Average Price: Steak, Chuck, U.S. Choice, Bone-In (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
This dataset tracks average price: steak, chuck, u.s. choice, bone-in (cost per pound/453.6 grams) in the midwest census region - urban over time.
Latest Value
1.64
Year-over-Year Change
-1.26%
Date Range
1/1/1980 - 12/1/1986
Summary
This economic trend measures the average price of steak, chuck, U.S. Choice, bone-in, in the Midwest Census Region's urban areas. It provides insight into food costs and consumer price dynamics.
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 steak price trend represents the typical retail cost per pound for this key beef cut in the Midwest region's urban markets. It is an important indicator of consumer purchasing power and regional variation in food prices.
Methodology
The data is collected through surveys of retail establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This price series is used by policymakers, economists, and market analysts to monitor food inflation and consumer spending patterns.
Key Facts
- Prices are reported in cost per pound/453.6 grams.
- The Midwest region includes 12 states, from Ohio to the Dakotas.
- Bone-in chuck steak is a common, economical beef cut.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of steak, chuck, U.S. Choice grade, with the bone left in, in the Midwest Census Region's urban areas.
Q: Why is this trend relevant for users or analysts?
A: This price series provides insight into consumer food costs and regional variation in prices, which are key factors for understanding household budgets and consumer spending patterns.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts use this price series to monitor food inflation and consumer spending patterns, which inform economic and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-week lag, and may be subject to revisions as additional survey responses are incorporated.
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Citation
U.S. Federal Reserve, Average Price: Steak, Chuck, U.S. Choice, Bone-In (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban (APU0200703421), retrieved from FRED.