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The United Kingdom of Statistics Agency paused on the publication of two indexes used to calculate data on GDP data, the latest recognition of the wrong information in relaxed power.
IN National Statistics Office He said he found defects in his price and manufacturer’s price indicators, which indicate the price of pressure in the business supply chains.
“While working on improving the system used to create a manufacturer’s price index (PPI) and Index Index Price of Service Manufacturer (SPPI), our quality insurance has identified the problem with the methods of connecting the chain used to calculate these indexes,” the Agency said.
“As a consequence, we are pausing to announce the PPI and SPPI data, which needed the next March 26, while we were correcting this question,” he added.
Decision will inspire questions about the reliability of the data produced by the ONS, after the agency delayed Publishing trade data and continues to face long -term problems in a key research on the labor market.
Rob Wood, a major British economist in Pantheon Macroeconomics Counseling, said that the mistakes in Ons’s data have now become widespread … which has to ask questions about how reliable all statistics are. “
With the wrong information in the labor market, trade and PPI, “there must be questions about what is still lurking for mistakes and problems that we have not yet discovered,” he added.
Detailed price data are used within GDP budgets. Ons said that questions can lead to audits of assessment of services, production and construction, especially likely 2022 and 2023, although data with data has been extended since 2008.
“At the overall level for GDP, these audits should be compensated for a certain extent, while taken together with regular data delivery,” the agency said.
“Early indications suggest that there will be no significant change in recent economic trends in these data, but we will update users to become available once again,” he added.
This problem also affects some of the deflators used for both goods and trade trade in services, including indexes of imports and indices of export prices.
“Early analysis suggests that some exports of goods and imports of data from 2023 can be influenced, and some information on the export of goods before 2014,” the ONS states.
Jonathan Portes, a professor of economics and public policies at King’s College in London, said that the mistakes of PPI and SPPI “obviously unhappy”, but not “unusual”, because he has introduced a number of methodological changes over the use of deflators over time.
The agency said he did not expect any changes in the schedule of posts for a monthly, three -month or annual GDP. He also said that an index of the main prices of consumer and a wider inflation measure that includes housing costs, CPIH, “completely not affected”.
Earlier on Friday, the Think-Tank Institute for Fiscal Studies said a major audit of ONS Official assessments of wealth of private pension households He was “basically flawed”, leaving a policy creators without a reliable guide about how wealth is distributed among households.
