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6419.0 - Producer and International Trade Price Indexes, 1995  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 13/02/1995  Ceased
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Contents >> Glossary of terms

This glossary provides brief definitions or explanations of the main technical terms used in this publication. Where a more detailed explanation or illustration of the term is provided elsewhere in the publication, the location of this is shown in brackets.

      All Groups Index
      The index series showing price movement for the weighted combination of all items priced for a particular price index. This is the highest level of aggregation of an index.

      Component
      A level of aggregation of like items. It is either a series of specifications linked to a component or a series of components linked to higher level components. In an index there are usually five component levels in its construction.

      Fixed Weight Index
      A price index in which the weighting pattern is fixed for the life of each index series.

      Index Points Change
      The change in an index number series from one period to another expressed in terms of the difference in the number of index points in each index number.

      Index Points Contribution
      A quantitative expression of how much each component contributes to the magnitude of the All Groups index number.

      Index Number Series
      A series of numbers measuring movement over time from a base period value. The base value is normally represented by an index number of 100.0 (or 100).

      Laspeyres Price Index
      A price index in which the fixed weights used represent the relative importance of index items in the weighting base period. The Producer and International Trade Price Indexes are Laspeyres Indexes.

      Linking
      The technique used to join a new index series (e.g. one having a changed composition and weighting pattern) to an old index series to form a continuous series. The technique ensures that the resultant linked index reflects only price variations (e.g. the introduction of the new items and weights does not of itself affect the level of the index)

      Percentage Change
      The change in an index series from one period to another expressed as a percentage of its value in the first of the two periods.

      Price Relative
      The ratio derived by dividing the price of an item in one period by its price in an earlier period.

      Pure Price Change
      The change in the price of an item after removing any variation in price attributable to a change in quality or quantity.

      Quality Adjustment
      The elimination of the effect that changes in the quality or composition of an item have on the price of the item in order to isolate the pure price change.

      Rebase
      To change the reference base period of an index number series.

      Reference Base
      The period for which an index series is given the value of 100.0 (or 100).

      Regimen
      The selected items priced for the purpose of compiling a price index. This usually refers to the lowest level fixed weight component. Below the regimen item level the concept of chain linked Laspeyres applies.

      Respondents
      Businesses, authorities, etc., from which prices data and associated information are collected regularly for use in compiling the Producer and International Trade Price Indexes.

      Sample
      A representative selection of items to be priced.

      Seasonal Items
      Items which are only available, or are in very much greater supply and/or demand, at certain times of the year.

      Spatial Price Indexes
      Indexes which measure the difference in prices between localities at a particular point in time.

      Specification
      Detailed description of the characteristics of the item to be priced.

      Splicing
      A technique for introducing new items or respondents into the index calculations so that the level of the index is not affected.

      Temporal Price Indexes
      Indexes which measure differences in prices over time in a particular locality.

      Transaction Price
      The actual price, at which an item is sold – as opposed to a list price.

      Weights
      The measure of the relative importance of an item in the index regimen. Weights may be expressed in either quantity or value terms. Producer and International Trade Price Indexes weights are expressed in the latter.

      Weighted Average
      An average which is obtained by combining different numbers (e.g. prices or index numbers) according to the relative importance of each.

      Weighting Base
      The period to which the fixed weights relate.


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