Producer price errors

For those of us who have had a ringside seat for the RPI debacle over the last decade it is worth noting the current Producer Price Index (PPI) issues. In statistical terms producer prices and consumer prices face many common issues so a sign of problems in one always sends a chill down the spine – though ONS says that these issues are affecting only the PPI. It’s not yet clear what the problem is though it’s serious enough to have the next month’s figures pulled. While any mistake is unfortunate, it does look this time as if the ONS has identified the problem, been (fairly) honest and open about it, and withheld publication. This is good. If only, many will say, they had done the same with the RPI a decade ago. So much pain could have have been spared. Meanwhile we will have to do without PPI data for 2022 on oil and food – two of the more interesting sectors – until some point the new year.