BBALLB, SEMESTER II [BUSINESS STATISTICS]

Module VI

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(Index Numbers)

Table of Contents
Sl. No. Topic Name Page
No.
1. Introduction 2
2. Meaning and Significance 2
3. Construction of Index Number 3
4. Calculation of Index Number 4
4.1 Simple (unweighted) Aggregate method. 7
4.2 Weighted Aggregate method 8
5. Some important index numbers 8
6. Exercise 16

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1. INTRODUCTION
You have learnt in the previous chapters how summary measures can be obtained from a
mass of data. Now you will learn how to obtain summary measures of change in a group of
related variables. Rabi goes to the market after a long gap. He finds that the prices of most
commodities have changed. Some items have become costlier, while others have become
cheaper. On his return from the market, he tells his father about the change in price of the
each and every item, he bought. It is bewildering to both. The industrial sector consists of
many subsectors. Each of them is changing. The output of some subsectors are rising, while it
is falling in some subsectors. The changes are not uniform. Description of the individual rates
of change will be difficult to understand. Can a single figure summarise these changes? Look
at the following cases:
Case 1
An industrial worker was earning a salary of Rs 1,000 in 1982. Today, he earns Rs 12,000.
Can his standard of living be said to have risen 12 times during this period? By how much
should his salary be raised so that he is as well off as before?
Case 2
You must be reading about the sensex in the newspapers. The sensex crossing 8000 points is,
indeed, greeted with euphoria. When, sensex dipped 600 points recently, it eroded investors’
wealth by Rs 1,53,690 crores. What exactly is sensex?
Case 3
The government says inflation rate will not accelerate due to the rise in the price of petroleum
products. How does one measure inflation? These are a sample of questions you confront in
your daily life. A study of the index number helps in analysing these questions.

2. Meaning and Significance of Index Number

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An index number is a statistical device for measuring changes in the magnitude of a group of
related variables. It represents the general trend of diverging ratios, from which it is
calculated. It is a measure of the average change in a group of related variables over two
different situations. The comparison may be between like categories such as persons, schools,
hospitals etc. An index number also measures changes in the value of the variables such as
prices of specified list of commodities, volume of production in different sectors of an
industry, production of various agricultural crops, cost of living etc.
Conventionally, index numbers are expressed in terms of percentage. Of the two periods, the

period with which the comparison is to be made, is known as the base period. The value in
the base period is given the index number 100. If you want to know how much the price has
changed in 2005 from the level in 1990, then 1990 becomes the base. The index number of
any period is in proportion with it. Thus an index number of 250 indicates that the value is
two and half times that of the base period. Price index numbers measure and permit
comparison of the prices of certain goods. Quantity index numbers measure the changes in
the physical volume of production, construction or employment. Though price index numbers
are more widely used, a production index is also an important indicator of the level of the
output in the economy.

3. Construction of Index Number

In the following sections, the principles of constructing an index number will be illustrated
through price index numbers. Let us look at the following example: Example 1 Calculation of
simple aggregative price index.

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As you observe in this example, the percentage changes are different for every commodity. If
the percentage changes were the same for all four items, a single measure would have been
sufficient to describe the change. However, the percentage changes differ and reporting the
percentage change for every item will be confusing. It happens when the number of
commodities is large, which is common in any real market situation. A price index represents
these changes by a single numerical measure. There are two methods of constructing an index
number. It can be computed by the aggregative method and by the method of averaging
relatives.
The Aggregative Method
The formula for a simple aggregative price index is

Where P1 and P0 indicate the price of the commodity in the current period and base period
respectively. Using the data from example 1, the simple aggregative price index is

Here, price is said to have risen by 38.5 per cent. Do you know that such an index is of
limited use? The reason is that the units of measurement of prices of various commodities are

not the same. It is unweighted, because the relative importance of the items has not been
properly reflected. The items are treated as having equal importance or weight. But what
happens in reality? In reality the items purchased differ in order of importance. Food items
occupy a large proportion of our expenditure. In that case an equal rise in the price of an item
with large weight and that of an item with low weight will have different implications for the
overall change in the price index. The formula for a weighted aggregative price index is

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An index number becomes a weighted index when the relative importance of items is taken
care of. Here weights are quantity weights. To construct a weighted aggregative index, a
well-specified basket of commodities is taken and its worth each year is calculated. It thus
measures the changing value of a fixed aggregate of goods. Since the total value changes with
a fixed basket, the change is due to price change. Various methods of calculating a weighted
aggregative index use different baskets with respect to time.

