Measuring the quality of the producer price index – an update

Joanna Woods
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Joanna Woods: Office for National Statistics

Economic & Labour Market Review, 2008, vol. 2, issue 8, 45-48

Abstract: Examines and provides an update of estimates of standard errors for growth rates of the gross sector output PPIStandard errors are used to calculate the difference between the estimate and its true population growth rate. They are one way of measuring the quality of a price index. This article looks at the standard errors for the output producer price index (PPI), the monthly index measuring growth in UK factory gate prices. It provides an update of the estimates of the standard errors for month-on-month and 12-month growth rates of the gross sector output PPI. This article presents the main findings from the analysis, along with an explanation of other aspects of the quality of price indices. Economic & Labour Market Review (2008) 2, 45–48; doi:10.1057/elmr.2008.123

Date: 2008
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