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A price index that measures the proportionate change between periods 0 and t in the total value of a specific basket of goods and services. The basket does not necessarily have to consist of the actual quantities in some period. This type of index is described as a Lowe index after the index number pioneer who first proposed this general type of index.

The class of indices covered by this definition is very broad and includes, by appropriate specification of the terms q, the Laspeyres, Paasche, Edgeworth and Walsh indices, for example. Lowe indices are widely used for CPI purposes, the quantities in the basket typically being those of some weight reference period b, which precedes the price reference period 0.

Source Publication:
ILO, IMF, OECD, Eurostat, UNECE, World Bank, 2004, Consumer Price Index Manual: Theory and Practice, International Labour Office, Geneva.


Statistical Theme: Prices and purchasing power partities

Created on Friday, July 08, 2005

Last updated on Thursday, December 01, 2005