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Measuring the quality of the producer price index – an update
Examines and provides an update of estimates of standard errors for growth rates of the gross sector output PPI
Author: Joanna Woods
Economic & Labour Market Review, vol 2, no 7, pp 45. ISSN: 1751-8334
Standard 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. The article presents the main findings from the analysis, along with an explanation of other aspects of the quality of price indices.
Published in web format: 11 August 2008 at 9:30 am
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