An index that tracks the prices of a wide variety of raw materials used in industrial production. It is commonly used as an indicator of inflation, as wider economic changes are usually reflected in this index first. Each commodity is weighted relative to its established importance to economic activity and wellbeing. The index is continuously updated to reflect the changing importance, emergence and obsolescence of certain commodities. It is maintained by the Journal of Commerce (JOC) and the Economic Cycle Research Institute (ECRI). Also called JOC-ECRI Industrial Price Index.