Regional Price Parities: All Items for Arkansas
ARRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
86.51
Year-over-Year Change
-3.16%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Arkansas measures the relative cost of living in Arkansas compared to the national average. This metric is crucial for understanding regional economic conditions and informing policy decisions.
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 Regional Price Parities (RPPs) measure the differences in price levels across states and metropolitan areas for a given year. The All Items RPP for Arkansas represents the average price level in the state relative to the national average, providing insights into the local cost of living.
Methodology
The U.S. Bureau of Economic Analysis calculates RPPs using survey data on the prices of various consumer goods and services.
Historical Context
RPPs are used by policymakers, businesses, and individuals to assess regional economic factors and make informed decisions.
Key Facts
- Arkansas's All Items RPP was 89.7 in 2021, indicating prices were 10.3% below the national average.
- RPPs are published annually by the Bureau of Economic Analysis.
- RPPs are used to adjust incomes and other economic measures for regional price differences.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Arkansas measures the average price level in the state relative to the national average, providing insights into the local cost of living.
Q: Why is this trend relevant for users or analysts?
A: RPPs are crucial for understanding regional economic conditions and informing policy decisions, as they allow for accurate comparisons of incomes, costs, and standards of living across different states and metro areas.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates RPPs using survey data on the prices of various consumer goods and services.
Q: How is this trend used in economic policy?
A: RPPs are used by policymakers, businesses, and individuals to assess regional economic factors and make informed decisions, such as setting appropriate wage levels, adjusting transfer payments, and evaluating regional cost-of-living differences.
Q: Are there update delays or limitations?
A: RPPs are published annually by the Bureau of Economic Analysis, with a slight delay in the release of the most recent year's data.
Related Trends
Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Arkansas
ARDURMANNGSP
Value of Exports to Canada from Arkansas
ARCANA052SCEN
Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Arkansas
ARPROBUSNQGSP
Gross Domestic Product: Accommodation and Food Services (72) in Arkansas
ARACCOMDNQGSP
State Tax Collections: T99 Taxes, Not Elsewhere Classified for Arkansas
QTAXT99QTAXCAT3ARNO
Gross Domestic Product: Broadcasting (Except Internet) and Telecommunications (515, 517) in Arkansas
ARBRDTELENGSP
Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Arkansas (ARRPPALL), retrieved from FRED.