Average Price: Steak, Round, USDA Choice, Boneless (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
This dataset tracks average price: steak, round, usda choice, boneless (cost per pound/453.6 grams) in the midwest census region - urban over time.
Latest Value
7.09
Year-over-Year Change
12.77%
Date Range
1/1/1980 - 5/1/2022
Summary
This economic trend measures the average price per pound of boneless USDA Choice round steak in the Midwest Census Region's urban areas. It provides insight into a key component of consumer food costs and 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: Steak, Round, USDA Choice, Boneless' series tracks the retail price of this common meat product in the Midwest region. It is a valuable indicator of consumer purchasing power and trends in a significant household expenditure.
Methodology
The data is collected through surveys of food retailers in the Midwest Census Region's urban areas.
Historical Context
This price trend is closely monitored by economists, policymakers, and market analysts to assess consumer inflation and the state of the economy.
Key Facts
- Steak is a major household food expenditure.
- Midwest region accounts for over 20% of U.S. population.
- USDA Choice is a common grade of beef sold at retail.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price per pound of boneless USDA Choice round steak in the Midwest Census Region's urban areas.
Q: Why is this trend relevant for users or analysts?
A: This price trend provides important insights into consumer food costs and inflation, a key indicator of economic health.
Q: How is this data collected or calculated?
A: The data is collected through surveys of food retailers in the Midwest Census Region's urban areas.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and market analysts to assess consumer inflation and the state of the economy.
Q: Are there update delays or limitations?
A: The data is reported monthly with minimal delay, providing timely insight into this important economic indicator.
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Citation
U.S. Federal Reserve, Average Price: Steak, Round, USDA Choice, Boneless (APU0200703511), retrieved from FRED.