Regional Price Parities: Services: Other for Virginia
VARPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.95
Year-over-Year Change
-2.51%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Virginia measures cost-of-living differences across states. This data point is crucial for understanding regional economic conditions and informing policy 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 states and metropolitan areas relative to the national average. The Services: Other category captures prices for a variety of services, excluding housing and utilities.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral price index approach.
Historical Context
RPPs are used by policymakers, businesses, and researchers to adjust incomes, spending, and other economic indicators for geographic differences in purchasing power.
Key Facts
- Virginia's services prices were 92.4% of the national average in 2021.
- RPPs allow for better state-to-state and metro-to-metro economic comparisons.
- The Services: Other category excludes housing, utilities, and other major expenditures.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Virginia measures the relative price level of services, excluding housing and utilities, in the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding regional cost-of-living differences and adjusting economic indicators like incomes and spending to make accurate state-to-state comparisons.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral price index approach.
Q: How is this trend used in economic policy?
A: Regional Price Parities are used by policymakers, businesses, and researchers to adjust incomes, spending, and other economic indicators for geographic differences in purchasing power.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent year may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Virginia (VARPPSERVEOTH), retrieved from FRED.