A three-tier ICP Quality Assurance Framework (ICP-QAF) is being developed. The first component is comprised of a body of principles that ICP operations at the country, regional, and global levels should adhere to. The aim of this framework is to introduce rigor, structure, and a common language in the assessment of the quality of microeconomic data and aggregated results and the implementation of relevant processes.
The second component is a three-level check list to evaluate the quality of ICP work in the countries, regional offices, and the Global Office, in terms of their adherence to the quality principles and the recommended processes. At the national level, the price collection framework should ensure that prices collected are suitable for the calculation of annual national average prices consistent with national accounts. At the regional level, the recording system should ensure the comparability of national annual prices across the countries and the adherence to accepted procedures. At the global level, the elaboration of a global core item list for each price survey is expected to streamline and improve the computation process of global results.
All critical processes will be documented as part of the third component of the ICP-QAF. The documentation will include the calculation of national annual average prices, the intra-country and inter-country validation of prices and expenditure values, the specific validation of the prices of core items, the computation of regional linking factors, and the aggregation of regional PPPs into global results. The third component will also include an inventory of best practices and guidelines for ICP data validation.