Implicit Regional Price Deflator: Nonmetropolitan Portion for Wisconsin
WINMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
107.25
Year-over-Year Change
30.02%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator: Nonmetropolitan Portion for Wisconsin measures the price level changes for goods and services in non-metropolitan areas of Wisconsin. It is a key indicator for understanding regional cost-of-living variations and price dynamics.
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 Implicit Regional Price Deflator (IRPD) is an index that tracks price changes for a comprehensive basket of consumer goods and services across different geographic regions within the United States. The nonmetropolitan portion for Wisconsin specifically examines price trends in rural and small-town areas of the state.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using a variety of government data sources.
Historical Context
This regional price index is used by policymakers, businesses, and economists to assess relative costs and affordability across different markets.
Key Facts
- The IRPD is based on over 90,000 item-level prices collected across the U.S.
- Nonmetropolitan areas account for about 15% of Wisconsin's population.
- The IRPD helps adjust economic data for geographic price differences.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Nonmetropolitan Wisconsin measures changes in the overall price level of consumer goods and services in rural and small-town areas of the state.
Q: Why is this trend relevant for users or analysts?
A: This regional price index is crucial for understanding cost-of-living variations and assessing the real purchasing power of incomes across different geographic markets within Wisconsin.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the Implicit Regional Price Deflator using a variety of government data sources on consumer prices.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists utilize the IRPD to assess relative affordability, make regional comparisons, and adjust other economic data for geographic price differences.
Q: Are there update delays or limitations?
A: The Implicit Regional Price Deflator data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for Wisconsin (WINMPIRPD), retrieved from FRED.