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Dissemination Standards Bulletin Board Special Data Dissemination Standard (AS PROVIDED TO THE IMF BY THE RESPECTIVE COUNTRY)   Colombia Price index: Producer prices (Indice de precios del productor (IPP) ) Last Posted: Jul-29-2008 Last Certified: Oct-3-2008 Last Updated: Mar-31-2005 Contact Person(s)          Printer Friendly Page   Mr. Carlos Alberto Suárez Medina, Banco de la República, Carrera 7 No. 14 - 78, Santafé de Bogotá, D.C., Colombia   Phone : 57 1 3430729   Fax : 57 1 2818531/286536   Email : csuareme@banrep.gov.co    Mr. Rafael Fernando Alvarez Romero, Banco de la República, Carrera 7 No. 14 - 78, Santafé de Bogotá, D.C.   Phone : 57 1 3430832   Fax : 57 1 2818531/286536   Email : ralvarro@banrep.gov.co  Dissemination Formats Summary Methodology Access National Summary Data Page Cross-country comparisons: access the DSBB metadata query facility

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics	5.1.1 Statistical presentation Data are disseminated on the producer price index, which is a fixed-weight Laspeyres index (June 1999=100). The producer price index measures the change in the wholesale prices of goods at their first level of trading, that is, excluding services. It is composed of imported goods and goods produced and consumed in the country. The index does not include services. The PPI covers 76 percent of domestically produced goods and 24 percent of imports. The index is based on the prices of 730 goods traded in the wholesale market and classified by origin; 460 goods are locally produced and 270 are imported. These goods are grouped by sector (agriculture, fishing and forestry, mining, and manufacturing industry), as well as by final use (consumption, intermediate, capital goods, and construction material). The PPI is calculated on the basis of 6,900 quotes for the various articles it comprises. Prices are obtained every month from a survey of a sample of 2,200 reporting entities. It covers 18 cities in which the Banco de la República has branches. Basic information for calculating the weights was obtained from the National Accounts supply-and-use balances by product, reported by DANE for 1994. The Annual Manufacturing Survey and the Foreign Trade Yearbooks were used for the same purpose. The Index weights are fixed and at the beginning of 1999 have been revised on the basis of the 1994 national accounts compiled by DANE. The PPI data are not seasonally adjusted.
Periodicity	4.1.1 Periodicity Monthly
Timeliness	4.1.2 Timeliness No later than 5 working days after the end of the reference month.
Access by the Public
Advance dissemination of release calendar	5.1.3 Advance release calendar An advance release calendar giving one-quarter ahead notice of the precise release dates is dissseminated on the Dissemination Standards Bulletin Board of the IMF (http://dsbb.imf.org). A note to this effect is published in "Revista del Banco de la Republica".
Simultaneous release to all interested parties	5.1.4 Simultaneous release The data are released simultaneously to all interested parties by issuing a press release (Boletín de Prensa) Following the press release, the data are disseminated in the "Tabulados del Indice de Precios del Productor" (Producer Price Index Print-Outs). The data are also available on diskette, and are later published in the "Comportamiento de los Indices de Precios" (Changes in Price Indices). The data are also available for consultation at the offices of the Statistics Section of the Banco de la República.