Example 2
Calculation of weighted aggregative price index

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This method uses the base period quantities as weights. A weighted aggregative price index
using base period quantities as weights, is also known as Laspeyre’s price index. It provides
an explanation to the question that if the expenditure on base period basket of commodities
was Rs 100, how much should be the expenditure in the current period on the same basket of
commodities? As you can see here, the value of base period quantities has risen by 35.3 per
cent due to price rise. Using base period quantities as weights, the price is said to have risen
by 35.3 percent. Since the current period quantities differ from the base period quantities, the
index number using current period weights gives a different value of the index number.
It uses the current period quantities as weights. A weighted aggregative price index using
current period quantities as weights is known as Paasche’s price index. It helps in answering
the question that, if the current period basket of commodities was consumed in the base
period and if we were spending Rs 100 on it, how much should be the expenditure in current
period on the same basket of commodities. Paasche’s price index of 132.1 is interpreted as a
price rise of 32.1 per cent. Using current period weights, the price is said to have risen by
32.1 per cent.

Method of Averaging relatives

When there is only one commodity, the price index is the ratio of the price of the commodity
in the current period to that in the base period, usually expressed in percentage terms. The
method of averaging relatives takes the average of these relatives when there are many
commodities. The price index number using price relatives is defined as

where P1 and Po indicate the price of the ith commodity in the current period and base period
respectively. The ratio (P1/P0) × 100 is also referred to as price relative of the commodity. n

stands for the number of commodities. In the current example

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Thus, the prices of the commodities have risen by 49 per cent. The weighted index of price
relatives is the weighted arithmetic mean of price relatives defined as
where W = Weight. In a weighted price relative index weights may be determined by the
proportion or percentage of expenditure on them in total expenditure during the base period.
It can also refer to current period depending on the formula used. These are, essentially, the

value shares of different commodities in the total expenditure. In general the base period
weight is preferred to the current period weight. It is because calculating the weight every
year is inconvenient. It also refers to the changing values of different baskets. They are
strictly not comparable. Example 3 shows the type of information one needs for calculating
weighted price index.
Example 3
Calculation of weighted price relatives index

The weighted price index is

The weighted price index is 156. The price index has risen by 56 per cent. The values of the
unweighted price index and the weighted price index differ, as they should. The higher rise in
the weighted index is due to the doubling of the most important item A in Example 3.

[Link] of Index Numbers

Broadly, the calculation of price index can be divided into two subgroups, namely
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(a) Simple (unweighted) Aggregate method.

(b) Weighted Aggregates method.

Now, let us discuss both of these, one by one.

4.1 Simple(unweighted) Aggregate method: This method consists of expressing aggregate
of prices in any year as a percentage of their aggregate in base year.
Thus price index for the ith year as compare to base year (‘o’) in given as

Quantity index –

This formula is very simple for the purpose of calculation and so provides a quick measure of
Index number when one has to obtain Index number for similar type of articles, e.g. crop
items like wheat. rice, bajra, gram etc. But if prices of commodities under study have
different units i.e. per kg, per meter, per ton, this formula is not of any use as different units
cannot be summed us directly.
Thus merits and demerits of this formula are –
Merit: It is an easy and quick method and so come in handy for a quick overview of the
situation.
Demerits: 1. It does not take into account the fact that articles or commodities whose prices
are to be added have different importance. Thus, prices of commodities which are not much
important will affect the index number.
2. As said earlier, this formula cannot be used when commodities involved have different
units for prices or for quantities.
During to these demerits, this formula is mot of much use for practical purposes.
(b) Weighted Aggregate method: In this method appropriate weights are assigned to
different commodities to make them comparable and thus compatible for summation. Thus, a
weighted index is –

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Thus, in this method the commodities of higher importance are given higher weight and vice
versa. In this way, each commodity selected for obtaining the index number influence it
according to its weight (i.e., importance, literally). Or in other words, allotment of weights
enables the commodities of greater importance to have more impact on index number.

5. SOME IMPORTANT INDEX NUMBERS

Consumer price index Consumer price index (CPI), also known as the cost of living index,
measures the average change in retail prices. Consider the statement that the CPI for
industrial workers (2001=100) is 277 in December 2014. What does this statement mean? It
means that if the industrial worker was spending Rs 100 in 2001 for a typical basket of
commodities, he needs Rs 277 in December 2014 to be able to buy an identical basket of
commodities. It is not necessary that he/she buys the basket. What is important is whether he
has the capability to buy it.
Various methods have been suggested by different workers time to time. These methods give
different formula on the basis of choice of different weights. Though the basic character of an
index number does not change and it gives the relative change yet choice of weight changes
the utility and purpose of index number and vice versa.

