Figure 10: Contributions to the CPI by import intensity
Source: Office for National Statistics
These estimates differ from estimates published in the October 2014 edition of the Economic Review. The main difference between the two datasets is the revised treatment of margins, taxes and subsidies, which are now included in the import intensities for each product instead of being categorised separately, consistent with a move from basic price estimates of import intensities to purchasers’ price estimates. This has the effect of reducing the import intensity of many COICOP classes, especially for goods, as margins, taxes and subsidies are all treated as domestic expenditure in the Input Output Analytical Tables.