Average Price: Steak, Sirloin, Graded and Ungraded, Excluding USDA Prime and Choice (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
APU0200703612 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.62
Year-over-Year Change
1.89%
Date Range
3/1/1992 - 3/1/1999
Summary
This economic trend measures the average price of sirloin steak in the Midwest Census Region's urban areas, excluding USDA Prime and Choice grades. It provides insights into consumer prices and inflation within the meat products market.
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, Sirloin, Graded and Ungraded, Excluding USDA Prime and Choice data series tracks the cost per pound of sirloin steak in the Midwest region's urban areas. This metric is used by economists and policymakers to analyze consumer spending patterns and gauge inflationary pressures within the food and grocery sector.
Methodology
The data is collected through surveys of retail establishments and calculated as a weighted average price per pound.
Historical Context
This economic indicator is closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions.
Key Facts
- Steak is a major component of the Consumer Price Index (CPI).
- The Midwest region accounts for a significant portion of U.S. beef production.
- Excluding USDA Prime and Choice grades provides a broader view of consumer purchasing patterns.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average price per pound of sirloin steak in the Midwest Census Region's urban areas, excluding USDA Prime and Choice grades.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending patterns and inflationary pressures within the meat products market, which is a key component of the Consumer Price Index (CPI).
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments and calculated as a weighted average price per pound.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly, but there may be some delay in availability due to the survey-based collection process.
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Citation
U.S. Federal Reserve, Average Price: Steak, Sirloin, Graded and Ungraded, Excluding USDA Prime and Choice (APU0200703612), retrieved from FRED.