Chained dollars

{
  "id": "MLC-T-TRA-000064",
  "term": "Chained dollars",
  "field": "Transportation",
  "definition": "A measure used to express real prices, defined as prices that are adjusted to remove the effect of changes in the purchasing power of the dollar. Real prices usually reflect buying power relative to a reference year. The chained-dollar measure is based on the average weights of goods and services in successive pairs of years. It is chained because the second year in each pair, with its weights, becomes the first year of the next pair. Prior to 1996, real prices were expressed in constant dollars, a weighted measure of goods and services in a single year. See also Constant Dollars and Current Dollars.",
  "see_also": [
    "Constant dollar",
    "Current dollar"
  ],
  "references": [
    "National Transportation Statistics, Appendix B: Glossary"
  ],
  "url": "https://mlchart.com/terminology/transportation/chained-dollars/"
}