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6427.0.55.005 - Implementation of the Review of the Producer and International Trade Price Indexes , 2012  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 28/09/2012  First Issue
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MEDIA RELEASE
28 September 2012
Embargoed: 11.30 am (Canberra time)
150/2012

The ABS announces changes to the Producer and International Trade Price Indexes

The Australian Bureau of Statistics (ABS) today announced the implementation of the outcomes from a comprehensive review of the Australian Producer Price Indexes (PPIs) and International Trade Price Indexes (ITPIs), which was conducted from mid 2011.

The outcome of the review of the PPIs and ITPIs were set out in the Information Paper: Outcome of the Review of the Producer and International Trade Price Indexes, 2012 (cat. no. 6427.0.55.004), released on 6 March 2012.

As a result of the review, the ABS will implement some of the outcomes commencing with the release of the September quarter 2012 Producer Price Indexes and International Trade Price Indexes on 2 November 2012 and 1 November 2012 respectively.

Key outcomes from the review to be implemented from the September quarter 2012 include:
    • The ABS has determined that the principal purpose of the PPIs and ITPIs is to measure inflation by industry to support the compilation of the Australian National Accounts and Balance of Payments;
    • The basis of the PPIs will change from measuring products primary to an industry, to measuring the inputs and outputs of an industry;
    • The weights of the PPIs will be updated to maintain their relevance;
    • The coverage of the PPIs and ITPIs will increase to cover more of the Australian economy;
    • The Stage of Production indexes will be retained and the industry classification and weights updated to maintain their relevance; and
    • The timing of the PPI and ITPI publication releases will be delayed by nine working days, to improve pricing coverage across the quarter.

Some outcomes are dependent on the implementation of a new computer system which is expected in mid 2014, which will allow:
    • The revision of the PPIs and the ITPIs; and
    • The coverage of the PPIs to include non–market price indexes.

The information paper also provides a mock–up of the revised format of the September quarter 2012 publication and downloadable spreadsheets to enable users to become familiar with them before the release date.

Further information on the implementation of the review outcomes are detailed in the Information Paper: Implementation of the Review of the Producer and International Trade Price Indexes, 2012 (cat. no. 6427.0.55.005).


Media Note:
When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.

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