Regional Price Parities: All Items for Utah
UTRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.00
Year-over-Year Change
-4.83%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Utah measures the relative cost of living in Utah compared to the national average. This metric is important for economists and policymakers to understand regional differences in purchasing power and cost of living.
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 provide a measure of the differences in price levels across states and metropolitan areas relative to the national average. This data is used to adjust income and other economic statistics for geographic differences in the cost of living.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys of consumer expenditures and prices.
Historical Context
This metric is widely used by government agencies, businesses, and researchers to analyze regional economic conditions and cost-of-living variations.
Key Facts
- Utah's all-items price level is 93.1% of the national average.
- Prices in Utah are 6.9% lower than the U.S. overall.
- Regional price differences can significantly impact purchasing power.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Utah measures the relative cost of living in the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding regional differences in purchasing power and cost of living, which is crucial for adjusting economic statistics and analyzing regional economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys of consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: This metric is widely used by government agencies, businesses, and researchers to analyze regional economic conditions and cost-of-living variations, informing policy decisions.
Q: Are there update delays or limitations?
A: The Regional Price Parities are published annually with a lag, so the data may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Utah (UTRPPALL), retrieved from FRED.