Implicit Regional Price Deflator: Metropolitan Portion for Utah
UTMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.26
Year-over-Year Change
23.23%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Utah measures changes in the cost of living in urban areas of the state. It is an important indicator for policymakers and economists evaluating regional economic conditions.
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 tracks price changes for a basket of consumer goods and services in metropolitan Utah. It provides a more localized measure of inflation than national indices, helping to identify regional cost-of-living differences and guide policy decisions.
Methodology
The data is calculated by the Bureau of Economic Analysis using a weighted average of prices for various household expenditures.
Historical Context
The IRPD is used by government agencies and researchers to analyze economic trends and adjust policies or programs based on regional price variations.
Key Facts
- The IRPD is calculated monthly by the Bureau of Economic Analysis.
- The IRPD helps identify differences in the cost of living between urban and rural areas of Utah.
- Policymakers use the IRPD to adjust program benefits and wages based on regional price variations.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for metropolitan Utah measures changes in the cost of living in urban areas of the state.
Q: Why is this trend relevant for users or analysts?
A: The IRPD provides a more localized measure of inflation than national indices, helping to identify regional cost-of-living differences and guide policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis using a weighted average of prices for various household expenditures.
Q: How is this trend used in economic policy?
A: The IRPD is used by government agencies and researchers to analyze economic trends and adjust policies or programs based on regional price variations.
Q: Are there update delays or limitations?
A: The IRPD is calculated monthly, with data typically available within a few weeks after the end of each month.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Utah (UTMPIRPD), retrieved from FRED.