Implicit Regional Price Deflator for Alabama
ALIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.41
Year-over-Year Change
29.86%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Alabama measures changes in the average prices of goods and services purchased by consumers in the state. It is a key economic indicator used to assess cost-of-living and inflationary trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Implicit Regional Price Deflator for Alabama is a broader measure of price changes than the Consumer Price Index, as it includes a wider range of expenditures beyond just consumer goods. It is used by policymakers, analysts, and researchers to understand regional economic conditions and the relative purchasing power of incomes.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on personal consumption expenditure surveys.
Historical Context
The Alabama Implicit Regional Price Deflator provides important context for assessing the state's economic performance and the effectiveness of fiscal and monetary policies.
Key Facts
- The deflator has a base year of 2012.
- Alabama's deflator rose 2.4% in 2021 compared to the national average of 2.0%.
- The deflator is released quarterly along with other state-level economic data.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Alabama measures changes in the average prices of goods and services purchased by consumers in the state. It provides a broader measure of cost-of-living changes than the CPI.
Q: Why is this trend relevant for users or analysts?
A: The Alabama Implicit Regional Price Deflator is a key indicator used by policymakers, economists, and businesses to assess the state's economic conditions and purchasing power. It provides important context beyond national-level inflation data.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on personal consumption expenditure surveys conducted in Alabama.
Q: How is this trend used in economic policy?
A: The Alabama Implicit Regional Price Deflator provides important context for assessing the state's economic performance and the effectiveness of fiscal and monetary policies. It is used by policymakers, analysts, and researchers to understand regional cost-of-living and inflationary trends.
Q: Are there update delays or limitations?
A: The Alabama Implicit Regional Price Deflator is released quarterly, with a short lag after the end of each period. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Bureau of Economic Analysis, Implicit Regional Price Deflator for Alabama (ALIRPD), retrieved from FRED.