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April, 1988, Vol. 111, No. 1
New stage of process price system developed for the Producer Price IndexRobert Gaddie and Maureen Zoller
A new industry-based stage of process price index system was first published with the release of the Producer Price Index for January 1988. This new index system for the first time combines the industry price indexes developed through the Producer Price Index revision with inter-industry transaction data from the Department of Commerce Input/Output Tables of the United States to create a rigorous input/output price model of the industrial economy. Development and publication of this new set of industry-based stage of process indexes accomplishes one of the major objectives of the Producer Price Index revision.1 This revision began in 1977 and now covers virtually all of the nearly 500 Standard Industrial Classification (SIC) industries in the mining and manufacturing sectors of the economy.
In addition to the new industry-based stage of process price system, the Bureau is continuing to publish the traditional commodity-based stage of processing system, which has been the focus of Producer Price Index presentation and analysis since 1978.
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1 John F. Early, "Improving the measurement of producer price change," Monthly Labor Review, April 1978, pp. 7-15.
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