Definition: Törnqvist price index

Consumer Price Index

A symmetric index defined as the weighted geometric average of the price relatives in which the weights are simple arithmetic averages of the expenditure shares in the two periods. It is a superlative index. Also known as the Törnqvist-Theil price index.
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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