Implicit Regional Price Deflator: Metropolitan Portion for Mississippi
MSMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.18
Year-over-Year Change
26.46%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Mississippi measures regional price differences across the state. It is a key indicator for understanding variation in the cost of living and purchasing power within Mississippi.
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 IRPD for metropolitan Mississippi provides a measure of regional price levels compared to the national average. It enables researchers and policymakers to adjust economic data for geographic differences in prices, a crucial consideration for programs and analyses focused on a specific state or locality.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using price data for a representative basket of consumer goods and services.
Historical Context
The IRPD helps inform policy decisions related to regional economic development, cost-of-living adjustments, and geographically targeted programs.
Key Facts
- The IRPD for metropolitan Mississippi has averaged 92.6 over the past decade.
- The IRPD can vary significantly within a state, reflecting differences in local market conditions.
- Adjusting economic data using the IRPD is important for accurate regional comparisons.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for metropolitan Mississippi measures regional price differences compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The IRPD enables researchers and policymakers to adjust economic data for geographic variation in prices, which is crucial for programs and analyses focused on a specific state or locality.
Q: How is this data collected or calculated?
A: The IRPD is calculated by the U.S. Bureau of Economic Analysis using price data for a representative basket of consumer goods and services.
Q: How is this trend used in economic policy?
A: The IRPD helps inform policy decisions related to regional economic development, cost-of-living adjustments, and geographically targeted programs.
Q: Are there update delays or limitations?
A: The IRPD data is published regularly by the U.S. Bureau of Economic Analysis, but may have a delay of several months compared to the reference period.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Mississippi (MSMPIRPD), retrieved from FRED.