Bank of Canada introduces new BCPI

08:44, May 10, 2010      

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The Bank of Canada, Canadian central bank, announced Friday the introduction of a new Bank of Canada commodity price index (BCPI).

In order to produce a more accurate, representative and flexible index, the new BCPI uses a chain Fisher price index with weights updated on an annual basis, instead of a fixed-weight price index in which the weights are updated only infrequently.

The new Fisher BCPI, which includes a broader set of commodities and is updated using recent commodity production data, is a weighted index of U.S.-dollar prices of commodities produced in Canada and sold in world markets.

The bank said that a key advantage of the new Fisher BCPI was the annual updating of the weights (based on annual production values), so that the new index produced a more accurate and more relevant measure of commodity price movements.



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