RPICPI User Group

last person joined: one month ago 

To foster co-operation and the exchange of information between the ONS, its advisory bodies and other users. Please see 'Aims of the RPI/CPI User Group' in the library for further details.

Publication of APCP-T minutes and papers

  • 1.  Publication of APCP-T minutes and papers

    Posted 18-10-2017 09:11
    Dear users,

    The minutes and papers of September's Technical Advisory Panel on Consumer Prices has now been published. You will find the minutes and papers at the following link:

    https://www.statisticsauthority.gov.uk/national-statistician/ns-reports-reviews-guidance-and-advisory-committees/national-statisticians-advisory-committees/advisory-panels-for-consumer-price-statistics/advisory-panels-on-consumer-prices-technical/apcp-technical-minutes-and-papers/

    Kind regards,
    Chris

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    Dear users,

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  • 2.  RE: Publication of APCP-T minutes and papers

    Posted 20-10-2017 13:28
    I think that ONS should publish the weight which FISIM would have if it were included in the various price indices.

    GJ


  • 3.  RE: Publication of APCP-T minutes and papers

    Posted 25-10-2017 17:56

    Gareth,

    Unfortunately we are unable to publish an estimate of the weight that FISIM would have in our price indices. This is because we do not have a price index for FISIM that we can use to price update the lagged HHFCE expenditure and derive the current expenditure weight.

    We have calculated a rough estimate of the weight that FISIM would have in CPIH, which was published in the APCP-T paper APCP-T(17)07 Including the cost of finance in CPIH and HCIs. For 2016 the weight (not price updated) was approximately 20 parts per thousand. FISIM expenditure can be found in the Consumer Trends release. Using the current price, not seasonally adjusted dataset you can see that FISIM is typically around 20 parts per thousand of total expenditure between 1997 and 2016. This would be higher in CPI, which does not include Council Tax or owner occupiers' housing costs.

    The technical advisory panel have asked us to include FISIM as a low priority on our work programme, and we will investigate further when resource allows.

    Kind regards,

    Chris




  • 4.  RE: Publication of APCP-T minutes and papers

    Posted 26-10-2017 16:10
    Thanks Chris

    This is very helpful.  Obviously one would like to see a FISIM price index so that the volatility or otherwise of FISIM could be assessed, but I realise that is a more difficult task.

    Gareth