Implicit Regional Price Deflator for Arkansas
ARIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
104.24
Year-over-Year Change
25.73%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Arkansas measures the change in prices for goods and services across the state. It is a key indicator of regional economic conditions and purchasing power.
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) tracks inflation at the state level, providing a more granular view of price changes compared to national indices. It is used by economists, policymakers, and businesses to understand regional cost-of-living trends and guide economic decisions.
Methodology
The IRPD is calculated by the Bureau of Economic Analysis using a combination of state-level price data and personal consumption expenditures.
Historical Context
The Arkansas IRPD is a valuable tool for assessing the state's economic performance and informing policy decisions.
Key Facts
- The Arkansas IRPD has increased by an average of 2.3% annually over the past decade.
- Prices in Arkansas are approximately 5% lower than the national average based on the IRPD.
- The IRPD is used to adjust personal income and other economic data for regional price differences.
FAQs
Q: What does the Implicit Regional Price Deflator for Arkansas measure?
A: The ARIRPD measures the change in prices for goods and services across the state of Arkansas, providing a more localized view of inflation.
Q: Why is the Arkansas IRPD relevant for users or analysts?
A: The ARIRPD is an important indicator of regional economic conditions and purchasing power, helping economists, policymakers, and businesses understand cost-of-living trends in Arkansas.
Q: How is the Implicit Regional Price Deflator data collected or calculated?
A: The ARIRPD is calculated by the Bureau of Economic Analysis using a combination of state-level price data and personal consumption expenditures.
Q: How is the Arkansas IRPD used in economic policy?
A: The ARIRPD is used to inform policy decisions by providing insights into the state's economic performance and cost-of-living trends.
Q: Are there any update delays or limitations for the ARIRPD data?
A: The ARIRPD data is released on a quarterly basis, with a slight lag compared to national inflation metrics.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator for Arkansas (ARIRPD), retrieved from FRED.