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FEDERAL RESERVE BOARD X-3073 STATEMENT FOR THE PRESS For r e l e a s e i n morning p a p e r s , Thursday, March 1 7 , 1921. A communication h a s been r e c e i v e d by t h e New York o f f i c e of t h e F e d e r a l Reserve Board from P r o f e s s o r Riccardo Bachi of Rome, I t a l y , s t a t i n g t h a t he h a s c o n s t r u c t e d a new index number of w h o l e s a l e p r i c e s i n I t a l y to take the p l a c e of the old one which has been compiled by him f o r a number of y e a r s . The new index number i s b a s e d upon t h e p r i c e s of 76 commodities, j u s t double the number of commodities i n t h e o l d index. I t i s c o n s t r u c t e d by o b t a i n i n g the unweighted a r i t h m e t i c a v e r a g e of the r a t i o s of t h e i n d i v i d u a l p r i c e s e x p r e s s e d i n t e r m s of the base period. The average end of month p r i c e s i n 1920 s e r v e a s the b a s i s f o r the c a l c u l a t i o n . I n t h e c a s e of i m p o r t a n t commodities two or t h r e e q u o t a t i o n s a r e i n c l u d e d i n t h e index number, o t h e r w i s e no w e i g h t i n g i s used. As the new index number a g r e e s f a i r l y w e l l w i t h t h e o l d cne f o r the year 1920, P r o f e s s o r Bachi has recomputed t h e new s e r i e s on the b a s i s of t h e o l d index number and t h u s c a r r i e s on t h e o r i g i n a l s e r i e s w i t h o u t a break. P r i c e s i n I t a l y d e c l i n e d s l i g h t l y d u r i n g J a n u a r y , t h e new index number r e g i s t e r i n g approximately 105 i n December a s compared w i t h 103 i n J a n u a r y (on t h e b a s i s of p r i c e s i n 1920 - 1 0 0 ) . P r i c e s have b e e n on t h e d e c l i n e f o r only two months, t h e peak of t h e y e a r coming i n November. The p r e s e n t l e v e l i s something l i k e e i g f i t times a s h i g h a s i n 1901-05 and over s i x times a s h i g h a s i n 1913- 815 m» X-3073a IOTEX NUMBERS FOB ITALY P r o f . B a c h i ' s New S e r i e s ( b a s i s 1920 « 100) Vegetable foods Commodities 1920 Jan. Feb. Mar. April May June July August Sept. Oct. Nov. Dec. 1921 Jan. Ani- Chemmal icals foods Tex- :Min- :Build t i l e s : e r a l s :ing rand ;n&tetKietals:rials : : : 22. 10 86.2 81,2 93.X 102.7 79-5 82.7 83-6 92.9 91.6 102,2 100,2 101.1 96.8 100.7 104.8 107.1 107.7 106.9 106.7 100.3 103.4 108.8 108.0 124.1 126.4 120.7 ! -.other : vege :table :pro:ducts :Sun- :Gene :01d :New :dries:ral ;series;series : :index:basis : r e f e r : num~:1901- :red to : : ber :05 :the old : :basis ; ; ;iq01 : 76 12 64.2 95.3 75-9 76.5 106.0 92.7 9 6 . 8 115.6 104.8 110.4 130.8 115.8 122.6 104.9 113.2 112.8 90.8 99-1 100.0 88.3 95-5 102.3 94.9 96*6 100.1 9$.6 .103-7 103.4 •97-9 IO6.5 107.7 94.0 101.4 102.8 81.9 92.7 98.1 77.4 88.2 72.0 75^ 93.5 100.9 M. -05 JL 78.2 3 1 . 2 5 634.7 639.23 89-13 701.0 701.22 92.8 96,41 780.0 758.50 85.8 106.3 108.4 109.9 109-9 112.8 112.6 112.6 102.4 99.8 97.2 95.9 90.2 91.9 97.5 100.5 108.7 121.8 104.2 106.30 855-7 836.30 107-8 105.13 830.3 831.82 105.7 101.18 774.7 796.02 104.9 97*77 772.4 761.33 101.4 100.13 795.9 787.76 102.1 104.98 832.3 825.92 105*4 105.47 83^.3 829-77 105.2 107.33 8 2 9 . I 844,41 106.8 104.97 800.6 825-84 II3.3 123.4 107.1 102.89 82*2 96.4 101.8 809.48
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