Regional Price Parities: Services: Other: Metropolitan Portion for North Carolina
NCMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.14
Year-over-Year Change
-2.26%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for North Carolina measures regional differences in the prices of services other than housing in North Carolina's metropolitan areas. This data helps policymakers and economists understand the relative cost of living across different regions.
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) represent regional differences in the general price levels of goods and services compared to the national average. The Services: Other component specifically looks at prices for services other than housing, providing insight into the relative costs of living in different parts of North Carolina.
Methodology
The data is calculated by the Bureau of Economic Analysis using a variety of sources, including consumer expenditure surveys.
Historical Context
RPP data helps inform economic and policy decisions, such as cost-of-living adjustments for federal programs.
Key Facts
- North Carolina's metropolitan RPP for services was 92.2 in 2020.
- This was below the national average of 100.
- Services prices can vary significantly within a state.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other metric measures the relative prices of services other than housing in North Carolina's metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data helps policymakers and economists understand regional differences in the cost of living, which is crucial for programs like cost-of-living adjustments.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis calculates the RPP data using consumer expenditure surveys and other sources.
Q: How is this trend used in economic policy?
A: RPP data informs decisions around federal programs and policies that account for regional cost-of-living variations, such as adjustments to benefits or wages.
Q: Are there update delays or limitations?
A: The RPP data is released annually with a lag, and may not capture rapid or short-term price changes in specific regions or sectors.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for North Carolina (NCMPRPPSERVEOTH), retrieved from FRED.