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Home > Statistics > Outline of Statistics and Statistical Release Schedule > Notices of Changes and Corrections 2002 > Modification of the Input-Output Price Index of Manufacturing Industry by Sector in accordance with the revision of the Wholesale Price Index(Switchover to the 2000 Base Corporate Goods Price Index <CGPI>)
(Switchover to the 2000 Base Corporate Goods Price Index <CGPI>)
December 9, 2002
Bank of Japan
Research and Statistics Department
Click on ntiopi02.pdf (133KB) to download the full text.
The Bank of Japan has revised the 1995 base Input-Output Price Index of Manufacturing industry by Sector (IOPI) in accordance with the revision of the Wholesale Price Index (WPI) from 1995 base to 2000 base (switchover of the 1995 base WPI into the 2000 base Corporate Goods Price Index <CGPI>).1 This revision will come into effect from the December 2002 IOPI.
The modification of the IOPI will be as follows:
The Bank of Japan has been compiling and publishing the 1995 base IOPI. The IOPI is being modified in accordance with the revision of the WPI from 1995 base to 2000 base (switchover of the 1995 base WPI into the 2000 base CGPI). The IOPI modification affects the price data (selected commodities) and the publication schedule, and will come into effect from the December 2002 index.
Modification of price data (selected commodities)
The IOPI adopts the Commodity indexes of the WPI for its price data (selected commodities). With the switchover of the WPI into the CGPI, the Commodity indexes used for the price data (selected commodities) of the IOPI will also be changed from the WPI to the CGPI.
Under the July 2000 comprehensive revision of the IOPI, the IOPI was changed to compile the index solely based on the Commodity indexes of the WPI. With the switchover of the WPI into the CGPI, it has become necessary to modify the IOPI price data (selected commodities).2
Change of publication schedule
Since the CGPI has adopted a new publication system of releasing both preliminary and final figures starting from January 2003, the IOPI will be compiled based on the CGPI final figures. This decision was reached because the user needs for preliminary IOPI figures are regarded as low. Accordingly, starting with the December 2002 index, in principle the IOPI release date will be moved to the "eighth working day of the second month after the index is compiled," (at the same time as the publication of the final CGPI figures), which is one month later than the current publication schedule. Up through the November 2002 IOPI, in principle the release date will be the "seventh working day of the following month after the index is compiled" (one day after the WPI publication).
The December 2002 IOPI, which will be the first publication after the switchover to the CGPI, will be released on Friday, February 14, 2003.
The selected commodities (hereafter Commodities) in the Commodity groups, which are the minimum index compilation units of the IOPI, are being modified to reflect changes of Commodities in the CGPI (e.g., divided and combined commodities)
As a result of modifying the Commodities of the IOPI to reflect the changes in the CGPI, there are some cases where the definitions of certain Commodities inevitably will not exactly correspond to those of their IOPI Commodity groups. It will be necessary to carry out a comprehensive revision of the IOPI to achieve perfect correspondence between the Commodities and the Commodity groups.
Some Commodities that are abolished in the CGPI still remain in the IOPI. Starting with the December 2002 index, which is when the WPI will be switched over to the CGPI, the index of those Commodities will be treated as unchanged from the November 2002 IOPI, which is the last IOPI compiled under the 1995 base WPI. This means that the indexes of some Commodity groups will remain unchanged, but these Commodity groups account for only a minimal share of the overall IOPI.
The weights of Commodities in the IOPI will remain basically unchanged, except for those Commodities that will be divided or combined in the IOPI in accordance with the changes in the CGPI. Those weights will be changed to approximate the previous Commodities' weights.
Starting with the December 2002 index, the Commodity indexes used for compiling the IOPI will shift from the WPI to CGPI. However, since the base year for the CGPI is the year 2000, the base year of the Commodity indexes of the CGPI will be converted from 2000 to 1995 and linked to the November 2002 IOPI of the 1995 base.
The details of the publication schedule of the IOPI are as follows:
In principle, the Monthly index will be released on the eighth working day of the second month after the index is compiled (at the same time as the publication of the final CGPI figures).*
Annual average index (calendar and fiscal year)
In principle, the Annual average index will be released on the day when the last Monthly index for the year is released (in December for the calendar year index and in March for the fiscal year index).
The IOPI will carry out periodic retroactive revisions of released indexes in April and October, when the CGPI is revised.
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