Definition: Value

Consumer Price Index

Price times quantity. The value of the expenditures on a set of homogeneous products can be factored uniquely into its price and quantity components. Similarly, the change over time in the value of a set of homogeneous products can be factored uniquely into the change in the unit value and the change in the total quantities. There are, however, many different ways of factoring the change over time in the value of a set of heterogeneous products into its price and quantity components, a phenomenon that gives rise to the index number problem.
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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