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Definition: Price updating

Consumer Price Index

A procedure whereby the quantities in an earlier period are revalued at the prices of a later period. The resulting expenditures are hybrid. In practice, the price-updated expenditures may be obtained by multiplying the original expenditures by price relatives or price indices.
International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), Statistical Office of the European Communities (Eurostat), United Nations (UNECE), The World Bank, Consumer Price Index Manual: Theory and Practice, Geneva, August 2004