Sheet 1: Readme

	
	
	
	

		


		
Inventories - value of physical increase levels (VPIL) 1997 - 2019
		


	
	

		


		


		


	
	

		


		
These are estimates of the value of physical increase inventories levels, for 1997 - 2019
		


	
	

		


		


		


	
	

		


		


		


	
	

		
What is the value of physical increase?
		
The series published here are value of physical increase series (VPIL) series. 
		


	
	

		


		
The key sources of data for inventories (stocks) are ONS' Annual Business Survey and the Quarterly Stocks Inquiry. These surveys collect data on stock levels. There are two series, one for the value of stocks at the beginning of the period, and one for the value at the end of the period. The difference between the end-period level of one period and the beginning-period level for the next period is re-valuation. The changes in inventories estimates published regularly in the Quarterly National Accounts and the Second Estimate of GDP represent the difference between the end and beginning stocks, and the value of physical increase level (VPIL) series, which is reconstructed from the change series, will not be the same as either the end value or beginning value series, but it represents the change in stock levels with the effects of revaluation removed.
		


	
	

		


		
The data collected by the surveys are 'book values', which are in the prices of the time at which the stocks were purchased. They do not have the effects of price changes over the stock holding period removed. They are published only in current prices, so the 'book value change', i.e. the difference between the beginning and end year stocks, will be a difference between  levels in two different prices. The difference between the book value change and the value of physical increase change series (VPIC, published in the Quarterly National Accounts and Second Estimate of GDP) is the holding gains, which is the change in stocks value due only to the change in price,
		


	
	

		


		


		


	
	

		
Other sources of data for stock levels
		
ONS'  Annual Business Survey publishes detailed industry breakdowns of both the beginning and end stock levels - these are book values.
		
Annual Business Survey
	
	

		


		
The value of physical increase change series, in current price, and chained volume measures, is published in the Second Estimate of GDP and the Quarterly National Accounts
		
Second Estimate of GDP
	
	

		


		


		
Quarterly National Accounts
	
	

		


		


		


	
	

		
Contact Details
		
Office for National Statistics
		


	
	

		


		
Government Buildings
		


	
	

		


		
Cardiff Road
		


	
	

		


		
Newport
		


	
	

		


		
NP10 8XG
		


	
	

		


		


		


	
	

		


		
Email: gcf@ons.gsi.gov.uk
		


	
	

		


		


		


	
	

		


		
Alison McCrae  +44 (0)1633 455250