Regional Price Parities: All Items: Metropolitan Portion for South Carolina
SCMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.21
Year-over-Year Change
-0.26%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Metropolitan Portion for South Carolina measures the cost of living in urban areas of the state compared to the national average. This statistic is important for economists and policymakers analyzing regional economic trends and cost-of-living differences.
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 (RPPs) are a set of spatial price indexes that measure the differences in price levels across states and metropolitan areas for a given year. The All Items RPP for the metropolitan portion of South Carolina provides a comprehensive assessment of relative price levels within the state's urban areas.
Methodology
The U.S. Bureau of Economic Analysis calculates RPPs using a combination of price data and expenditure weights.
Historical Context
RPPs are used to adjust income and other economic statistics for geographic price differences, informing decisions around cost-of-living adjustments and regional economic policy.
Key Facts
- South Carolina's metropolitan RPP was 89.4 in 2020, indicating prices 10.6% below the national average.
- RPPs adjust for geographic differences in the prices of goods and services across states and metro areas.
- RPPs are used to compare real incomes and standards of living between regions.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Metropolitan Portion for South Carolina measures the relative cost of living in urban areas of the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for economists and policymakers analyzing regional economic trends and cost-of-living differences, as it informs decisions around cost-of-living adjustments and regional economic policy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates Regional Price Parities using a combination of price data and expenditure weights.
Q: How is this trend used in economic policy?
A: RPPs are used to adjust income and other economic statistics for geographic price differences, informing decisions around cost-of-living adjustments and regional economic policy.
Q: Are there update delays or limitations?
A: The RPP data is typically released with a 1-2 year lag, and may not fully capture rapid changes in regional price levels.
Related Trends
Estimate of People Age 0-17 in Poverty in South Carolina
PEU18SC45000A647NCEN
Retail Trade Wages and Salaries in South Carolina
SCWRET
Average Hourly Earnings of All Employees: Other Services in South Carolina
SMU45000008000000003
State Tax Collections: T28 Occupation and Business License, Not Elsewhere Classified for South Carolina
QTAXT28QTAXCAT3SCNO
Poverty Universe, Age 5-17 related for South Carolina
PUA5T17RSC45000A647NCEN
Real Gross Domestic Product: Air Transportation (481) in South Carolina
SCAIRTRANRGSP
Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Metropolitan Portion for South Carolina (SCMPRPPALL), retrieved from FRED.