Regional Price Parities: Services: Other: Nonmetropolitan Portion for Arizona
AZNMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.26
Year-over-Year Change
-5.19%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Nonmetropolitan Portion for Arizona measures the relative cost of services in nonmetropolitan areas of Arizona compared to the national average. This metric is important for policymakers and economists to understand regional cost-of-living variations.
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 Parity (RPP) is an index that measures the differences in price levels across states and metropolitan areas relative to the national average. The Services: Other RPP specifically captures the cost of services outside of the major metropolitan areas within Arizona.
Methodology
The data is collected through surveys by the U.S. Bureau of Economic Analysis.
Historical Context
This RPP metric is used to adjust economic data like personal income and GDP for geographic price differences.
Key Facts
- Arizona's nonmetropolitan services cost 87.3% of the national average.
- RPPs account for geographic differences in the purchasing power of the dollar.
- Nonmetropolitan areas generally have lower services costs than metro regions.
FAQs
Q: What does this economic trend measure?
A: This metric measures the relative cost of services in nonmetropolitan areas of Arizona compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The RPP for services in nonmetropolitan Arizona is important for understanding regional cost-of-living variations and adjusting economic data like personal income and GDP.
Q: How is this data collected or calculated?
A: The data is collected through surveys by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This RPP metric is used by policymakers and economists to adjust economic statistics for geographic price differences.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a 1-year lag, so the most recent data may not fully reflect current conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for Arizona (AZNMPRPPSERVEOTH), retrieved from FRED.