Price Level of Government Consumption for United Kingdom
PLGCPPGBA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.91
Year-over-Year Change
-36.55%
Date Range
1/1/1950 - 1/1/2019
Summary
The Price Level of Government Consumption for the United Kingdom measures the price index for government-purchased goods and services. This metric is important for assessing the fiscal health and policy decisions of the UK government.
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 Price Level of Government Consumption tracks the inflation rate for purchases made by the UK government, including employee compensation, intermediate consumption, and capital formation. This data helps analysts and policymakers understand government budgets and the real purchasing power of public expenditures.
Methodology
The data is calculated by the UK Office for National Statistics based on price surveys and government accounting.
Historical Context
Trends in government consumption prices are closely monitored by the Bank of England and UK Treasury for macroeconomic policy decisions.
Key Facts
- The base year for the UK government consumption price index is 2015 = 100.
- Government consumption accounts for about 20% of UK GDP.
- Prices for government consumption have risen by 18% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Government Consumption for the United Kingdom measures the inflation rate for goods and services purchased by the UK government, including employee compensation, intermediate consumption, and capital formation.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the fiscal health and policy decisions of the UK government, as trends in government consumption prices impact real public expenditures and budget planning.
Q: How is this data collected or calculated?
A: The data is calculated by the UK Office for National Statistics based on price surveys and government accounting.
Q: How is this trend used in economic policy?
A: Trends in government consumption prices are closely monitored by the Bank of England and UK Treasury for macroeconomic policy decisions, including monetary policy, fiscal policy, and budget planning.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Price Level of Government Consumption for United Kingdom (PLGCPPGBA670NRUG), retrieved from FRED.