Regional Price Parities: All Items for Hawaii
HIRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.61
Year-over-Year Change
-1.15%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Hawaii measures the relative cost of living in Hawaii compared to the national average. This trend is important for economists and policymakers to understand regional differences in purchasing power.
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 Regional Price Parities provide a comprehensive measure of price differences across states and metropolitan areas. This data allows for comparisons of real incomes and cost of living adjustments in different regions of the United States.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys of prices for various goods and services.
Historical Context
This metric is widely used by government agencies, economists, and businesses to analyze regional economic conditions and adjust policies or operations accordingly.
Key Facts
- Hawaii has the highest Regional Price Parity of any U.S. state.
- The cost of living in Hawaii is approximately 24% higher than the national average.
- Housing and utilities are the largest contributors to Hawaii's high cost of living.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Hawaii measures the relative cost of living in Hawaii compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding regional differences in purchasing power and cost of living, which is important for policymakers, businesses, and individuals.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys of prices for various goods and services.
Q: How is this trend used in economic policy?
A: This metric is widely used by government agencies, economists, and businesses to analyze regional economic conditions and adjust policies or operations accordingly.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a delay of approximately one year.
Related Trends
Gross Domestic Product: Ambulatory Health Care Services (621) in Hawaii
HIAMBHCNGSP
Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Hawaii
HIMVEHMANNGSP
All Employees: Professional and Business Services: Administrative and Support and Waste Management and Remediation Services in Hawaii
SMU15000006056000001
Real Gross Domestic Product: Computer and Electronic Product Manufacturing (334) in Hawaii
HICPUELCPMANRGSP
Real Gross Domestic Product: Utilities (22) in Hawaii
HIUTILRGSP
Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Hawaii
HIEDHLTHSOCASSNGSP
Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Hawaii (HIRPPALL), retrieved from FRED.