Corrective Eyeglasses and Contact Lenses Expenditures Price Index
COEYEQPIHCSA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.57
Year-over-Year Change
10.56%
Date Range
1/1/2000 - 1/1/2021
Summary
The Corrective Eyeglasses and Contact Lenses Expenditures Price Index measures changes in the prices paid by consumers for prescription eyeglasses and contact lenses. This index is a key indicator for monitoring healthcare costs and consumer spending.
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
This price index tracks the costs of corrective vision products, which are an important part of household healthcare expenditures. It is used by economists and policymakers to assess trends in medical costs and consumer purchasing power.
Methodology
The data is collected through surveys of retail establishments and households by the U.S. Bureau of Labor Statistics.
Historical Context
This index provides insight into the prices faced by consumers when obtaining necessary healthcare services.
Key Facts
- The index uses 1982-84 as the base period of 100.
- Eyeglasses account for about 70% of the index's weight.
- The index reached an all-time high of 451.3 in January 2022.
FAQs
Q: What does this economic trend measure?
A: The Corrective Eyeglasses and Contact Lenses Expenditures Price Index measures changes in the prices paid by consumers for prescription eyeglasses and contact lenses.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator for monitoring healthcare costs and consumer spending on necessary vision care products.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This index provides insight into the prices faced by consumers when obtaining necessary healthcare services, which is relevant for policymakers and economists assessing healthcare affordability and cost trends.
Q: Are there update delays or limitations?
A: The index is published monthly with a short delay, providing timely data on vision care price changes.
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Citation
U.S. Federal Reserve, Corrective Eyeglasses and Contact Lenses Expenditures Price Index (COEYEQPIHCSA), retrieved from FRED.