Regional Price Parities: Goods for Maine
MERPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.56
Year-over-Year Change
-1.83%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Goods for Maine measure the relative cost of goods and services in Maine compared to the national average. This statistic is important for understanding 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
The Regional Price Parities (RPPs) are spatial price indexes that measure the differences in price levels across states and metropolitan areas for a given year. The Goods RPP for Maine specifically captures geographic variations in the prices of consumer goods in the state.
Methodology
The Bureau of Economic Analysis calculates RPPs using data from the Consumer Price Index and other sources.
Historical Context
Policymakers and economists use RPPs to analyze regional competitiveness and cost-of-living adjustments.
Key Facts
- Maine's Goods RPP was 97.1 in 2020, meaning goods prices were 2.9% below the national average.
- The Goods RPP is one component of the overall Regional Price Parity index for Maine.
- RPPs allow for better comparisons of real incomes and purchasing power across U.S. regions.
FAQs
Q: What does the Regional Price Parities: Goods for Maine measure?
A: The Goods RPP for Maine measures the relative cost of consumer goods and services in the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The Goods RPP is important for understanding regional differences in the cost of living, which impacts real incomes, purchasing power, and economic competitiveness.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis calculates RPPs using data from the Consumer Price Index and other government sources.
Q: How is this trend used in economic policy?
A: Policymakers and economists use RPPs to analyze regional competitiveness and make cost-of-living adjustments, such as for federal programs and military compensation.
Q: Are there update delays or limitations?
A: The Goods RPP for Maine is published annually with a 1-2 year lag, so the most recent data may not reflect the current cost environment.
Related Trends
High-Propensity Business Applications for Maine
HBUSAPPWNSAME
Chain-Type Quantity Index for Real GDP: Government and Government Enterprises (92) in Maine
MEGOVQGSP
Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Maine
MEAPPLEATHMANNGSP
Regional Price Parities: Services: Other: Metropolitan Portion for Maine
MEMPRPPSERVEOTH
Hourly Compensation for Private Nonfarm in Maine
IPUZNU120230000
All Employees: Logging in Maine
SMU23000001011330001A
Citation
U.S. Federal Reserve, Regional Price Parities: Goods for Maine (MERPPGOOD), retrieved from FRED.