One of the mysteries of the English language finally explained.
The ratio of the price of something at one time to its price at another.
- ‘To re-calculate the expenditure on fruit and on vegetables at 2002 prices we divide the expenditure totals for 2003 by the price relatives.’
- ‘A price relative of less than 1 indicates that the price level has fallen.’
- ‘A price relative of 1 indicates that the price level has not changed.’
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