Integrity
Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information	0.1.1 Responsibility for collecting, processing, and disseminating statistics Banco de la Republica The Bank of the Republic (BR), established in 1923 by Law 25, has been responsible for collecting, compiling, and disseminating balance of payments statistics since 1938 and is publicly recognized as the sole institution with this responsibility. The BR draws its authority to collect information needed to carry out its mandate from Law 31 of 1992, Decree 2520 of 1993, Decree 2080 of 2000, Resolution 8 of the BR in 2000, and established working arrangements with the Superintendent of Banks, the Superintendent of Securities, and the Superintendent of Companies. Article 18 in Law 31 of 1992 provides the BR with the authority to solicit information, including material not normally provided to the Financial Superintendent (FS). Financial institutions and intermediaries in capital markets and exchange markets are obliged to provide the BR with general and specific information required for its operations. In addition, to carry out its functions, the BR can require other organizations and public entities to cooperate and provide information that it deems necessary. These entities are obliged to provide it. 0.1.2 Data sharing and coordination among data producing agencies Banco de la Republica Law 31 Article 18 (1992) grants the BR authority to require other institutions and agencies to cooperate in providing timely information that the BR considers necessary for its mission, and these institutions are obliged to provide it. 0.1.3 Confidentiality of individual reporters' data Banco de la Republica Article 75 of Decree 1633 establishes the principles of confidentiality and secrecy and ensures that data are disseminated without reference to names or individual details. Law 31 Article 18 of 1992 and Decree 2520 Article 50 of 1993 require the BR and its staff to respect strict confidentiality. The legal basis for the confidentiality of monetary statistics is provided in Article 15 of the Constitution. Article 326 of the Organic Law of the Financial System and Article 18 of the Law of the BR also establish the confidentiality of the information provided by financial corporations. 0.1.4 Ensuring statistical reporting Banco de la Republica The Law on the Charter of the Bank authorizes the central bank to request information from financial intermediaries, in addition to the data which the latter submit to the FS. 0.2.1 Staff, facilities, computing resources, and financing Banco de la Republica Staff resources for compiling monetary statistics are broadly adequate to perform the required tasks. 0.4.1 Quality policy Banco de la Republica Quality is recognized throughout the organization as a cornerstone of statistical work. The BR has implemented internal programs that seek to improve quality. This goal is explicitly stated in the Guide to Ethical Conduct in which it is established that one of the basic values of the BR is “Excellence—the search for the highest values in quality, productivity, innovation, and opportunity in the work of its staff.”In the workplace the BR promotes participation in training courses, finances post-graduate studies at internationally recognized universities, and has designed plans and educational programs to strengthen the human resources. The goals are to increase productivity, improve organizational competitiveness, and promote efficient workplace performance 1.1.1 Impartiality of statistics Banco de la Republica The Constitution (Article 371) and the Law of the BR (Article 1) provide a legal framework that ensures the autonomy of the BR. They state that the BR is organized as a legal entity of public right, with administrative, capital, and technical autonomy, subject to its own legal regime. To ensure the independence of the directors of the BR, Article 372 of the Constitution and Article 34 of the Law of the BR regulate the appointment of the Board of Directors of the BR. Article 372 stipulates that the Board of Directors is empowered to establish policies and criteria in carrying out the BR’s operations. Articles 1 and 51 of the BR’s Internal Work Regulations state that all staff should carry out their responsibilities with due diligence, dedicating to the tasks their best moral, intellectual, and physical efforts. The staff of the FSS feel that they are free from undue influence or pressures from upper management and other public sector agencies in the conduct of their duties of compiling statistics. 1.1.2 Selection of sources, methodology, and modes of dissemination Banco de la Republica The source data meet the statistical requirements for decision-making purposes and for publication. Data sources, methods, and definitions are based solely upon methodological considerations ensuring their alignment with the MFSM. The principal source used in compiling monetary statistics is the balance sheet of the BR. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Banco de la Republica Decree 1633 of 1960 was published in Spanish in the "Diario Oficial" (Official Gazette) 30289 of July 27, 1960. The laws are published in Spanish in the Bank's "Monthly Review"of December 1992 and in "La Banca Central en Colombia: Normas Básicas (Central Banking in Colombia: Basic Regulatory Texts) Bibliographic Collection, Bank of the República, 1994. The laws are available for consultation in all public libraries, including the Luis Angel Arango Library at the Bank of the República, and are also published on the following Internet website (http://juriscol.banrep.gov.co:1025). 1.3.1 Guidelines for staff behavior Banco de la Republica The guidelines for staff behavior are well known to BR staff by virtue of the Law 734 of February 13, 2002, which contains the unique disciplinary code for public servants. Regulations are also included in various internal directives issued by the BR. The BR’s Internal Work Regulation (Internal Resolution 4 of September 12, 2003) contains the staff code of conduct: ethical standards, professionalism, rights, and obligations. It also contains sanctions and penalties for noncompliance with these standards. In addition, the BR created an Internal Disciplinary Control Unit, responsible for dealing with any behavior issues. Article 51 of the Internal Work Regulation contains the guidelines for safeguarding the confidentiality expected of the staff. It states that while employees work at the BR, they must not be employed elsewhere with the exception of teaching at universities, to avoid conflict of interest. The BR created the Value Strengthening Group and issued the Ethics and Behavior Guide in September 2003 to strengthen the value system of the institution. The essential values that employees must have are honesty, responsibility, respect, commitment, loyalty, excellence, and dedication. All new staff are informed of the existence of the Internal Work Regulation, and staff are periodically reminded to fully observe these rules and regulations. Law 734 is available on the BR’s website. The Internal Work Regulation and the Ethics and Behavior Guide are available on the BR’s intranet.
