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Income measurement in economic accounts is based on actual or imputed transactions and disregards actual holding features and losses on monetary assets and liabilities, despite the very fact that these happen with predictable regularity in an inflationary setting. In practice, economic agents are nicely aware of these gains and losses and could additionally be systematkally taking them under consideration when making decisions about consumption and saving. Thus the picture of shopper behaviour provided by national accounts may be distorted, especially when inflation is accelerating or decelerating, thus leading to overstatement of the extent to which a fall in inflation is liable to stimulate private consumption. The OECD has lately published a new set of benchmark Purchasing Power Parities for twenty-two Member nations primarily based on value and expenditure information for 1985. The international locations embody Australia, New Zealand, Sweden and Turkey, for which PPPs have neverpreviously been calculated. The main purpose of this note is to current these new PPPs and to clarify how they differ from the previous benchmark estimates for 1980.

Total exports of goods, excluding precious metals, also fell by £1.3 billion (4.6{b65f5d6d6d519c0954b2ab3b15d02806e53b5e138b4955adef66d08dc21b3c53}) in August 2021 due to a £0.6 billion (4.3{b65f5d6d6d519c0954b2ab3b15d02806e53b5e138b4955adef66d08dc21b3c53}) fall in exports to the …