Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
APU0200703113 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.75
Year-over-Year Change
-0.08%
Date Range
1/1/1991 - 12/1/2012
Summary
This economic trend measures the average price of ground beef, lean and extra lean, per pound in the Midwest census region's urban areas. It provides valuable insights into consumer price dynamics and food inflation.
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 Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban is a key economic indicator that tracks the retail prices of this essential consumer good. It is widely used by economists, policymakers, and market analysts to understand changes in food costs and their impact on household budgets.
Methodology
The data is collected through surveys of retail establishments and calculated as a regional average price per pound.
Historical Context
This trend is closely monitored for its implications on consumer spending, cost of living, and broader inflationary pressures.
Key Facts
- Ground beef is a staple protein in many American households.
- Prices vary by region and can be influenced by factors like supply chain, weather, and consumer demand.
- Tracking these prices helps economists understand household budgets and broader inflationary trends.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price per pound of ground beef, both lean and extra lean varieties, in the Midwest census region's urban areas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into food price dynamics and consumer inflation, which are crucial for understanding household budgets, cost of living, and broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments in the Midwest region and calculated as a weighted average price per pound.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess inflationary pressures, make informed decisions, and develop policies that address the cost of living for consumers.
Q: Are there update delays or limitations?
A: This data is published monthly with a brief delay, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban (APU0200703113), retrieved from FRED.