Regional Price Parities: All Items for Illinois
ILRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.86
Year-over-Year Change
-3.08%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Illinois metric measures the relative cost of living in Illinois compared to the national average. This data is crucial for economists and policymakers to understand regional variations in purchasing power and cost of living.
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 (RPPs) are spatial price indexes that help compare the average price level of a metropolitan area or state with the overall national average. The All Items RPP for Illinois specifically captures the overall cost of goods and services within the state, adjusting for geographic differences in prices.
Methodology
The U.S. Bureau of Economic Analysis calculates RPPs annually using a variety of data sources, including the Consumer Price Index and price data from the American Community Survey.
Historical Context
RPPs are widely used by government agencies, researchers, and businesses to analyze regional economic conditions and inform policy decisions.
Key Facts
- Illinois has an All Items RPP of 97.5, meaning prices are 2.5% below the national average.
- The RPP for Housing in Illinois is 92.2, lower than the All Items RPP.
- RPPs are used to adjust regional economic data like personal income and GDP for geographic price differences.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Illinois metric measures the overall cost of living in Illinois compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding regional variations in purchasing power and cost of living, which is important for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates RPPs annually using the Consumer Price Index and price data from the American Community Survey.
Q: How is this trend used in economic policy?
A: RPPs are widely used by government agencies, researchers, and businesses to analyze regional economic conditions and inform policy decisions.
Q: Are there update delays or limitations?
A: RPPs are published annually with a lag, so the most recent data may not reflect the current economic conditions.
Related Trends
All Employees: Service-Providing in Illinois
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Average Hourly Earnings of Production Employees: Manufacturing in Illinois
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Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Illinois
ILDURMANRGSP
All Employees: Transportation and Utilities: Warehousing and Storage in Illinois
SMU17000004349300001
All Employees: Professional and Business Services: Waste Management and Remediation Services in Illinois
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All Employees: Government: Local Government in Illinois
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Illinois (ILRPPALL), retrieved from FRED.