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Laspeyre’s Price Index or Base Year Method:

Paasche’s Price Index or Given Year Method:

Fisher’s Index Number:

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Example 4
Construction of consumer price index number.

This exercise shows that the cost of living has declined by 2.14 per cent. What does an index
larger than 100 indicate? It means a higher cost of living necessitating an upward adjustment
in wages and salaries. The rise is equal to the amount, it exceeds 100. If the index is 150, 50
per cent upward adjustment is required. The salaries of the employees have to be raised by 50

per cent.
Consumer Price Index Number
Government agencies in India prepare a large number of consumer price index numbers.
Some of them are as follows:

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• Consumer Price Index Numbers for Industrial Workers with base 2001=100. Value of Index
in May 2017 was 278.
• All-India Consumer Price Index Numbers for Agricultural Labourers with base 1986-
87=100. Value of Index in May 2017 was 872.
• All-India Consumer Price Index Numbers for Rural Labourers with base 1986-87=100.
Value of Index in May 2017 was 878.
• All-India Rural Consumer Index with base 2012 = 100. Value of Index in May 2017 was
133.3
• All-India Urban Consumer Price Index with base 2012 = 100. Value of Index in May 2017
was 129.3 All-India Combined Consumer Price with base 2012 = 100. Value of Index in May
2017 was 131.4
In addition, these indices are available at the state level. The detailed methods used for
calculating each of these index numbers is different and it is not necessary to go into these
details. The Reserve Bank of India is using the All-India Combined Consumer Price Index as
the main measure of how consumer prices are changing. Therefore, some details are
necessary about this index number. This index is now being prepared with base 2012 = 100
and many improvements have been made in accordance with international standards. The
basket of items and weighing diagrams for the revised series has been prepared using the
Modified Mixed Reference Period (MMRP) data of the Consumer Expenditure Survey
(CES), 2011-12 of the 68th Round of National Sample Survey (NSS). The weights are as
follows:

Data are provided on the rate of change per year of each of the sub-groups and main groups.
So, we can find out from this data which prices are rising most of all and are, thereby,
contributing to inflation. The Consumer Food Price Index (CFPI) is the same as the
Consumer Price Index for ‘Food and Beverages’ except that it does not include alcoholic
beverages’ and ‘Prepared meals, snacks, sweets, etc’.

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Wholesale Price Index

The Wholesale price index number indicates the change in the general price level. Unlike the
CPI, it does not have any reference consumer category. It does not include items pertaining to
services like barber charges, repairing, etc. What does the statement “WPI with 2004-05 as
base is 253 in October, 2014” mean? It means that the general price level has risen by 153 per
cent during this period. The Wholesale Price Index is now being prepared with base 2011-12
= 100. The value of the index for May 2017 was 112.8. This index uses the prices that are
prevailing at the wholesale level. Only the prices of goods are included. The main types of

goods and their weights are as follows:

Usually the data on Wholesale Prices is available quickly. The ‘All Commodities Inflation
Rate’ is often referred to as ‘Headline Inflation’. Sometimes the focus is on food items which
comprise 24.23% of the total weight. This Food Index is made up of Food Articles from the
Primary Articles group and Food Products from the Manufactured Products group. Other
economists like to focus on the wholesale prices in manufactured goods (other than food
articles and also excluding fuel) and for this they study ‘Core Inflation’ which make up
around 55% of the total weight of the wholesale price index.
Index of Industrial production
Unlike the Consumer Price Index or the Wholesale Price Index, this is an index which tries
to measure quantities. With effect from April 2017, the base year has been fixed at 2011-12 =

100. The reason for the fast changes in the base year is that every year a large number of
items either stop being manufactured or become inconsequential, while many other new
items start getting manufactured. While the price indices were essentially weighted averages
of price relatives, the index of industrial production is a weighted arithmetic mean of quantity
relatives with weights being allotted to various items in proportion to value added by
manufacture in the base year by using Laspeyre’s formula:
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Where IIP01 is the index, qi1 is the quantity relative for year 1 with year 0 as base for good i,
Wi is the weight allotted to the good i. There are n goods in the production index. The index
of Industrial Production is available at the level of Industrial Sectors and sub-sectors. The
main branches are ‘Mining’, ‘Manufacturing’ and ‘Electricity’. Sometimes the focus is on
what are called “core” industries namely coal, crude oil, natural gas, refinery products,
fertilisers, steel, cement and electricity. The Eight Core Industries have a combined weight of
40.27 per cent in the IIP.
The index of Industrial Production is also available according to the “use” of the product, that
is, for example, “Primary Goods”, “Consumer Durables” and so on.

