The UK Statistics Agency recognizes issues with more major data

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On Friday, the UK Statistics Agency stopped publishing a signal from the prices used to help calculate the gross domestic product numbers, which is the latest entry of defective data in the besieged authority.

the National Statistics Office She said that she had faults in producers’ price indicators and services for service products, which provide an indication of price pressures in commercial supply chains.

The agency said: “While working to improve the systems used to create the product price index (PPI) and the Service Product Product Indicators (SPII), specify the quality guarantee we have a problem in linking the series used to calculate these indicators,” the agency said.

He added: “As a result, we temporarily stop publishing PPI and Sppi data, which was then due on March 26, while correcting this problem.”

The decision will affect questions about the reliability of the numbers produced by ONS, after the agency is postponed Spread trade data It continues to deal with long -term problems in a major survey about the status of the labor market.

Rob Wood, UK’s chief economist in the overall economy consulting consulting, said the mistakes in ONS data “are now widespread … which must raise questions about the reliability of all statistics.”

With defective personalities in the labor and trade market and PPI, “there should be questions about the mistakes and other problems that we are not yet discovered.”

Detailed price data is used inside gross domestic product the accounts. ONS said that problems may lead to reviews of services, production and construction estimates in particular in 2022 and 2023, although data problems that extend until 2008.

The agency said: “At a total level of GDP, these reviews must be compensated somewhat, while they are taken along with regular data delivery operations,” the agency said.

He added: “Early indicators indicate that there will be no noticeable change in the recent economic trends that have been seen in these data, but we will update users again available for information.”

This problem also affects some of the views used in both trade in goods and trade in services, including import price indicators and export price indicators.

“Early analysis indicates that some goods export and import data may be affected by 2023, and some goods export data before 2014,” said ONS.

Jonathan Portz, professor of economics and public policy at King’s College College in London, said the product price index errors and SPPI were “unfortunately clear” but not “unusual”, because ONS has made a number of systematic changes about the use of plans over time.

The agency said it does not expect any changes in the monthly, semester, or annual GDP. He also said that the main consumer price index and the broader inflation scale that includes housing costs, CPIH, “was not fully affected.”

Earlier on Friday, the Institute of Financial Studies said Official estimates of private pension wealth It was “mainly defective”, leaving politicians without any reliable evidence on how to distribute wealth among families.