Producer Price Index Manual: Theory and Practice ... - METAC

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Producer Price Index Manual A. Sylvester Young Heinrich Brüngger Director Director Statistics Department Statistics Division International Labour Organization United Nations Economic Commission for Europe Rodrigo Rato Managing Director International Monetary Fund Enrico Giovanini Director Statistical Directorate Organisation for Economic Co-operation and Development Shaida Badiee Director Development Data Group World Bank xii
Preface The ILO, IMF, OECD, UNECE, and World Bank, together with experts from a number of national statistical offices and universities, have collaborated since 1998 in developing this Producer Price Index Manual. In addition, these organizations have consulted with a large number of potential users of the PPI Manual to get practical input. The developing organizations endorse the principles and recommendations contained in this Manual as good practice for statistical agencies in conducting a PPI program. Because of practical constraints, however, some of the current recommendations may not be immediately attainable by all statistical offices and, therefore, should serve as guideposts for agencies as they revise and improve their PPI programs. In some instances, there are no clear-cut answers to specific index number problems such as specific sample designs, the appropriate index estimation formula to use with given data inputs, making adjustments for quality changes, and handling the appearance of new products. Statistical offices will have to rely on the underlying principles laid out in this Manual and economic and statistical theory to derive practical solutions. A. Producer Price Indices PPIs measure the rate of change in the prices of goods and services bought and sold by producers. An output PPI measures the rate of change in the prices of products sold as they leave the producer. An input PPI measures the rate of change in the prices of the inputs of goods and services purchased by the producer. A value-added PPI is a weighted average of the two. The PPI Manual serves the needs of different audiences. On the one hand are the compilers of PPIs. This Manual and other manuals, guides, and handbooks are important to compilers for several reasons. First, there is a need for countries to compile statistics in comparable ways so they can make reliable international comparisons of economic performance and behavior using the best international practices. Second, statisticians in each country should not have to decide on methodological issues alone. The Manual draws on a wide range of experience and expertise in an attempt to outline practical and suitable measurement methods and issues. Such measurement methods and issues are not always straightforward, and the Manual benefits from recent theoretical and practical work in the area. Third, much of the written material in some areas of PPI measurement covers a range of publications. This Manual brings together a large amount of what is known on the subject. It may therefore be useful for reference and training. Fourth, the Manual provides an independent reference on methods against which a statistical agency’s current methods, and the case for change, can be assessed. The Manual should serve the needs of users. Users should not only be aware of the methods employed by statistical offices in collecting data and compiling the indices, but also of the potential such indices have for errors and biases, so that users can properly interpret the results. For example, index number theory presents many issues on formula bias, and the Manual deals extensively with the subject. Collecting data for PPIs is not a trivial matter. In practical terms, PPIs require sampling, from a representative sample of establishments, a set of well-defined products whose overall price changes are representative of those of the millions of transactions taking place. Statistical offices then monitor the prices of these same products on a periodic basis (usually monthly) and weight their price changes according to their net revenue. However, the quality of the commodities produced may be changing, with new establishments and commodities appearing and old ones disappearing on both a seasonal and permanent basis. Statistical offices need to closely monitor potential changes in quality. Yet the index compilers must complete the task of producing a representative index in a timely manner monthly. xiii
Page 1 and 2: Contents Foreword..................
Page 3 and 4: Contents D. The Incorporating of Ne
Page 5 and 6: Contents E. Industry Price Indices
Page 7 and 8: Contents Table 19.23 Manufacturing
Page 9: Foreword This Producer Price Index
Page 13 and 14: Preface source (rather than requiri
Page 15 and 16: Preface tremendous concern with sam
Page 17 and 18: Preface among countries. However, t
Page 19 and 20: Preface Chapter 6 Chapter 7 Chapter
Page 21 and 22: Reader’s Guide International manu
Page 23 and 24: Reader’s Guide the System of Nati
Page 25 and 26: Abbreviations ABS ABS AF ANZIC ATM
Page 27 and 28: Abbreviations OLS Ottawa Group P C
Page 29: PART I Methods, Uses, and Coverage
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PART II Compilation Issues
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5. Sampling Issues in Price Collect
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9. PPI Calculation in Practice clud
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11. Errors and Bias in the PPI disp
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12. Organization and Management A.
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13. Publication, Dissemination, and
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14. The System of Price Statistics
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15. Basic Index Number Theory 371 k
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