UK won’t publish producer price data anymore
2022.12.09 02:59
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UK won’t publish producer price data anymore
Budrigannews.com – After discovering additional potential issues with the series’ calculation, the British Office for National Statistics announced on Friday that it would postpone the December 14 release of producer price inflation (PPI) data.
An error in the weight given to diesel fuel necessitated the ONS’s correction of the series last month. On Friday, the ONS announced that it had discovered an additional issue related to food prices, which it is currently examining.
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It stated, “We advise caution using the PPI datasets which may be subject to revision while this is being completed.”
The issue has no effect on consumer price inflation data, which will be released on time on December 14, the day before the Bank of England is scheduled to announce its December interest rate decision.
The selling prices of factory goods, or output prices, and the costs they incur for materials and fuel, or input prices, are measured in producer price figures.
From January to October 2022, headline annual output producer price inflation was revised up by an average of 1.8 percentage points following the correction of the previous error in the weighting given to diesel prices.
Producer input price inflation, which was less affected by the error, was revised up to 19.5% from 19.2% in October, while the reading for producer output price inflation was revised up to 17.2% from 14.8%.
