6427.0.55.003 - Information Paper: Review of the Producer and International Trade Price Indexes, 2011
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/09/2011 First Issue
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Producer and International Trade Price Indexes up for review
The Australian Bureau of Statistics (ABS) today announced a major review of its Producer Price Indexes (PPI) and International Trade Price Indexes (ITPIs). These statistics are main economic indicators supporting the compilation of the Australian National Accounts and Balance of Payments, and to inform on short-term inflationary trends.
The Australian PPIs measure the average price change of products each quarter as they either leave the place of production or enter the production process. The ITPIs measure the average change in the prices paid for imported products landed in Australia each quarter and prices received for exports of products that are shipped from Australia each quarter.
The review is being undertaken as part of a series of activities designed to maintain the reliability and relevance of Australia's GDP and related macro-economic statistics, and in particular price and volume measures of imports and exports associated with the current resources boom, and production and trade in services for which there is limited coverage and detail in the current suite of PPIs. The ABS is undertaking a fundamental and systematic review of the indexes to shape them for the future.
Historically the PPIs and ITPIs have been reviewed individually for methodological improvement or presentational purposes, however this review will take a broad focus, considering the concepts, methodologies and data sources of the indexes.
As part of the review process, the ABS will consult externally, providing an opportunity for user involvement in the evolution of the indexes. As a basis for this consultation the ABS has released an information paper: Review of the Producer and International Trade Price Indexes Australia, 2011 (cat. no. 6427.0.55.003). We welcome written submissions from users on the issues covered in this paper by 14 October 2011.
Outcomes of the review are expected to be published in February 2012, with any changes expected to be implemented in the September quarter 2012 release.
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