Implicit Regional Price Deflator: Metropolitan Portion for Connecticut
CTMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
125.19
Year-over-Year Change
24.84%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Connecticut measures regional price levels and cost-of-living variations across U.S. metropolitan areas. This key economic indicator is crucial for policymakers and analysts assessing regional economic conditions.
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 for Connecticut's metro areas provides a comprehensive measure of local price levels and cost-of-living differences compared to the national average. It is used to adjust economic statistics for regional price variations, enabling accurate comparisons of real incomes, purchasing power, and standards of living across geographic areas.
Methodology
The IRPD is calculated based on price data for a representative basket of consumer goods and services, collected through surveys of households and businesses.
Historical Context
The IRPD is an important tool for government agencies, businesses, and researchers analyzing regional economic performance and cost-of-living disparities.
Key Facts
- The IRPD has a base year of 2018 = 100.0.
- Connecticut's metropolitan IRPD was 102.7 in 2021, indicating prices 2.7% above the national average.
- The IRPD helps adjust economic data for regional cost-of-living differences.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for Connecticut's metropolitan areas measures regional price levels and cost-of-living variations compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The IRPD is crucial for accurately assessing real incomes, purchasing power, and standards of living across different geographic regions, enabling more meaningful economic comparisons.
Q: How is this data collected or calculated?
A: The IRPD is calculated based on price data for a representative basket of consumer goods and services, collected through surveys of households and businesses.
Q: How is this trend used in economic policy?
A: The IRPD is an important tool for government agencies, businesses, and researchers analyzing regional economic performance and cost-of-living disparities to inform policymaking and business decisions.
Q: Are there update delays or limitations?
A: The IRPD data is published on a regular schedule, though there may be occasional delays or limitations in data availability depending on collection and processing timelines.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Connecticut (CTMPIRPD), retrieved from FRED.