Regional Price Parities: Services: Other for Rhode Island
RIRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.46
Year-over-Year Change
3.86%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Rhode Island measures the relative price level of services in Rhode Island compared to the national average. This metric is crucial for understanding regional cost-of-living differences and informing economic 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: Services: Other for Rhode Island is a measure of the cost of services in Rhode Island relative to the national average. It provides insights into regional variation in the price of non-housing services, which is an important component of the overall cost of living.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a survey-based approach.
Historical Context
This metric helps policymakers and analysts evaluate economic conditions and inform decisions on programs like cost-of-living adjustments.
Key Facts
- Rhode Island's services prices are 98.4% of the national average.
- The services price index has remained relatively stable over the past decade.
- This metric is used to adjust federal program payments for regional cost-of-living differences.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Rhode Island measures the relative price level of services in Rhode Island compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into regional variation in the cost of living, which is crucial for informing economic policy decisions and evaluating economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a survey-based approach.
Q: How is this trend used in economic policy?
A: This metric helps policymakers and analysts evaluate economic conditions and inform decisions on programs like cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, so there may be delays in accessing the most recent information.
Related Trends
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RIMNGCOENTPRNGSP
Monthly State Retail Sales: Gasoline Stations in Rhode Island
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Durable Manufacturing Earnings in Rhode Island
RIEDUR
Transportation Carbon Dioxide Emissions, Residential for Rhode Island
EMISSCO2VCLACBRIA
Coefficient for Residential Carbon Dioxide Emissions, Natural Gas (Pipeline) for Rhode Island
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Gross Domestic Product: Private Services-Providing Industries in Rhode Island
RIPRISERVPRONGSP
Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Rhode Island (RIRPPSERVEOTH), retrieved from FRED.