Correction

25 November 2022

We have identified and corrected an error in the Office for National Statistics (ONS) Producer Price Indices (PPI) affecting data from January to October 2022.

The error was because of diesel fuel not being allocated a correct weight within the output price index, which resulted in Petroleum Products being around half the correct weight of 6.5% since the start of the year.

This error does not affect the overall trend, but it has led to the headline 12-month output price rate being revised up by an average of 1.8 percentage points between January and October 2022.

The 12-month output price rate now stands at 17.2% in October 2022. The peak was revised up to 19.7% in July 2022.

The correction in Output PPI weights, and the inclusion of diesel prices within the data, now mean that from January to October 2022 Petroleum Products has the largest positive contribution to the 12-month rate of output inflation. For October 2022, Petroleum Products contributed 6.1 percentage points to the 12-month rate (revised from 0.0). This is notably higher than the second main contributor, Food Products, which has a revised contribution of 3.5 percentage points in October.

The Input PPI weights were less affected. Although the upwardly revised Output PPI indices are used to estimate domestic inputs, the effect of the higher price was offset by a lower contribution from imported fuels, which was already reflected in diesel prices. The average impact on the input 12-month rate was 0.1 percentage points. In October 2022, the 12-month input price rate stood at 19.5%, with the peak in June 2022 now standing at 24.5%.

This issue occurred because of a processing error. All the affected datasets from January to October 2022 have been corrected. However, the commentary within the statistical bulletins has not been amended. Users should therefore refer to the datasets for the corrected figures. We are adopting additional system checks to ensure that this does not happen in the future. We apologise for any inconvenience this may have caused.

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    Cyswllt:
  • Dyddiad y datganiad:
    16 November 2022
  • Cyhoeddiad nesaf:
    14 December 2022
  • ID y set ddata:
    MM22

About this Dataset

Producer Price Indices (PPIs) are a series of economic indicators that measure the price movement of goods bought and sold by UK manufacturers.

Edition in the dataset

Previous versions of this data are available.

Nodiadau pwysig a gwybodaeth ynghylch defnyddio

It is a base weighted index working on the basket of goods concept. A wide range of representative products are selected and the prices of these goods collected each month. The movement in these prices are weighted to reflect the relative importance of the products in a chosen year (known as the base year) currently 2015. These are then aggregated for various sectors of industry to provide the published indices.

Manylion cyswllt ar gyfer y set ddata hon

Chris Jenkins
business.prices@ons.gov.uk
+44 1633 456907

Cyhoeddiadau sy'n defnyddio'r data hwn