Average Price: Steak, Sirloin, Graded and Ungraded, Excluding USDA Prime and Choice (Cost per Pound/453.6 Grams) in the West Census Region - Urban
APU0400703612 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8.90
Year-over-Year Change
18.61%
Date Range
1/1/1991 - 3/1/2018
Summary
This economic trend measures the average price of steak, sirloin, graded and ungraded, excluding USDA Prime and Choice, per pound in the West Census Region's urban areas. It provides insights into consumer prices and trends in the beef 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 (Cost per Pound/453.6 Grams) in the West Census Region - Urban is an important economic indicator used to analyze consumer spending, inflation, and the overall state of the beef industry. It represents the average price paid by urban consumers in the West for this specific cut of steak.
Methodology
The data is collected through surveys of retail establishments in the West Census Region.
Historical Context
This trend is used by economists, policymakers, and market analysts to understand consumer behavior and guide economic decision-making.
Key Facts
- The West Census Region includes 13 states, including California, Washington, and Oregon.
- Steak is a key component of the Consumer Price Index (CPI), a widely-used measure of inflation.
- The beef industry is a significant part of the U.S. agricultural economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average price paid by urban consumers in the West Census Region for steak, sirloin, graded and ungraded, excluding USDA Prime and Choice, per pound.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into consumer spending patterns and inflation in the beef market, which is important for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments in the West Census Region.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand consumer behavior and guide economic decision-making, such as setting monetary policy or assessing the overall state of the economy.
Q: Are there update delays or limitations?
A: The data is published monthly, but there may be some delays in reporting due to the survey process.
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Citation
U.S. Federal Reserve, Average Price: Steak, Sirloin, Graded and Ungraded, Excluding USDA Prime and Choice (Cost per Pound/453.6 Grams) in the West Census Region - Urban (APU0400703612), retrieved from FRED.