Implicit Regional Price Deflator: Metropolitan Portion for District of Columbia
DCMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.51
Year-over-Year Change
26.08%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of the District of Columbia measures the regional cost of living relative to the national average. It is a key economic indicator used to assess regional price differences and inform policy decisions.
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 IRPD for the District of Columbia metropolitan area is a regional price index that compares the cost of a fixed basket of goods and services in the DC metro region to the national average. It provides valuable insights into the local cost of living and is used by policymakers, researchers, and businesses to understand regional economic conditions.
Methodology
The IRPD is calculated by the Bureau of Economic Analysis using data on consumer expenditures and prices.
Historical Context
This economic trend is widely used to adjust regional economic data, such as personal income and wages, to account for differences in the cost of living across the United States.
Key Facts
- The DC metro IRPD is above the national average, indicating a higher cost of living.
- The IRPD is updated quarterly by the Bureau of Economic Analysis.
- The IRPD is used to adjust government transfer payments and other regional economic data.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the District of Columbia metropolitan area measures the regional cost of living relative to the national average.
Q: Why is this trend relevant for users or analysts?
A: The IRPD provides valuable insights into the local cost of living in the DC metro region, which is essential for adjusting economic data and informing policy decisions.
Q: How is this data collected or calculated?
A: The IRPD is calculated by the Bureau of Economic Analysis using data on consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: The IRPD is widely used to adjust regional economic data, such as personal income and wages, to account for differences in the cost of living across the United States.
Q: Are there update delays or limitations?
A: The IRPD is updated quarterly by the Bureau of Economic Analysis, and there may be a short delay in the availability of the most recent data.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for District of Columbia (DCMPIRPD), retrieved from FRED.