Excerpt from An Index Number for State School Systems

The index number is a well established sta tistical device commonly used for measuring changes in wholesale and retail prices and rates of wages over long periods of time. Such a number may be constructed by securing each month the prices of a uniform list of commodities at a selected and unchanging list of establishments, and then computing the average price for the whole list for each month. As this average rises or falls it re¿ects the general changes taking place in the prices of the types of commodities represented. If some of the commodities are more important than others, or are commonly consumed in greater quantities, methods of weighting are used to make sure that each element shall exercise only its proper share of in¿uence in the final result.

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