NSCB Resolution No. 9
Series of 1995

ADOPTION OF THE PRODUCER PRICE INDEX SERIES FOR AGRICULTURE

WHEREAS, the producer price index (PPI) for agriculture is an important statistical indicator for monitoring the general price trends of agricultural commodities and their relationship with other relevant variables;

WHEREAS, the index is vitally needed in the estimation of agricultural production in real terms;

WHEREAS, the Technical Committee on Price Statistics, through the Technical Working Group on Producer Prices in Agriculture, has formulated a methodology that shall allow the generation of the PPI for agriculture with the following features:

• The initial base year is 1988;

• The Paasche formula shall be adopted for the index using the current volume of production as the weighing factor;

• National and regional indices shall initially be computed on a semestral basis;

NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board adopt the PPI series for agriculture computed based on the above methodology which shall henceforth be generated and maintained by the Bureau of Agricultural Statistics.

Approved this 29th day of September 1995.