Human Development Index

Another useful index widely used to know the development of a country is Human
Development Index (HDI) about which you might have studied in Class X.
SENSEX
Sensex is the short form of Bombay Stock Exchange Sensitive Index with 1978–79 as base.
The value of the sensex is with reference to this period.

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It is the benchmark index for the Indian stock market. It consists of 30 stocks which represent
13 sectors of the economy and the companies listed are leaders in their respective industries.
If

the sensex rises, it indicates that the market is doing well and investors expect better earnings

from companies. It also indicates a growing confidence of investors in the basic health of the
economy.
ISSUES IN THE CONSTRUCTION OF AN INDEX NUMBER
You should keep certain important issues in mind, while constructing an index number.
• You need to be clear about the purpose of the index. Calculation of a volume index will be
inappropriate, when one needs a value index.
• Besides this, the items are not equally important for different groups of consumers when a
consumer price index is constructed. The rise in petrol price may not directly impact the
living condition of the poor agricultural labourers. Thus the items to be included in any index
have to be selected carefully to be as representative as possible. Only then you will get a
meaningful picture of the change.
• Every index should have a base year. This base year should be as normal as possible. Years
having extreme values should not be selected as base year. The period should also not belong
to too far in the past. The comparison between 1993 and 2005 is much more meaningful than
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a comparison between 1960 and 2005. Many items in a 1960 typical consumption basket
have disappeared at present. Therefore, the base year for any index number is routinely
updated.
• Another issue is the choice of the formula, which depends on the nature of question to be
studied. The only difference between the Laspeyre’s index and Paasche’s index is the weights
used in these formulae.
• Besides, there are many sources of data with different degrees of reliability. Data of poor
reliability will give misleading results. Hence, due care should be taken in the collection of
data. If primary data are not being used, then the most reliable source of secondary data

should be chosen.
INDEX NUMBER IN ECONOMICS
Why do we need to use the index numbers? Wholesale price index number (WPI), consumer
price index number (CPI) and industrial production index (IIP) are widely used in policy
making.
• Consumer index number (CPI) or cost of living index numbers are helpful in wage
negotiation, formulation of income policy, price policy, rent control, taxation and general
economic policy formulation.
• The wholesale price index (WPI) is used to eliminate the effect of changes in prices on
aggregates, such as national income, capital formation, etc.
• The WPI is widely used to measure the rate of inflation. Inflation is a general and
continuing increase in prices. If inflation becomes sufficiently large, money may lose its
traditional function as a medium of exchange and as a unit of account. Its primary impact lies
in lowering the value of money. The weekly inflation rate is given by

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CONCLUSION
Estimating index number enables you to calculate a single measure of change of a large
number of items. Index numbers can be calculated for price, quantity, volume, etc. It is also
clear from the formulae that the index numbers need to be interpreted carefully. The items to
be included and the choice of the base period are important. Index numbers are extremely
important in policy making as is evident by their various uses.

Exercise:
MCQ
Choose the correct option: The index number that can be used for multi-purpose is
1. a) General Index Number b) Special Index Number
c) Cost of Living Index Number d) None of these
Choose the correct option: An index number computed for a single commodity is called
2. a) Composite Index b) Index
c) Simple Index d) None of these
Choose the correct option: The __________ index number has a wide scope
3. a) Quantity Index b) General Index
c) Price Index d) Special Index
Choose the correct option: The index for the base period is always taken as
4. a) 200 b) 100
c) zero d) One
Choose the correct option: In the fix base method, the base period should be
5. a) Median b) Mean
c) Large d) Normal
Choose the correct option: The commodities subject to considerable prices variations can
be best measured by
6.
a) Average Index b) Quantity Index
c) Price Index d) Value Index
7. Write the correct option: In the chain base method the base period is

