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The price indices start from a selected base year, which is given the value of 100. The price changes in subsequent periods are evaluated in relation to the base year.
For example: Assume the base year is 2006 (2006=100). In the 1st quarter of 2008, the price index is 105.3. This means that the prices of goods and/or services included in the price index have increased by 5.3% from base year 2006 to Q1 2008. |