Chart 3. Impact of index formula on headline import index, 2012–22
Month	Laspeyres index	Geometric index at the weight-group level	Geometric index at the weight-group and classification-group levels
January 2012	100.00	100.00	100.00
February 2012	99.96	99.93	99.88
March 2012	100.39	100.35	100.27
April 2012	100.47	100.41	100.30
May 2012	100.30	100.23	100.10
June 2012	99.93	99.86	99.71
July 2012	99.77	99.67	99.51
August 2012	99.52	99.42	99.24
September 2012	99.61	99.49	99.30
October 2012	99.99	99.86	99.65
November 2012	99.89	99.74	99.52
December 2012	99.79	99.64	99.40
January 2013	99.57	99.38	99.10
February 2013	99.63	99.43	99.13
March 2013	99.61	99.39	99.06
April 2013	99.52	99.26	98.90
May 2013	98.95	98.67	98.28
June 2013	98.57	98.28	97.88
July 2013	98.13	97.83	97.42
August 2013	98.09	97.77	97.35
September 2013	98.25	97.92	97.48
October 2013	98.41	98.06	97.61
November 2013	98.51	98.16	97.69
December 2013	98.29	97.93	97.46
January 2014	98.51	98.11	97.62
February 2014	98.45	98.05	97.54
March 2014	98.66	98.25	97.72
April 2014	98.80	98.36	97.81
May 2014	98.85	98.41	97.84
June 2014	98.89	98.43	97.86
July 2014	98.93	98.45	97.87
August 2014	99.00	98.51	97.90
September 2014	98.97	98.47	97.86
October 2014	98.78	98.27	97.64
November 2014	98.52	98.01	97.37
December 2014	98.30	97.79	97.13
January 2015	97.87	97.32	96.63
February 2015	97.67	97.12	96.42
March 2015	97.36	96.80	96.10
April 2015	97.05	96.49	95.78
May 2015	96.90	96.32	95.61
June 2015	96.76	96.17	95.45
July 2015	96.52	95.93	95.19
August 2015	96.13	95.54	94.80
September 2015	95.87	95.27	94.53
October 2015	95.72	95.12	94.33
November 2015	95.54	94.92	94.13
December 2015	95.22	94.60	93.80
January 2016	95.22	94.52	93.63
February 2016	95.24	94.52	93.59
March 2016	95.04	94.31	93.36
April 2016	95.08	94.34	93.38
May 2016	95.51	94.76	93.79
June 2016	95.47	94.70	93.72
July 2016	95.55	94.77	93.77
August 2016	95.61	94.83	93.81
September 2016	95.53	94.74	93.71
October 2016	95.55	94.74	93.70
November 2016	95.34	94.52	93.48
December 2016	95.17	94.35	93.30
January 2017	95.19	94.33	93.16
February 2017	95.94	95.07	93.82
March 2017	96.14	95.22	93.96
April 2017	96.63	95.66	94.29
May 2017	96.57	95.59	94.21
June 2017	96.60	95.61	94.22
July 2017	96.54	95.53	94.14
August 2017	96.81	95.78	94.38
September 2017	96.77	95.73	94.33
October 2017	97.28	96.19	94.71
November 2017	97.36	96.26	94.77
December 2017	97.39	96.28	94.80
January 2018	97.57	96.44	94.92
February 2018	98.13	96.98	95.40
March 2018	98.32	97.17	95.57
April 2018	98.66	97.49	95.87
May 2018	98.81	97.64	96.00
June 2018	98.71	97.53	95.89
July 2018	98.71	97.51	95.86
August 2018	98.99	97.79	96.13
September 2018	98.99	97.79	96.12
October 2018	98.91	97.71	96.04
November 2018	98.66	97.46	95.79
December 2018	98.91	97.71	96.04
January 2019	98.84	97.63	95.94
February 2019	98.80	97.59	95.90
March 2019	98.67	97.45	95.76
April 2019	98.49	97.27	95.57
May 2019	98.43	97.20	95.50
June 2019	98.38	97.14	95.43
July 2019	98.41	97.17	95.45
August 2019	98.49	97.24	95.51
September 2019	98.52	97.27	95.53
October 2019	98.20	96.95	95.22
November 2019	98.15	96.90	95.16
December 2019	98.12	96.87	95.13
January 2020	98.37	97.08	95.33
February 2020	98.83	97.53	95.76
March 2020	98.92	97.60	95.83
April 2020	97.99	96.67	94.90
May 2020	97.72	96.41	94.64
June 2020	97.75	96.43	94.66
July 2020	98.16	96.82	95.04
August 2020	98.49	97.15	95.36
September 2020	98.74	97.39	95.59
October 2020	98.73	97.38	95.57
November 2020	98.94	97.57	95.76
December 2020	99.29	97.91	96.09
January 2021	100.00	98.60	96.76
February 2021	100.43	99.02	97.16
March 2021	101.35	99.92	98.03
April 2021	102.19	100.72	98.79
May 2021	103.14	101.63	99.67
June 2021	103.51	101.97	100.00
July 2021	104.11	102.53	100.53
August 2021	104.78	103.18	101.16
September 2021	105.09	103.47	101.45
October 2021	105.73	104.08	102.03
November 2021	106.22	104.55	102.49
December 2021	106.44	104.76	102.70
January 2022	109.04	107.30	105.08
February 2022	110.05	108.28	106.04
March 2022	111.41	109.63	107.36
April 2022	112.52	110.66	108.36
May 2022	111.91	110.04	107.75
June 2022	111.28	109.41	107.12
July 2022	111.51	109.58	107.22
August 2022	110.78	108.88	106.56
September 2022	109.89	108.00	105.70
October 2022	109.83	107.95	105.66
November 2022	109.59	107.69	105.40
December 2022	110.04	108.13	105.84
Note: The chart shows our calculation of a headline import price index using the indexes that replicate at least well. The alternative lines show the impact of using a geometric Young formula at both the weight-group and classification-group levels or at only the weight-group level. Source: U.S. Bureau of Labor Statistics.