost of this particular basket in Melbourne has surged eighty nine percent—primarily due to Australia's heavy and consistently rising excise taxes on alcohol and cigarettes. But the Oasis Index isn't just a novelty metric; economists have long used unusual indicators—from hemline lengths to Big Mac prices—to spot economic trends and make inflation more tangible for the public. As Australian wages have struggled to keep pace with rising prices, these relatable gauges can help explain why many people don't feel richer, despite what traditional economic data might suggest.

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