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Laspeye's index based on
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ᴛʜᴇ ʟᴀsᴘᴇʏʀᴇs ᴘʀɪᴄᴇ ɪɴᴅᴇx ɪs ᴀɴ ɪɴᴅᴇx ғᴏʀᴍᴜʟᴀ ᴜsᴇᴅ ɪɴ ᴘʀɪᴄᴇ sᴛᴀᴛɪsᴛɪᴄs ғᴏʀ ᴍᴇᴀsᴜʀɪɴɢ ᴛʜᴇ ᴘʀɪᴄᴇ ᴅᴇᴠᴇʟᴏᴘᴍᴇɴᴛ ᴏғ ᴛʜᴇ ʙᴀsᴋᴇᴛ ᴏғ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴄᴏɴsᴜᴍᴇᴅ ɪɴ ᴛʜᴇ ʙᴀsᴇ ᴘᴇʀɪᴏᴅ. ᴛʜᴇ ǫᴜᴇsᴛɪᴏɴ ɪᴛ ᴀɴsᴡᴇʀs ɪs ʜᴏᴡ ᴍᴜᴄʜ ᴀ ʙᴀsᴋᴇᴛ ᴛʜᴀᴛ ᴄᴏɴsᴜᴍᴇʀs ʙᴏᴜɢʜᴛ ɪɴ ᴛʜᴇ ʙᴀsᴇ ᴘᴇʀɪᴏᴅ ᴡᴏᴜʟᴅ ᴄᴏsᴛ ɪɴ ᴛʜᴇ ᴄᴜʀʀᴇɴᴛ ᴘᴇʀɪᴏᴅ.
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Laspeyres price index is computed by taking the ratio of the total cost of purchasing a specified group of commodities at current prices to the cost of that same group at base-period prices and multiplying by 100.
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