Average Price: Shortening, Vegetable Oil Blends (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
APU0200716121 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.41
Year-over-Year Change
3.06%
Date Range
1/1/1980 - 10/1/2003
Summary
This economic trend measures the average price of shortening and vegetable oil blends per pound in the Midwest Census Region's urban areas. It provides insight into consumer costs and market dynamics for these common household products.
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: Shortening, Vegetable Oil Blends (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban trend tracks the retail prices of these cooking oils and fats. This data is used by economists and policymakers to analyze consumer spending, inflationary pressures, and regional price variations.
Methodology
The U.S. Bureau of Labor Statistics collects this data through consumer price surveys in the Midwest region.
Historical Context
This economic indicator is relevant for understanding household budgets, food industry dynamics, and regional cost-of-living trends.
Key Facts
- Prices are reported per pound (453.6 grams).
- The Midwest region includes 12 states in the central U.S.
- Vegetable oil and shortening are common cooking ingredients.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of shortening and vegetable oil blends per pound in urban areas of the Midwest Census Region.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into consumer costs and price dynamics for these common household products, which is useful for understanding household budgets, food industry trends, and regional cost-of-living variations.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects this data through consumer price surveys conducted in the Midwest region.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this indicator to analyze consumer spending, inflationary pressures, and regional cost-of-living differences.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month delay, and may be subject to minor revisions over time.
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Citation
U.S. Federal Reserve, Average Price: Shortening, Vegetable Oil Blends (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban (APU0200716121), retrieved from FRED.