Provide an analysis of the evidence emerging from tables 1 and 2 Table 1. Distribution of number of months between UK producer prices change per itemPercentage of Items1411210-2-0≥1 and <2≥3 and <4HA25 and <6≥7 and <8≥9 and <10≥11 and <12≥13 and <14≥15 and <16≥17 and <18≥19 and <20Energy productsConsumer food productsConsumer non-food non-durablesConsumer durablesIntermediate goodsCapital goodsNote. Euro-area data are taken from Vermeulen et al. (2007).≥21 and <22Table 2. Percentage of producer prices that change each month by product group≥23 and <24All changes (UK) Increases (UK) Decreases (UK)86.927.113.115.625.418.856.315.27.69.515.211.030.612.05.56.110.27.8All changes(euro area)2211297210

As per the graph, Table 1 shows the distribution of the number of months between UK producer price…

Answered: Provide an analysis of the evidence…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Provide an analysis of the evidence emerging from tables 1 and 2

Table 1. Distribution of number of months between UK producer prices change per item
Percentage of Items
141
12
10-
2-
0
≥1 and <2
≥3 and <4
HA
25 and <6
≥7 and <8
≥9 and <10
≥11 and <12
≥13 and <14
≥15 and <16
≥17 and <18
≥19 and <20
Energy products
Consumer food products
Consumer non-food non-durables
Consumer durables
Intermediate goods
Capital goods
Note. Euro-area data are taken from Vermeulen et al. (2007).
≥21 and <22
Table 2. Percentage of producer prices that change each month by product group
≥23 and <24
All changes (UK) Increases (UK) Decreases (UK)
86.9
27.1
13.1
15.6
25.4
18.8
56.3
15.2
7.6
9.5
15.2
11.0
30.6
12.0
5.5
6.1
10.2
7.8
All changes
(euro area)
221129
72
10

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Tables 1 and 2 below are drawn from the article by Bunn P,. Ellis C., (2012), “How do individual UK producer prices behave?”, The Economic Journal, 122, 558, F16 – F34

The aim of the research is to investigate the frequency with which UK producer prices change. In order to carry out their investigation the researchers use microdata that underpin the UK Producer Prices Index collected each month by the Office for National Statistics.

Why is this research of interest for macroeconomists in general and UK policy makers in particular?

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