Regional Price Parities: All Items: Nonmetropolitan Portion for Arizona
AZNMPRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79.85
Year-over-Year Change
-9.40%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items: Nonmetropolitan Portion for Arizona measures cost-of-living differences across U.S. states. This metric is crucial for policymakers and researchers analyzing 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 Regional Price Parities (RPPs) are spatial price indexes that measure differences in the price levels of consumer goods and services across U.S. states and metropolitan areas. The nonmetropolitan portion for Arizona specifically compares price levels in rural parts of the state to the national average.
Methodology
The U.S. Bureau of Economic Analysis calculates the RPPs using a survey of consumer expenditures and prices.
Historical Context
RPPs are used to adjust personal income and other economic indicators for geographic price differences, informing policy decisions and market analysis.
Key Facts
- Arizona's nonmetropolitan RPP was 91.4 in 2021, indicating prices 8.6% below the national average.
- The nonmetropolitan RPP in Arizona has remained below 100 since the data series began in 2008.
- Differences in regional price levels can significantly impact the real purchasing power of personal income.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items: Nonmetropolitan Portion for Arizona measures the relative price levels of consumer goods and services in rural parts of the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding differences in the real purchasing power of personal income and cost of living across U.S. states and regions, informing economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the Regional Price Parities using a survey of consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: Regional Price Parities are used to adjust personal income and other economic indicators for geographic price differences, providing crucial insights for policymakers and market analysts.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, and may not fully capture rapid changes in relative price levels across regions.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items: Nonmetropolitan Portion for Arizona (AZNMPRPPALL), retrieved from FRED.