Regional Price Parities: Goods for Illinois
ILRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.88
Year-over-Year Change
-1.75%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Goods for Illinois measures regional price differences for goods across states. This data helps economists and policymakers understand geographic 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: Goods for Illinois is an index that compares the prices of goods and services in Illinois to the national average. It is one component of the Bureau of Economic Analysis' broader Regional Price Parity statistics, which provide insights into regional differences in the cost of living.
Methodology
The data is calculated using a weighted average of prices for a fixed basket of consumer goods and services.
Historical Context
Policymakers and economists use this data to adjust income, wages, and program costs for geographic differences in purchasing power.
Key Facts
- Illinois's regional price parity for goods was 91.5 in 2021.
- The goods component accounts for over 60% of the overall Regional Price Parity index.
- Illinois's goods prices were 8.5% below the national average in 2021.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Goods for Illinois measures the relative price level of a basket of consumer goods and services in Illinois compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data helps economists and policymakers understand geographic differences in purchasing power and the cost of living, which is important for adjusting incomes, wages, and program costs.
Q: How is this data collected or calculated?
A: The data is calculated using a weighted average of prices for a fixed basket of consumer goods and services.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to adjust income, wages, and program costs for geographic differences in purchasing power.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually by the Bureau of Economic Analysis with a lag of approximately one year.
Related Trends
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ILPCEPC
Value of Exports to Canada from Illinois
ILCANA052SCEN
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ILAIRTRANQGSP
Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Illinois
SMU17000003100000008
Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Illinois
ILARTENTRECNGSP
Chain-Type Quantity Index for Real GDP: All Industry Total in Illinois
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Citation
U.S. Bureau of Economic Analysis, Regional Price Parities: Goods for Illinois (ILRPPGOOD), retrieved from FRED.