Identification of internal government access to data before release	1.2.2 Internal governmental access to statistics prior to release Banco de la Republica No government officials outside the Banco de la República have access to the data before their release to the public.
Identification of ministerial commentary on the occasion of statistical releases	1.2.3 Attribution of statistical products Banco de la Republica All published monetary information bears the BR logo and captions specifying the source of the data. In addition, the department responsible for compiling the information is cited at the end of each statistical table. The BR does not explicitly request acknowledgement of the source when its monetary statistics are reproduced or used by third parties, since it is common practice to identify data sources. Price index: Producer prices No ministerial commentary is attached to the release of the data.
Provision of information about revision and advance notice of major changes in methodology	4.3.1 Revision schedule The data are final when first released and are not subject to revision. Methodological changes are announced at the time the data are released by the central bank in its "Boletín de Prensa" (Press Release) and in the "Revista del Banco de la República" (Review of the Banco de la República). 1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Banco de la Republica Methodological changes are announced and explained through footnotes in the "Revista del Banco de la República" (Review of the Banco de la República) or the "Situación Monetaria y Cambiaria" (Monetary and Exchange Statement) at the time the data are released. Price index: Producer prices The data are final when first released and are not subject to revision. Methodological changes are announced at the time the data are released by the central bank in its "Boletín de Prensa" (Press Release) and in the "Revista del Banco de la República" (Review of the Banco de la República).
Quality
Dissemination of documentation on methodology and sources used in preparing statistics	5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques The methodology is described in the Banco de la República publication "Metodología Indice de Precios del Productor. Base Junio 1999=100" (Producer Price Index Methodology), which is available for consultation in the Statistics Section of the Economic Studies Department of the Banco de la República (Phone: 57 1 2430832). (See also summary methodology)
Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness	4.2.1 Internal consistency PPI data are published monthly by the Statistics Section in printing summary tables, which are available to the general public. This tables "Tabulados del Indice de Precios del Productor", contain detailed data, including the national goods basket. The data are broken down by origin of the goods, according to the seven-digit International Standard Industrial Classification (ISIC), CIIU Rev. 3, adopted by Colombia.This tables are available to the public. The Bank of the Republic's Revista Mensual (Monthly Review) contains PPI and CPI percentage variations and the January and July editions contains (monthly) time series for the last two years.. The document "Comportamiento de los índices de precios" (Behavior of Price Indices) contains year-to-date and full-year PPI monthly percentage variations at the aggregate level and broken down in accordance with the ISIC classifications, the CUODE, and the origin of the goods. 4.2.2 Temporal consistency The following time series data can be obtained on diskette or e-mailed: (1) Producer price indexes, by items classified in accordance with the ISIC, Revision 3, for all levels from seven digits to one digit; and (2) Total producer price indices for imports, exports, goods produced and consumed, intermediate consumption, final consumption, capital assets and construction materials, agriculture, forestry, and fishing, mining and manufacturing industry. Information on monthly changes, changes year-to-date, and changes in the last 12 months are disseminated on the Banco de la República's Internet website (http://www.banrep.gov.co). Time series data showing the percentage variation in monthly producer prices for the present and past 8 years are disseminated on the following DANE Internet website (http://www.dane.gov.co/ipp90-94.html).
Footnotes Last posted: Date IMF staff last posted an update to these metadata on the DSBB. Last certified: Date subscriber last officially certified the accuracy of these metadata. Last updated: Date subscriber last submitted an update of these metadata to the IMF.