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GDP Price Deflator

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GDP Price Deflator
An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level. Also known as the "GDP implicit price deflator."

Notes:
Because it isn't based on a fixed basket of goods and services, the GDP deflator has an advantage over the consumer price index (CPI). Changes in consumption patterns or the introduction of new goods and services are automatically reflected in the deflator.


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The GDP price deflator returned to a year-over-year rate of deflation of more than 1 percent after having temporarily registered a more modest decline in the fourth quarter of 2004.
15) The fuel tax rate is specified on a per-barrel basis, and the value of the tax per barrel is indexed to the GDP price deflator but not to the current price of fuel.
 
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