Britain's statistics office, facing criticism for unreliable labor market data, announced it has paused the publication of factory gate inflation figures and related data for the services sector due to a methodology issue.
This problem impacts data from 2008 onward, with the most significant effects observed in the annual producer price inflation rates for 2022 and 2023, according to the Office for National Statistics.
Consequently, the publication of Producer Price Index (PPI) and Services Producer Price Index (SPPI) data, originally scheduled for March 26, has been suspended while the issue is addressed. The ONS intends to restart publication in the summer.
In 2023, the office identified problems with response rates in its Labour Force Survey, which is used to calculate the unemployment rate and other critical labor market metrics. An updated version of this survey is expected to be released in 2026 or possibly 2027.
The ONS indicated that the issues with producer price data may necessitate revisions to output estimates in services, production, and construction for 2022 and 2023, but are unlikely to significantly alter the overall economic outlook. Additionally, some deflators used for goods and services trade were also impacted.