GDP píngjiǎn zhǐshù fǎnyìng le zhěngtǐ wùjià shuǐpíng.
The GDP deflator reflects the overall price level.
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Economics/statistics term — pretty much only seen in textbooks and policy reports. The fixed compound 平减指数 (píngjiǎn zhǐshù, 'deflator index') is the most common collocation.