Base period price

A base period price is the average price for an item in a specified time period used as a base for an index, such as 1910–14, 1957–59, 1967, 1977, or 1982. Time series of data are often deflated to a base period price. Such deflated time series are referred to as constant dollar values (versus nominal dollar values).

References

•  This article incorporates public domain material from Jasper Womach. Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition (PDF). Congressional Research Service.