Regional Price Parities: All Items: Metropolitan Portion for Utah
UTMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.66
Year-over-Year Change
-5.09%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Metropolitan Portion for Utah measures regional cost-of-living differences across the state's metropolitan areas. This data is crucial for policymakers and economists analyzing regional economic trends and making informed 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 (RPPs) are spatial price indexes that measure the differences in price levels across U.S. states and metropolitan areas relative to the national average. The metropolitan portion for Utah provides insights into the cost of living in the state's urban centers.
Methodology
The RPPs are calculated by the U.S. Bureau of Economic Analysis using price data on a wide range of goods and services.
Historical Context
RPPs are used by government agencies, researchers, and businesses to assess regional economic conditions and guide policy decisions.
Key Facts
- Utah's metropolitan RPP was 96.5 in 2020, indicating a cost of living 3.5% below the national average.
- RPPs can vary significantly within a state, reflecting differences in housing, transportation, and other costs.
- Tracking RPPs is crucial for setting accurate cost-of-living adjustments for government programs and employee compensation.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Metropolitan Portion for Utah measures the differences in the cost of living across the state's metropolitan areas relative to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for policymakers, economists, and businesses to understand regional economic conditions and make informed decisions about programs, investments, and employee compensation.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the Regional Price Parities using price data on a wide range of goods and services.
Q: How is this trend used in economic policy?
A: Regional Price Parities are used by government agencies, researchers, and businesses to assess regional economic conditions and guide policy decisions, such as setting cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, and may not capture rapid changes in regional price levels.
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UTRPIPC
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UTTLOTHTAX
Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Metropolitan Portion for Utah (UTMPRPPALL), retrieved from FRED.