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What is "price index"

Longman Dictionary of Contemporary English
price index
noun
EXAMPLES FROM CORPUS
▪ Salaries are rising barely as fast as the consumer price index, meaning most families do not have more buying power.
▪ The account pays interest at 4.5% gross over the headline retail price index.
▪ The consumer price index would have come a day later.
▪ The government will report its December consumer price index on Feb. 1.
▪ The value of these stocks is uprated each year in line with changes in the retail price index.
Wiktionary
price index

n. (context economics English) A statistical estimate of the level of prices of some class of goods or services.

WordNet
price index

n. an index that traces the relative changes in the price of an individual good (or a market basket of goods) over time [syn: price level]

Wikipedia
Price index

A price index (plural: “price indices” or “price indexes”) is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is a statistic designed to help to compare how these price relatives, taken as a whole, differ between time periods or geographical locations.

Price indexes have several potential uses. For particularly broad indices, the index can be said to measure the economy's general price level or a cost of living. More narrow price indices can help producers with business plans and pricing. Sometimes, they can be useful in helping to guide investment.

Some notable price indices include:

  • Consumer price index
  • Producer price index
  • Export price index
  • Import price index
  • GDP deflator