A superlative Import Price Index Based on Available Information of Customs Office

There are many users of price indices, including governments, commercial enterprises, national and international organizations and the public at large, so the accuracy of price indices is very important. In this paper, we focused on one of the most important indices, i.e. Import Price Index (MPI), and we proposed a novel method of its calculation based on available information in the reports of Customs Administrations by using some mathematical transformations on well-known indices like: Weighted Price Relatives Index, Paasche, Fisher and two geometric mean Indices. Finally, we presented scores of suggested forms by considering some properties and tests to choose one of the indices as the best. Additionally, a novel error measure is introduced and efficiency of suggested formula is examined by using all kinds of possibilities based on price and quantity of two sample commodities.