Average Price: Gasoline, Unleaded Premium (Cost per Gallon/3.785 Liters) in Cleveland-Akron, OH (CBSA)
APUA21074716 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.95
Year-over-Year Change
6.97%
Date Range
9/1/1981 - 12/1/2017
Summary
This trend measures the average price of unleaded premium gasoline in the Cleveland-Akron, OH metropolitan area. It provides important insights into consumer fuel costs and broader price pressures affecting the regional economy.
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 of unleaded premium gasoline in the Cleveland-Akron area is a key economic indicator tracked by policymakers, analysts, and consumers. It reflects the retail cost of transportation fuel, a significant household expense and input cost for many businesses.
Methodology
The data is collected through surveys of retail fuel stations in the region.
Historical Context
Gasoline prices influence consumer spending, transportation costs, and inflation expectations, making this trend relevant for monetary and fiscal policy decisions.
Key Facts
- Gasoline is the single largest household transportation expense for many Americans.
- The Cleveland-Akron metro area has a population of over 2 million people.
- Fuel prices can significantly impact inflation and consumer spending patterns.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of unleaded premium gasoline in the Cleveland-Akron, Ohio metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: Gasoline prices are a key input cost for households and businesses, making this trend important for understanding consumer spending, inflation, and broader economic conditions in the region.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail fuel stations in the Cleveland-Akron metropolitan area.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess inflationary pressures, consumer spending patterns, and the overall health of the regional economy.
Q: Are there update delays or limitations?
A: The data is published with a short lag, typically within a few weeks of the reporting period. Prices may vary across individual stations within the metro area.
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Citation
U.S. Federal Reserve, Average Price: Gasoline, Unleaded Premium (Cost per Gallon/3.785 Liters) in Cleveland-Akron, OH (CBSA) (APUA21074716), retrieved from FRED.