The Labour Price Index (LPI) measures the change in the price of labour services resulting from market pressures. (Refer to the Consumer Price Index (CPI); Producer Price Index (PPI))
Reference Definition by the United States Bureau of Labour Statistics (BLS): A Labour Price Index (LPI) is defined as a labour price index (their Employment Cost Index) designed to measure changes in the hourly compensation of a fixed “basket of jobs”. In that sense LPIs are similar to other price indices such as the consumer price index (CPI) which measures the price changes in a fixed basket of consumer goods. The focus of an LPI is to measure changes in the price of labour, defined as compensation per employee hour worked.
Related Definitions in the Project: The Project Cost; The Cost Estimate (Estimation)
