Regional Price Parities: Goods: Nonmetropolitan Portion for Maryland
MDNMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.69
Year-over-Year Change
3.06%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPP) for Goods: Nonmetropolitan Portion for Maryland measure differences in purchasing power across U.S. states and regions. This metric is vital for understanding regional cost-of-living variations.
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 RPP for Goods: Nonmetropolitan Portion for Maryland is an index that compares the price level of a basket of goods and services in Maryland's non-urban areas to the nationwide average. This allows policymakers and researchers to gauge geographic differences in purchasing power and cost of living.
Methodology
The U.S. Bureau of Economic Analysis calculates RPPs using surveys of consumer prices and expenditures.
Historical Context
RPPs are used to adjust economic indicators like personal income and GDP for regional price differences.
Key Facts
- The RPP for Maryland's non-urban areas was 90.9 in 2021, meaning prices were 9.1% below the national average.
- RPPs allow the U.S. government to make cost-of-living adjustments to programs like Social Security.
- RPPs are published annually by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods: Nonmetropolitan Portion for Maryland measure geographic differences in the price level of consumer goods and services in Maryland's non-urban areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding regional variations in purchasing power and cost of living, which informs economic policymaking and personal financial decisions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates Regional Price Parities using surveys of consumer prices and expenditures.
Q: How is this trend used in economic policy?
A: RPPs are used to adjust economic indicators like personal income and GDP for regional price differences, informing policymakers and allowing for fairer geographic comparisons.
Q: Are there update delays or limitations?
A: RPPs are published annually, with a one-year lag, so the most recent data may not reflect very current conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Nonmetropolitan Portion for Maryland (MDNMPRPPGOOD), retrieved from FRED.