Regional Price Parities: All Items: Nonmetropolitan Portion for North Carolina
NCNMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
87.92
Year-over-Year Change
1.69%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Nonmetropolitan Portion for North Carolina measures cost-of-living differences across nonmetropolitan areas of the state. This data helps policymakers and researchers understand regional economic disparities.
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
This index compares the prices of a fixed basket of goods and services across nonmetropolitan areas of North Carolina, with the national nonmetropolitan average set to 100. It provides insights into how prices differ in rural parts of the state relative to the national average.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a survey of consumer expenditures and prices.
Historical Context
This metric is used to adjust economic data for regional price differences and inform policy decisions.
Key Facts
- North Carolina's nonmetropolitan price level was 90.1% of the national average in 2020.
- Prices in rural North Carolina are typically lower than the national nonmetropolitan average.
- This data helps adjust programs like Social Security to account for regional cost-of-living differences.
FAQs
Q: What does this economic trend measure?
A: This metric measures the relative cost of living in nonmetropolitan areas of North Carolina compared to the national nonmetropolitan average.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding regional economic disparities and informing policy decisions that account for differences in the cost of living across the state.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this index using survey data on consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: This metric is used to adjust economic data for regional price differences, informing policies and programs that need to account for the varying cost of living across the state.
Q: Are there update delays or limitations?
A: This data is published annually with a lag, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Nonmetropolitan Portion for North Carolina (NCNMPRPPALL), retrieved from FRED.