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Meaning of constant dollar

con'stant dol'lar

Pronunciation: [key]
  1. a dollar valued according to its purchasing power in an arbitrarily set year and then adjusted for price changes in other years so that real purchasing power can be compared by giving prices as they would presumably be in the base year.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.