Regional Price Parities: All Items: Nonmetropolitan Portion for Maryland
MDNMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92.86
Year-over-Year Change
0.47%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Nonmetropolitan Portion for Maryland measures the relative cost of living in nonmetropolitan areas of Maryland compared to the national average. This statistic is important for understanding regional economic disparities and informing policy decisions.
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) measure the differences in price levels across states and metropolitan areas for a given year. The nonmetropolitan portion captures the relative costs in rural areas of Maryland, providing valuable insight into geographical variations in the cost of living.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework that compares prices across regions.
Historical Context
RPPs are used by policymakers and economists to evaluate regional economic conditions and the relative purchasing power of incomes.
Key Facts
- Maryland's nonmetropolitan areas have a higher cost of living than the national average.
- The nonmetropolitan RPP for Maryland has remained relatively stable over time.
- Differences in RPPs can significantly impact the real value of incomes across regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Nonmetropolitan Portion for Maryland measures the relative cost of living in rural areas of the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into regional economic disparities and the purchasing power of incomes, which is critical information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework that compares prices across regions.
Q: How is this trend used in economic policy?
A: Regional Price Parities are used by policymakers and economists to evaluate regional economic conditions and the relative purchasing power of incomes.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not capture short-term price fluctuations in nonmetropolitan areas.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Nonmetropolitan Portion for Maryland (MDNMPRPPALL), retrieved from FRED.