Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the West Census Region - Urban
APU0400703113 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.51
Year-over-Year Change
12.36%
Date Range
1/1/1991 - 4/1/2023
Summary
This economic trend measures the average price of ground beef, lean and extra lean, per pound in the West Census Region's urban areas. It provides insight into consumer prices and regional food 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 Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the West Census Region - Urban series tracks the average retail price of this key protein product across major urban markets in the Western United States. This data is used by economists and policymakers to monitor food price inflation and consumer purchasing power.
Methodology
The data is collected through surveys of retail establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This price trend is relevant for analyzing consumer spending, regional price variations, and the broader food price environment.
Key Facts
- Prices are per pound/453.6 grams of ground beef.
- The data covers the West Census Region, which includes 13 states.
- Tracking this metric helps monitor household purchasing power.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of ground beef, lean and extra lean, per pound in the major urban markets of the West Census Region.
Q: Why is this trend relevant for users or analysts?
A: This price data is useful for analyzing consumer spending, regional price variations, and broader food price inflation trends.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to monitor consumer purchasing power and food price dynamics in the West region.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag from the reference period.
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Citation
U.S. Federal Reserve, Average Price: Ground Beef, Lean and Extra Lean (Cost per Pound/453.6 Grams) in the West Census Region - Urban (APU0400703113), retrieved from FRED.