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UK statistics office cancels producer price data release

Economy Dec 09, 2022 07:41
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2/2 © Reuters. FILE PHOTO: A shopping trolley is pushed around a supermarket in London, Britain May 19, 2015. REUTERS/Stefan Wermuth 2/2

LONDON (Reuters) - Britain's Office for National Statistics said on Friday that it was cancelling the release of producer price inflation (PPI) data due on Dec. 14, after the discovery of further potential problems with the calculation of the series.

Last month the ONS had to correct the series due to an error in the weight given to diesel fuel, and on Friday the ONS said it had found a further issue related to food prices which it is now investigating.

"While this is being completed, we advise caution using the PPI datasets which may be subject to revision," it said.

Consumer price inflation data is not affected by the issue and will be released on schedule on Dec. 14, the day before the Bank of England is due to publish its December interest rate decision.

Producer price figures measure the selling prices of factory goods, known as output prices, and the costs they pay for materials and fuel - or input prices.

After the previous error in the weight given to diesel prices was corrected, headline annual output producer price inflation was revised up by an average of 1.8 percentage points from January to October 2022.

October's reading for producer output price inflation was revised up to 17.2% from 14.8%, while producer input price inflation - which was less affected by the error - was revised up to 19.5% from 19.2% in October.

 

 

UK statistics office cancels producer price data release
 

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Comments (4)
russell thomas
russell thomas Dec 09, 2022 10:46
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these figures always require adjustments, nevertheless looking about 20 percent which is not good
BG OO
BG OO Dec 09, 2022 10:08
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manipulation, corruption... sums up the 🇬🇧 these days
Matt Hester
Matt Hester Dec 09, 2022 10:08
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lol, it’s world wide
John Ford
John Ford Dec 09, 2022 8:32
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This shows how corrupt figures coming out of Whitehall are, can we really view any statement and say is this a fudge?
Al Mighty
Al Mighty Dec 09, 2022 8:05
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One job and still got this wrong!!
Mo Nawaz
Mo Nawaz Dec 09, 2022 8:05
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lol
 
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