Regional Price Parities: Services: Other: Nonmetropolitan Portion for Montana
MTNMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.45
Year-over-Year Change
-5.33%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Nonmetropolitan Portion for Montana measures the relative cost of services in nonmetropolitan areas of Montana compared to the national average. This metric is crucial for understanding regional economic differences and cost-of-living variations across the state.
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 a set of spatial price indexes that measure the differences in price levels across states and metropolitan areas for a given year. The Services: Other category captures the relative costs of non-housing services, providing important context for policymakers and economists analyzing regional economic trends.
Methodology
The data is calculated by the Bureau of Economic Analysis using surveys and price collection methods.
Historical Context
RPPs are utilized by government agencies, researchers, and businesses to adjust nominal incomes for geographic price differences.
Key Facts
- Montana's nonmetropolitan services prices are 89.1% of the national average.
- Nonmetropolitan areas have lower services costs than metropolitan portions of the state.
- RPPs allow for accurate comparisons of real incomes across regions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the relative cost of services in nonmetropolitan areas of Montana compared to the national average. It is part of the Regional Price Parities dataset.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding regional economic differences and cost-of-living variations across Montana, which is important for policymakers, researchers, and businesses.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis using surveys and price collection methods.
Q: How is this trend used in economic policy?
A: Regional Price Parities are utilized by government agencies, researchers, and businesses to adjust nominal incomes for geographic price differences.
Q: Are there update delays or limitations?
A: The data has an annual frequency and may have a delay of up to two years in publication.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for Montana (MTNMPRPPSERVEOTH), retrieved from FRED.