Average Price: Milk, Fresh, Low-Fat, Reduced Fat, Skim (Cost per Gallon/3.8 Liters) in the Midwest Census Region - Urban
APU0200FJ1101 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.59
Year-over-Year Change
2.22%
Date Range
4/1/2018 - 10/1/2024
Summary
This trend measures the average price of low-fat, reduced-fat, and skim milk per gallon in the Midwest Census Region's urban areas. It provides insight into consumer prices and purchasing power for a common household item.
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: Milk, Fresh, Low-Fat, Reduced Fat, Skim (Cost per Gallon/3.8 Liters) in the Midwest Census Region - Urban series tracks the retail prices of various milk varieties in the Midwest urban areas. This metric is useful for analyzing consumer price trends and household purchasing dynamics.
Methodology
The data is collected through surveys of retail establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This price series is often used by economists and policymakers to monitor inflation and consumer behavior.
Key Facts
- The Midwest region accounts for over 20% of U.S. milk production.
- Milk is a dietary staple for many American households.
- Prices can fluctuate due to factors like supply, demand, and seasonality.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of low-fat, reduced-fat, and skim milk per gallon in the Midwest Census Region's urban areas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer prices and purchasing power for a common household item, which is useful for analyzing inflation, consumer behavior, and regional economic conditions.
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: This price series is often used by economists and policymakers to monitor inflation and consumer behavior, which can inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to revisions over time.
Related Trends
Average Price: Carrots, Short Trimmed and Topped (Cost per Pound/453.6 Grams) in the West Census Region - Urban
APU0400712403
Average Price: Broccoli (Cost per Pound/453.6 Grams) in U.S. City Average
APU0000712412
Global price of Beef
PBEEFUSDQ
Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the South Census Region - Urban
APU030072511
Average Price: Peaches (Cost per Pound/453.6 Grams) in the South Census Region - Urban
APU0300711414
Average Price: Electricity per Kilowatt-Hour in City - Size Class C
APUC00072610
Citation
U.S. Federal Reserve, Average Price: Milk, Fresh, Low-Fat, Reduced Fat, Skim (Cost per Gallon/3.8 Liters) in the Midwest Census Region - Urban (APU0200FJ1101), retrieved from FRED.