Regional Price Parities: Goods for Ohio
OHRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.36
Year-over-Year Change
-1.50%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parity for Goods in Ohio measures the cost of a basket of consumer goods in Ohio relative to the national average. This metric is important for economists and policymakers to understand regional differences in purchasing power and cost of living.
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 Parity (RPP) for Goods in Ohio compares the average price level of a market basket of consumer goods and services in Ohio to the overall national price level. This allows for comparisons of real purchasing power across geographic regions within the United States.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using price data collected through surveys.
Historical Context
The RPP for Goods is used to adjust economic statistics like income and GDP for regional price differences, informing policy decisions and market analysis.
Key Facts
- Ohio's RPP for Goods is 93.3 in 2021, below the national average.
- The RPP for Goods reflects lower prices for consumer items in Ohio compared to the U.S. overall.
- Regional price differences impact real purchasing power and cost of living adjustments.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parity for Goods in Ohio measures the average price level of a basket of consumer goods and services in Ohio relative to the national average price level.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding differences in real purchasing power and cost of living across geographic regions, informing economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using price data collected through surveys.
Q: How is this trend used in economic policy?
A: The RPP for Goods is used to adjust economic statistics like income and GDP for regional price differences, providing a more accurate picture of real economic conditions.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a delay, and may not fully capture all regional price variations.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods for Ohio (OHRPPGOOD), retrieved from FRED.