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A number relating prices of a group of commodities to their prices during an arbitrarily chosen base period.
an index of the changes in the prices of goods and services, based on the prices of a previous period, with the base level usu. expressed as 100.
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|Noun||1.||price index - an index that traces the relative changes in the price of an individual good (or a market basket of goods) over time|
index number, indicator, index, indicant - a number or ratio (a value on a scale of measurement) derived from a series of observed facts; can reveal relative changes as a function of time
retail price index - an index of changes in retail prices