Average Price: Steak, Rib Eye, USDA Choice, Boneless (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban
APU0200703425 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.29
Year-over-Year Change
-2.56%
Date Range
1/1/1991 - 12/1/1997
Summary
This economic trend measures the average price of rib eye steak, a popular cut of beef, in the Midwest region of the United States. This data is crucial for understanding consumer spending, inflation, and the overall health of the meat industry.
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 Average Price: Steak, Rib Eye, USDA Choice, Boneless (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban series tracks the average retail price of this specific type of steak across the Midwest's urban areas. It provides valuable insights into consumer purchasing patterns and the market dynamics of the beef industry.
Methodology
The data is collected through surveys of retail establishments in the Midwest region.
Historical Context
This trend is widely used by economists, policymakers, and market analysts to assess consumer behavior and inflationary pressures.
Key Facts
- Rib eye steak is a premium cut of beef known for its tenderness and flavor.
- The Midwest region accounts for a significant portion of U.S. beef production and consumption.
- Steak prices can be a barometer for overall food inflation and consumer purchasing power.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of rib eye steak, a popular and high-quality cut of beef, in the urban areas of the Midwest census region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into consumer spending patterns, inflationary pressures, and the overall health of the beef industry, which is important for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments in the Midwest region.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess consumer behavior, inflationary pressures, and the overall state of the meat industry, which can inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedules and potential limitations of government statistical surveys.
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Citation
U.S. Federal Reserve, Average Price: Steak, Rib Eye, USDA Choice, Boneless (Cost per Pound/453.6 Grams) in the Midwest Census Region - Urban (APU0200703425), retrieved from FRED.