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ONS corrects errors in PPI data - Oct 2022 revised 2.4ppt higher

UK DATA
  • The ONS has noticed a relatively large error in its PPI calculation which would have led to the 12-month output price PPI index being revised up by an average of 1.8ppt between January and October 2022.
  • PPI output for October 2022 has been revised up from 14.8%Y/Y to 17.2%Y/Y - a notable increase of 2.4ppt.
  • The peak in July has been revised from 17.3%Y/Y to 19.7%Y/Y.
  • "The error was because of diesel fuel not being allocated a correct weight within the output price index, which resulted in Petroleum Products being around half the correct weight of 6.5% since the start of the year."
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