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Parity, a concept developed by economists, is the price (in current dollars) that will give the commodity the same purchasing power (as goods and services purchased by farmers and specified production costs) as the commodity had during the 1910-14 base period.
The parity price for a commodity is calculated using an “adjusted base price,” which results from dividing the average price received by farmers for the commodity in the previous 10 calendar years by the average Index of Prices Received by Farmers for all commodities (1910-1914 equals 100 per cent) for the same 10-year period. The adjusted base price is then multiplied by the most recent Index of Prices Paid by Farmers including interest, taxes and wage rates (1910-1914 equals 100 per cent) to yield the
89.3%