Regional Price Parities: Services: Other: Nonmetropolitan Portion for Rhode Island
RINMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPP) for Services: Other: Nonmetropolitan Portion for Rhode Island measure regional price differences for a broad range of consumer services outside of metropolitan areas. This data is crucial for understanding geographic variation in the 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 RPP for Services: Other: Nonmetropolitan Portion for Rhode Island is part of the Bureau of Economic Analysis' Regional Price Parities series, which provides a comprehensive picture of regional price level differences across the United States. This metric helps analysts and policymakers account for geographical disparities in the cost of living when making economic decisions.
Methodology
The data is collected through surveys of consumer prices and then calculated as an index relative to the national average.
Historical Context
Trends in this RPP series are used to adjust economic measures like personal income and gross domestic product for regional price differences.
Key Facts
- Rhode Island's nonmetropolitan services prices were 92.4% of the national average in 2020.
- The RPP series covers over 380 metropolitan and nonmetropolitan areas in the U.S.
- RPP data enables more accurate comparisons of real incomes and standards of living across regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Services: Other: Nonmetropolitan Portion for Rhode Island measure regional price differences for a broad range of consumer services outside of metropolitan areas in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding geographic variation in the cost of living, which is essential for making accurate comparisons of real incomes and standards of living across regions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of consumer prices and then calculated as an index relative to the national average.
Q: How is this trend used in economic policy?
A: Trends in this RPP series are used to adjust economic measures like personal income and gross domestic product for regional price differences, enabling more accurate analysis and policymaking.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a lag, and it may not fully capture all regional price variations.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for Rhode Island (RINMPRPPSERVEOTH), retrieved from FRED.