- Oct. 1, 2020
- Oct. 1, 2020
- Oct. 1, 2020
Home > Statistics > Outline of Statistics and Statistical Release Schedule > Explanations of Statistics > Explanation of Price Index > Explanation of the Input-Output Price Index of the Manufacturing Industry by Sector (IOPI, 2011 base) > Outline of the Input-Output Price Index of the Manufacturing Industry by Sector (IOPI, 2011 base)
Bank of Japan
Research and Statistics Department
The IOPI is a collection of indexes that focuses on the input and output of the manufacturing industry. The Input Price Index covers goods and services used for production activities and the Output Price Index covers goods that are produced in the manufacturing industry. The IOPI is used for comparative analyses of input and output price changes for various sectors in the manufacturing industry.
The Input Price Index measures prices of raw and intermediate materials,*1 fuel and energy (including both domestic goods and imports), and services that are consumed in each manufacturing process. The Output Price Index covers prices of products in each sector of manufacturing (including both domestic goods and exports, as well as both final and intermediate goods).*1
As the weights for aggregation, the Input Price Index uses the purchasers' price-based intermediate input value of goods and services in the manufacturing industry. On the other hand, the Output Price Index uses the producers' price-based output value of domestic goods in the manufacturing industry. The weights for both indexes are derived from the "Input-Output Tables for Japan (I-O Tables)" -- published by the Ministry of Internal Affairs and Communications -- for the base year 2011.*2
The IOPI contains two levels of sector classifications: "Manufacturing industry sector";*3,*4 and "Major sector." The former consists of one category and the latter consists of 18 categories.
Each sector classification contains three levels of commodity groups: "Aggregated major commodity group";*5 "Major commodity group"; and "Commodity group."
As reference indexes, the Bank compiles sub-indexes for "General machinery (2005 IOPI Classification)," "Electrical machinery (2000 IOPI Classification)," "Precision instruments (2005 IOPI Classification)," and "Miscellaneous manufacturing products (2005 IOPI Classification)."
The base year is 2011 for both the index calculation and the weight calculation.*
Commodity group indexes of the IOPI are compiled by using the following two data source: Commodity indexes of the CGPI and Item indexes of the SPPI*. The number of selected Commodities and Items amounts to 1,192 for the Input Price Index and 1,155 for the Output Price Index, respectively. Both the Input Price Index and the Output Price Index exclude the consumption tax.
The fix-weighted Laspeyres formula is adopted for the index calculation.
In principle, the preliminary figures are released at 8:50 a.m. on the 20th business day of the month following the survey month. The release date may be brought forward a few days due to fewer business days in the month or other reasons.
Scheduled retroactive revisions are implemented to the released indexes twice a year in March and September (at the time of the release of the preliminary figures for the February and August), during the same months of the scheduled retroactive revisions for CGPI and SPPI. They are basically performed to the indexes within the most recent one and a half year.
In addition to the scheduled retroactive revisions, the indexes of the IOPI are revised as soon as possible when an unscheduled revision that has a significant impact arises in the CGPI and SPPI.
In principle, the 2011 Base Linked Indexes are available for the "Manufacturing industry sector" from January 1975 and those for the "Major sector" from January 1980.*1,*2
Please note that not all price data used for compiling the Input Price Index and the Output Price Index meet the definition of "purchasers' prices" and "producers' prices." Price data obtained from the PPI include some data collected from wholesalers. Moreover, those from the EPI and the IPI are collected at the time when cargo is loaded/unloaded in Japan.