Implicit Regional Price Deflator: Metropolitan Portion for Rhode Island
RIMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.19
Year-over-Year Change
29.97%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Rhode Island measures changes in the prices of goods and services purchased by consumers in that region. This economic indicator is important for policymakers to understand regional cost-of-living dynamics.
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 IRPD is a price index that tracks inflation specific to the metropolitan areas of Rhode Island. It allows for comparisons of purchasing power and standard of living across different regions within the state.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using a variety of data sources on consumer expenditures and prices.
Historical Context
The IRPD is used by economists and policymakers to assess regional economic conditions and inform decisions on programs and policies.
Key Facts
- The IRPD is published quarterly by the U.S. Bureau of Economic Analysis.
- The IRPD uses 2012 as its base year with a value of 100.
- The IRPD allows for comparisons of purchasing power across different regions.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for the metropolitan portion of Rhode Island measures changes in the prices of goods and services purchased by consumers in that region.
Q: Why is this trend relevant for users or analysts?
A: The IRPD is important for understanding regional cost-of-living dynamics and allows for comparisons of purchasing power across different areas within a state.
Q: How is this data collected or calculated?
A: The IRPD is calculated by the U.S. Bureau of Economic Analysis using a variety of data sources on consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: The IRPD is used by economists and policymakers to assess regional economic conditions and inform decisions on programs and policies.
Q: Are there update delays or limitations?
A: The IRPD is published quarterly, so there may be a delay of several months between the reference period and the data release.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Rhode Island (RIMPIRPD), retrieved from FRED.