Implicit Regional Price Deflator for Connecticut
CTIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.94
Year-over-Year Change
24.80%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Connecticut measures changes in the average price level of goods and services purchased by consumers in the state. It is a key indicator of regional inflation that informs economic policymaking and market analysis.
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 Implicit Regional Price Deflator for Connecticut is a price index that tracks the changing cost of a representative basket of consumer goods and services within the state. It is used to adjust nominal economic data for inflation, allowing for more accurate comparisons over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government surveys and other statistical sources.
Historical Context
The Connecticut IRPD is monitored by policymakers, businesses, and analysts to gauge regional economic conditions and cost-of-living trends.
Key Facts
- Connecticut's IRPD has risen by 2.5% over the past year.
- The IRPD is a more targeted measure of inflation than the national CPI.
- Regional price deflators help adjust economic data for local cost-of-living differences.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Connecticut measures changes in the average price level of consumer goods and services within the state.
Q: Why is this trend relevant for users or analysts?
A: The Connecticut IRPD is an important indicator of regional inflation that informs economic policymaking, market analysis, and comparisons of nominal data across regions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using government surveys and other statistical sources.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and analysts monitor the Connecticut IRPD to gauge regional economic conditions and cost-of-living trends.
Q: Are there update delays or limitations?
A: The Connecticut IRPD data is published on a quarterly basis with a slight delay compared to national inflation measures.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator for Connecticut (CTIRPD), retrieved from FRED.