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a) Changed b) Fixed
c) Constant d) None of These
Write the correct option: Chaining process used to make a comparison of the index number
is
8.
a) Link Relative Method b) Fisher Ideal Index
c) Fixed Base Method d) None of These
Choose the correct option: Price relatives computed for chain base method are called
9. a) Link Relatives b) Simple Indices
c) Chain Indices d) Price Relatives
Choose the correct option: The most suitable average for index numbers is
10. a) Arithmetic Mean b) Geometric Mean
c) Median d) Harmonic Mean
Choose the correct option: Index numbers are free from a unit of measurement because the
index number shows
11.
a) Average Changes b) Relative Changes
c) Variations d) None of These
Choose the correct option: In chain base method, the base period is
12. a) Fixed b) Changed
c) Constant d) None of these
Choose the correct option: Indices calculated by the chain base method are free from
13. a) Seasonal variations b) Errors
c) Percentages d) Ratios
Choose the correct option: Consumer price index indicates
14. a) Rise b) Fall
c) Both (a) and (b) d) Neither (a) and (b)
Choose the correct option: Laspeyre's index = 110, Paasche's index = 108, then evaluate
15.
Fisher's Ideal index is equal to

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a) 110 b) 108
c) 100 d) 109

Short Answer Type

Compute index numbers by the (i) method of aggregates, (ii) method of relatives (using arithmetic
mean) from the following:
Commodity Base price Current price

Rice 35 42

Wheat 30 35

Pulse 40 38

Fish 107 120

51
Compute price index numbers from the following data, using (i) weighted aggregative formula and
(ii) weighted arithmetic mean of price relatives formula:
Price (Rs.) per unit
Commodity Unit Base Price Current Price Weight

M Quintal 80 110 14

N Kg. 10 15 20

Q Dozen 40 56 35

R Litre 50 95 15

S Lb. 12 18 16

52
With regard to Laspeyre's and Paasche's price index numbers, it is maintained that "If the prices of
all the goods change in the same ratio, the two indices will be equal for them the weighting system is
irrelevant; or, if the quantities of all the goods change in the same ratio, they will be equal, for them
53 the two weighting systems are the same relatively." Establish the above statement.
54 Explain the uses of index numbers.
55 Explain the classification of index numbers.
56 Write Laspeyres method and fisher’s index.
Given below are the data on prices of some consumer goods and the weights attached to the various
items. Calculate the price index number for the year 1985 (Base: 1984 = 100), using (i)
57 simple average, and (ii) weighted average of price relatives.

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Item Unit 1984 1985 Weight

M Kg 0.50 0.75 2

N Litre 0.60 0.75 5

Q Dozen 2.00 2.40 4

R Kg 1.80 2.10 8

S Pair 8.00 10.00 1

Long Answer Type

From the following data, calculate the price index number of 1999 with 1998 as the base year,
using: (a) Laspeyre’s method, and (b) Paasche’s method.
Commodity 1998 1999

Price Quantity Price Quantity

Rice 20 8 40 6

Wheat 50 10 60 5

Pulse 40 15 50 15

Fish 20 20 20 25

58
Compute the quantity index number using Fisher’s formula for the following data and show that
it satisfies the time reversal test.
Commodity 1980 1981

Price Quantity Price Quantity

x 6 70 8 120

y 8 90 10 100

z 12 140 16 280

59
Using the following data establish that Paasche’s formula does not satisfy the factor Reversal
test.
Commodity Price Per Unit Number of unit

Base Period Current Period Base Period Current Period

60
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M 6 10 50 56

N 2 2 100 120

Q 4 6 60 60

R 10 12 30 24

S 8 12 40 36

Using the following data establish that Fisher’s ideal formula satisfies the factor Reversal test.
Commodity Price Per Unit Number of unit

Base Period Current Period Base Period Current Period

M 6 10 50 56

N 2 2 100 120

Q 4 6 60 60

R 10 12 30 24

S 8 12 40 36

61
Given below are the average wages in rupees per hour of unskilled workers in a factory during
the years 1985-90. Also shown is Consumer Price Index for these years (taking 1985 as base
year during 1985-90 compared with their wages in 1985.

Year 1985 1986 1987 1988 1989 1990

Consumer Price index 100 120.2 121.7 125.9 129.5 140.0

Average wage (Rs/hour) 1.19 1.94 2.13 2.28 2.45 3.10

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The relative importance of the following eight groups of family expenditure was found to be--
food 348, rent 88, clothing 97, fuel and light 65, household durable goods 71, miscellaneous
goods 35, services 79, drink and tobacco 217. The corresponding increase in price for October
1960, gave the following percentages 25, 1, 22. 18, 14. 13, ? and 4. Calculate the percentage
63 increase in the group-services,’ if percentage for the whole group is15.278 percent.

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When the cost of tobacco was increased by 50% a certain hardened smoker, who maintained
his former scale of consumption, said that the rise had increased his cost of living by 5%.
Calculate the percentage of his cost of living was due to buying tobacco before the change in
64 price.

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