Implicit Regional Price Deflator: Metropolitan Portion for Indiana
INMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.50
Year-over-Year Change
28.96%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Indiana measures the relative price level across different geographic areas within the state. It is an important metric for evaluating regional economic conditions and cost of living adjustments.
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 (IRPD) for the metropolitan portion of Indiana is a measure of the average price level in Indiana's metropolitan areas relative to the national average. It is used to adjust nominal economic data for regional price differences, enabling more accurate comparisons of real economic activity across areas.
Methodology
The IRPD is calculated based on data from the Bureau of Economic Analysis on prices for a broad range of consumer goods and services.
Historical Context
The IRPD for Indiana's metro areas is a key input for policymakers when analyzing regional economic performance and cost of living.
Key Facts
- The IRPD for Indiana's metro areas is published quarterly.
- The national IRPD is set to 100, so Indiana's metro IRPD reflects its price level relative to the U.S. average.
- Indiana's metro IRPD has ranged from 93 to 97 over the past decade, indicating a lower cost of living compared to the national average.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Indiana measures the average price level in the state's metro areas relative to the national average.
Q: Why is this trend relevant for users or analysts?
A: The Indiana metro IRPD is an important metric for evaluating regional economic conditions and cost of living differences, enabling more accurate comparisons of real economic activity across areas.
Q: How is this data collected or calculated?
A: The IRPD is calculated based on data from the Bureau of Economic Analysis on prices for a broad range of consumer goods and services.
Q: How is this trend used in economic policy?
A: The IRPD for Indiana's metro areas is a key input for policymakers when analyzing regional economic performance and cost of living, informing decisions on topics like regional economic development and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The Indiana metro IRPD is published quarterly, with a short delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Indiana (INMPIRPD), retrieved from FRED.