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Constructing an index

1) Decide:

what items to include and their weight in the overall basket

base period (set as 100)

2) For each item:

collect prices from different outlets every month

calculate “average” % increase (or decrease) between base period and current month (calculation step 1)

3) Calculate weighted “average” percentage increase (decrease) for ALL items

– (calculation step 2)

But...

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