<P> In economics, the GDP deflator (implicit price deflator) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy . GDP stands for gross domestic product, the total value of all final goods and services produced within that economy during a specified period . </P> <P> Like the consumer price index (CPI), the GDP deflator is a measure of price inflation / deflation with respect to a specific base year; the GDP deflator of the base year itself is equal to 100 . Unlike the CPI, the GDP deflator is not based on a fixed basket of goods and services; the "basket" for the GDP deflator is allowed to change from year to year with people's consumption and investment patterns . </P>

The gross domestic product (gdp) deflator is a measure of