Identify the current year's figures at constant prices?
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Current Prices and Constant Prices
Current Prices and Constant PricesDefinition: Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.
Current Prices and Constant PricesDefinition: Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.Constant prices adjust for the effects of inflation. Using constant prices enables us to measure the actual change in output (and not just an increase due to the effects of inflation.
Current Prices and Constant PricesDefinition: Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.Constant prices adjust for the effects of inflation. Using constant prices enables us to measure the actual change in output (and not just an increase due to the effects of inflation.The importance of current and constant prices
Current Prices and Constant PricesDefinition: Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.Constant prices adjust for the effects of inflation. Using constant prices enables us to measure the actual change in output (and not just an increase due to the effects of inflation.The importance of current and constant pricesIf your wage went from $40,000 a year to $70,000 – that would seem a very substantial improvement in living standards.
Current Prices and Constant PricesDefinition: Current Prices measures GDP/ inflation/asset prices using the actual prices we notice in the economy. Current prices make no adjustment for inflation.Constant prices adjust for the effects of inflation. Using constant prices enables us to measure the actual change in output (and not just an increase due to the effects of inflation.The importance of current and constant pricesIf your wage went from $40,000 a year to $70,000 – that would seem a very substantial improvement in living standards.However, if inflation was running at 50% a year, the purchasing power of that extra 75% income would be reduced by the effects of inflation. Using constant prices would give a better guide to your real wage.
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Constant prices are a way of measuring the real change in output. A year is chosen as the base year. For any subsequent year, the output is measured using the price level of the base year.