Regional Price Parities: Services: Other for Indiana
INRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.07
Year-over-Year Change
2.43%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Indiana measures the relative price level of services in Indiana compared to the national average. This metric is important for economists and policymakers analyzing regional cost-of-living differences.
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
This economic series represents the regional price level of services excluding housing, utilities, and transportation in Indiana. It is used to adjust nominal income and spending data to reflect real purchasing power across states.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a weighted average of prices for various service categories.
Historical Context
Regional price parities are used to inform policy decisions and economic analysis at the state and local level.
Key Facts
- Indiana's services price level was 91.4% of the national average in 2020.
- Regional price parities account for geographic differences in the cost of living.
- The services category excludes housing, utilities, and transportation costs.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Indiana measures the relative price level of services in Indiana compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for analyzing regional cost-of-living differences and adjusting nominal income and spending data to reflect real purchasing power across states.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a weighted average of prices for various service categories.
Q: How is this trend used in economic policy?
A: Regional price parities are used to inform policy decisions and economic analysis at the state and local level.
Q: Are there update delays or limitations?
A: The data is published annually with a delay, so it may not fully reflect the latest economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Indiana (INRPPSERVEOTH), retrieved from FRED.