Average Price: Gasoline, Unleaded Regular (Cost per Gallon/3.785 Liters) in Detroit-Warren-Dearborn, MI (CBSA)
This dataset tracks average price: gasoline, unleaded regular (cost per gallon/3.785 liters) in detroit-warren-dearborn, mi (cbsa) over time.
Latest Value
3.20
Year-over-Year Change
-9.53%
Date Range
1/1/1978 - 6/1/2025
Summary
This economic trend measures the average price of unleaded regular gasoline per gallon in the Detroit-Warren-Dearborn, MI metropolitan area. It is a key indicator of consumer price dynamics and transportation costs.
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: Gasoline, Unleaded Regular trend tracks the retail price of a gallon of unleaded regular gasoline in the Detroit-Warren-Dearborn, MI metropolitan statistical area (CBSA). This metric is closely monitored by economists, policymakers, and consumers to understand changes in the cost of living and the state of the local economy.
Methodology
The data is collected through a monthly survey of fuel retailers in the metropolitan area.
Historical Context
Gasoline prices impact household budgets, transportation costs, and broader measures of inflation, making this a crucial data point for policy analysis.
Key Facts
- Gasoline is the largest transportation expense for many households.
- Prices can fluctuate significantly due to global supply and demand dynamics.
- The Detroit metro area is a major transportation and manufacturing hub in the Midwest.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of unleaded regular gasoline per gallon in the Detroit-Warren-Dearborn, MI metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: Gasoline prices are a key component of consumer spending and inflation, making this data point crucial for understanding local economic conditions and the cost of living.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of fuel retailers in the Detroit-Warren-Dearborn, MI metropolitan area.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this data to assess inflationary pressures, consumer behavior, and the overall health of the regional economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a short lag, and may be subject to revisions based on updated information from survey respondents.
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Citation
U.S. Federal Reserve, Average Price: Gasoline, Unleaded Regular (Cost per Gallon/3.785 Liters) in Detroit-Warren-Dearborn, MI (CBSA) (APUS23B74714), retrieved from FRED.