Definition: Replacement product

Consumer Price Index

A product chosen to replace a product for which prices have been collected previously, either because the previous product has disappeared altogether or because it accounts for a diminishing share of the sales of the outlet, or the expenditures within the elementary aggregate.
Source:
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
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