base price; basic price
Meanings
2 senses · 6 examplesnoun
base period price (for calculating price indices)
formalIn economics and statistics, it's the fixed price level from a specific period (the base period) used as a reference point to calculate price changes (inflation/deflation) over time.
The report calculated the inflation rate using 2015 as the base period price.
Determining an appropriate base price is crucial for accurately measuring price changes.
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Compiling a base price index requires selecting a representative year.
noun
basic price (for trade goods based on agreed quality grade)
formalIn international trade, particularly for commodities like metals, grains, or oil. It's the standard price for a specified quality grade, from which premiums or discounts are applied for different quality variations.
This long-term copper ore contract specifies the basic price per ton.
The actual payment will be adjusted up or down from the base price based on purity.
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The focus of the negotiation is to determine the base price for wheat and the price differences between grades.