Implicit Regional Price Deflator: Metropolitan Portion for Colorado
COMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.03
Year-over-Year Change
27.48%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Colorado measures regional price differences compared to the national average. It is an important economic indicator used to adjust income and spending data for geographic 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 IRPD provides a comprehensive measure of the price level in a specific geographic area relative to the national average. This allows for more accurate comparisons of economic indicators like personal income and consumer spending across different regions.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using a weighted average of prices for a variety of goods and services.
Historical Context
The IRPD is used by policymakers, economists, and businesses to understand regional cost-of-living differences and their impact on economic conditions.
Key Facts
- The IRPD is indexed to the national average of 100.
- Colorado's metropolitan IRPD was 106.4 in the latest data.
- Regional price differences can significantly impact real incomes and consumer spending power.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Colorado measures the price level in that region relative to the national average.
Q: Why is this trend relevant for users or analysts?
A: The IRPD is an important tool for understanding regional cost-of-living differences and their impact on economic indicators like personal income and consumer spending.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the IRPD using a weighted average of prices for a variety of goods and services.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use the IRPD to analyze regional economic conditions and make more informed decisions.
Q: Are there update delays or limitations?
A: The IRPD data is published with a lag, and the methodology may not capture all regional price variations.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Colorado (COMPIRPD), retrieved from FRED.