Chart 4. Impact of index formula on headline export 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	100.45	100.42	100.41
March 2012	100.80	100.76	100.74
April 2012	100.86	100.79	100.75
May 2012	100.72	100.64	100.59
June 2012	100.09	99.99	99.92
July 2012	99.80	99.68	99.58
August 2012	100.00	99.86	99.75
September 2012	100.36	100.20	100.08
October 2012	100.90	100.71	100.57
November 2012	100.69	100.48	100.32
December 2012	100.64	100.41	100.25
January 2013	100.98	100.72	100.51
February 2013	101.39	101.10	100.87
March 2013	101.16	100.84	100.61
April 2013	100.88	100.53	100.28
May 2013	100.28	99.92	99.66
June 2013	100.06	99.69	99.42
July 2013	99.74	99.35	99.07
August 2013	99.44	99.03	98.73
September 2013	99.71	99.28	98.97
October 2013	99.46	99.01	98.70
November 2013	99.32	98.87	98.55
December 2013	99.13	98.67	98.34
January 2014	99.17	98.66	98.30
February 2014	99.39	98.87	98.49
March 2014	99.64	99.10	98.71
April 2014	99.80	99.25	98.84
May 2014	99.66	99.09	98.68
June 2014	99.52	98.93	98.50
July 2014	99.67	99.06	98.61
August 2014	99.63	99.00	98.54
September 2014	99.40	98.76	98.29
October 2014	98.74	98.09	97.61
November 2014	98.10	97.44	96.96
December 2014	97.99	97.31	96.80
January 2015	97.53	96.78	96.25
February 2015	97.42	96.66	96.11
March 2015	97.19	96.40	95.84
April 2015	97.03	96.19	95.62
May 2015	96.83	95.98	95.40
June 2015	96.80	95.91	95.32
July 2015	96.42	95.54	94.93
August 2015	95.67	94.79	94.17
September 2015	95.40	94.50	93.89
October 2015	95.16	94.25	93.63
November 2015	94.51	93.60	92.97
December 2015	94.11	93.17	92.55
January 2016	93.78	92.81	92.14
February 2016	93.67	92.67	91.99
March 2016	93.62	92.62	91.90
April 2016	93.75	92.73	92.00
May 2016	94.14	93.09	92.33
June 2016	94.09	93.04	92.24
July 2016	94.38	93.29	92.47
August 2016	94.14	93.04	92.20
September 2016	94.04	92.93	92.09
October 2016	93.97	92.83	91.97
November 2016	94.04	92.88	92.01
December 2016	93.87	92.69	91.81
January 2017	93.88	92.61	91.70
February 2017	94.20	92.90	91.98
March 2017	94.34	93.01	92.08
April 2017	94.64	93.26	92.31
May 2017	94.58	93.18	92.22
June 2017	94.59	93.18	92.21
July 2017	94.59	93.18	92.20
August 2017	94.90	93.47	92.48
September 2017	95.33	93.87	92.85
October 2017	95.62	94.12	93.08
November 2017	95.67	94.15	93.10
December 2017	95.83	94.27	93.21
January 2018	95.95	94.30	93.20
February 2018	96.40	94.71	93.59
March 2018	96.68	94.97	93.81
April 2018	97.05	95.27	94.08
May 2018	97.32	95.51	94.29
June 2018	97.35	95.54	94.30
July 2018	97.27	95.46	94.23
August 2018	97.15	95.34	94.11
September 2018	97.07	95.25	94.03
October 2018	97.06	95.25	94.02
November 2018	96.96	95.14	93.91
December 2018	96.75	94.92	93.70
January 2019	97.16	95.30	94.05
February 2019	97.71	95.80	94.54
March 2019	97.69	95.77	94.51
April 2019	97.96	96.02	94.74
May 2019	97.76	95.81	94.53
June 2019	97.66	95.71	94.43
July 2019	97.44	95.50	94.21
August 2019	97.27	95.31	94.04
September 2019	97.02	95.07	93.80
October 2019	96.89	94.93	93.65
November 2019	97.04	95.07	93.78
December 2019	96.98	95.00	93.70
January 2020	97.14	95.19	93.87
February 2020	97.35	95.39	94.07
March 2020	97.26	95.31	93.99
April 2020	96.94	94.97	93.65
May 2020	96.58	94.59	93.27
June 2020	96.62	94.60	93.28
July 2020	96.85	94.82	93.48
August 2020	97.28	95.22	93.83
September 2020	97.80	95.71	94.27
October 2020	98.55	96.42	94.95
November 2020	98.77	96.63	95.14
December 2020	99.53	97.38	95.83
January 2021	101.42	99.13	97.51
February 2021	102.61	100.23	98.50
March 2021	105.11	102.56	100.67
April 2021	106.99	104.33	102.30
May 2021	108.67	106.00	103.85
June 2021	108.71	106.02	103.86
July 2021	108.76	105.98	103.83
August 2021	108.74	105.96	103.86
September 2021	108.39	105.54	103.47
October 2021	110.17	107.28	105.20
November 2021	110.40	107.52	105.46
December 2021	110.41	107.51	105.47
January 2022	111.52	108.61	106.55
February 2022	112.50	109.58	107.54
March 2022	115.73	112.74	110.68
April 2022	117.89	114.78	112.66
May 2022	117.90	114.76	112.59
June 2022	116.86	113.73	111.62
July 2022	116.58	113.43	111.28
August 2022	116.93	113.79	111.68
September 2022	115.36	112.18	110.12
October 2022	116.06	112.81	110.67
November 2022	115.49	112.26	110.17
December 2022	114.69	111.49	109.46
Note: The chart shows our calculation of a headline export 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.