Regional Price Parities: All Items: Nonmetropolitan Portion for Ohio
OHNMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
87.45
Year-over-Year Change
0.62%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPP) for the nonmetropolitan portion of Ohio measure the geographic differences in the price levels of goods and services across the state. This data is crucial for understanding regional cost-of-living variations and informing economic and policy decisions.
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 for the nonmetropolitan portion of Ohio provide a comprehensive measure of price level differences between the nonmetropolitan areas of the state and the national average. This data is used by economists, policymakers, and researchers to analyze regional purchasing power and cost-of-living adjustments.
Methodology
The U.S. Bureau of Economic Analysis calculates the RPP data using a weighted-average approach based on price surveys and other economic indicators.
Historical Context
This data is particularly relevant for informing decisions around regional economic development, social program adjustments, and targeted policy interventions.
Key Facts
- Ohio's nonmetropolitan RPP was 90.7 in 2020, indicating prices were 9.3% below the national average.
- RPP data helps determine cost-of-living adjustments for federal programs like Social Security and Medicare.
- Nonmetropolitan areas in Ohio have consistently lower price levels than the state's metropolitan regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for the nonmetropolitan portion of Ohio measure the geographic differences in the price levels of goods and services across the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding regional cost-of-living variations and informing economic and policy decisions, such as regional economic development, social program adjustments, and targeted policy interventions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the RPP data using a weighted-average approach based on price surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: The RPP data is used by economists, policymakers, and researchers to analyze regional purchasing power and cost-of-living adjustments, which is particularly relevant for informing decisions around regional economic development and targeted policy interventions.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a lag, and may not fully capture rapid changes in regional price levels.
Related Trends
Gross Domestic Product: Utilities (22) in Ohio
OHUTILNQGSP
Personal Consumption Expenditures: Services: Housing and Utilities for Ohio
OHPCEHOUSUTL
Number of Member Commercial Banks in Ohio
X08CBMBTOH
Continued Claims (Insured Unemployment) in Ohio
OHCCLAIMS
Personal Contributions for Social Insurance in Ohio
OHOSOC
Real Gross Domestic Product: Other Transportation and Support Activities (487-488, 492) in Ohio
OHOTHTRANRGSP
Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Nonmetropolitan Portion for Ohio (OHNMPRPPALL), retrieved from FRED.