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ONS cancels next week's PPI release

UK DATA
  • The ONS has cancelled next week's planned release of PPI.
  • This follows the announcement on 25 November that a relatively large error had been found in the calculation which would have seen October 2022 PPI revised up from 14.8%Y/Y to 17.2%Y/Y. This would have been an increase of 2.4ppt due to diesel fuel being allocated an incorrect weight (with an average 1.8ppt upward revision between January and October).
  • The ONS has now said that "Subsequent quality assurance checks have identified a further issue with some detailed item prices feeding into incorrect groups within the food section of the PPI basket."
  • This issue is isolated to PPI and not reflected in any CPI calculations.
  • The ONS has said that it will "provide a further update in January."
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