Average Price: Gasoline, All Types (Cost per Gallon/3.785 Liters) in Cleveland-Akron, OH (CBSA)
APUA2107471A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.35
Year-over-Year Change
7.37%
Date Range
1/1/1978 - 12/1/2017
Summary
This economic trend measures the average price of gasoline, all types, in the Cleveland-Akron, Ohio metropolitan area. It provides valuable insights into consumer spending and regional fuel 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: Gasoline, All Types (Cost per Gallon/3.785 Liters) in Cleveland-Akron, OH (CBSA) series tracks the average retail price consumers pay for a gallon of gasoline in this major Midwest urban area. This metric is widely used by economists, policymakers, and market analysts to monitor inflationary pressures and consumer purchasing power.
Methodology
The data is collected through surveys of retail gasoline stations in the region.
Historical Context
Gasoline prices are a key factor in household budgets and business operating costs, making this trend relevant for economic policy and market analysis.
Key Facts
- Gasoline is a major household expense, accounting for about 4% of consumer spending.
- Prices can vary significantly by region due to factors like taxes, supply, and competition.
- Fluctuations in gasoline prices can impact consumer confidence and broader economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of gasoline, including all types, in the Cleveland-Akron, Ohio metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: Gasoline prices are a key component of consumer spending and a major input cost for businesses, making this trend important for monitoring regional economic conditions and inflationary pressures.
Q: How is this data collected or calculated?
A: The data is collected through surveys of retail gasoline stations in the Cleveland-Akron, Ohio metropolitan area.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the impact of gasoline prices on consumer spending, inflation, and overall economic activity in the region.
Q: Are there update delays or limitations?
A: The data is published monthly, with a typical 1-2 month lag. Regional variations and survey sample sizes may limit the precision of the average price estimate.
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Citation
U.S. Federal Reserve, Average Price: Gasoline, All Types (Cost per Gallon/3.785 Liters) in Cleveland-Akron, OH (CBSA) (APUA2107471A), retrieved from FRED.