Income and Prices

• Base Period:  usually a year, is the reference period of the index number. Itis the period at which the index is set to 100.

• Consumer Price Index (CPI) : measure of the average changes in the prices of a fixed basket of goods and services usually purchased by households for their consumption. 

• Wholesale Price Index (WPI) : measure of the changes in the price level of commodities that flow into the wholesale trade intermediaries. 

• Retail Price Index (RPI) : measure of the changes of the prices at which retailers dispose of their goods to consumers and end-users.

• Family expenditures: refer to the expenses or disbursements made by the family purely for personal consumption during the calendar year1997.  They exclude all expenses in relation to farm or business operation, investment ventures, purchase of real property and other disbursements which do not involve personal consumption. 

• Income from other sources : include imputed rental values of owner-occupied dwelling units, interests, rentals including landowner's share of agricultural products, pensions, support and the value of food and non-food items received as gifts by the family (as well as the imputed value of services rendered free of charge to the family).

• Per capita income : is obtained by dividing the total family income by the total number of family members. 

• Primary income:  includes salaries and wages, commissions, tips, bonuses, family and clothing allowance, transportation and representation allowances, honoraria, and other forms of compensation and net receipts derived from the operation of family-operated enterprises/activities and the practice of a profession or trade.

• Total family income: includes primary income and receipts from other sources received by all family members during the calendar year 1991 as participants in any economic activity or as recipients of transfers, pensions, grants, etc.