Regional Price Parities: All Items for South Carolina
SCRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.18
Year-over-Year Change
0.04%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for South Carolina index measures regional price differences across the United States. This metric is crucial for analyzing the cost of living and purchasing power in different states.
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 (RPP) index compares the average price level of goods and services in a given state or metropolitan area to the national average. The All Items RPP for South Carolina provides a comprehensive measure of the state's relative price level compared to the U.S. as a whole.
Methodology
The Bureau of Economic Analysis collects data on prices across a range of consumer goods and services to calculate the state-level RPP index.
Historical Context
Policymakers and economists use the South Carolina RPP to understand regional cost-of-living differences and adjust economic programs and analysis accordingly.
Key Facts
- South Carolina's RPP index was 89.3 in 2020, indicating prices were 10.7% below the national average.
- The state's RPP has remained below 100 since the series began in 2008, reflecting South Carolina's relatively low cost of living.
- Variation in RPPs across states is a key factor in understanding regional differences in purchasing power and standard of living.
FAQs
Q: What does the Regional Price Parities: All Items for South Carolina measure?
A: This index measures the average price level of goods and services in South Carolina compared to the national average price level.
Q: Why is this economic trend relevant for users or analysts?
A: The South Carolina RPP is crucial for understanding regional cost-of-living differences and adjusting economic analysis and program implementation accordingly.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis collects data on prices across consumer goods and services to calculate the state-level RPP index.
Q: How is this trend used in economic policy?
A: Policymakers and economists use the South Carolina RPP to analyze regional cost-of-living differences and adjust economic programs and analysis.
Q: Are there update delays or limitations?
A: The South Carolina RPP data is published annually by the Bureau of Economic Analysis with a lag of approximately one year.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for South Carolina (SCRPPALL), retrieved from FRED.