A weighted average of prices or quantities, where the weights used are the quantities or the prices of the base period. Let pij and qij be the prices and quantities of N goods, i = 1, 2,…N, in period j. If t is the latest period and 0 the base period, the base-weighted or Laspeyres price index is given by
and the base-weighted or Laspeyres quantity index is given by