what is base year ?
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A base year is the first of a series of years in an economic or financial index. It is typically set to an arbitrary level of 100. New, up-to-date base years are periodically introduced to keep data current in a particular index. Any year can serve as a base year, but analysts typically choose recent years.
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In economics, a base period or reference period is a point in time used as a reference point for comparison with other periods. It is generally used as a benchmark for measuring financial or economic data.
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