Implicit Regional Price Deflator: Nonmetropolitan Portion for Connecticut
CTNMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.70
Year-over-Year Change
24.03%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) measures regional price levels in the United States. The nonmetropolitan portion for Connecticut provides insights into cost-of-living trends in rural areas of the state.
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 Implicit Regional Price Deflator is an index that compares regional price levels to the national average, allowing for analysis of differences in the cost of living across geographic areas. The nonmetropolitan portion focuses specifically on price trends in Connecticut's rural communities.
Methodology
The IRPD is calculated using data on consumer expenditures and prices collected by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and economists use the IRPD to understand regional variation in the cost of living, which informs decisions around social programs, wages, and economic development.
Key Facts
- The IRPD is indexed to the national average price level of 100.
- Connecticut's nonmetropolitan IRPD has historically been lower than the metropolitan portion.
- Rural cost of living is an important consideration for social policy and economic development.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) measures regional price levels in the United States, with the nonmetropolitan portion focusing specifically on rural areas of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: The IRPD provides insight into regional variation in the cost of living, which is important for policymakers, economists, and businesses when making decisions around wages, social programs, and economic development.
Q: How is this data collected or calculated?
A: The IRPD is calculated by the U.S. Bureau of Economic Analysis using data on consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: Policymakers and economists use the IRPD to understand regional differences in the cost of living, which informs decisions around social programs, wages, and economic development strategies.
Q: Are there update delays or limitations?
A: The IRPD data is published on a regular basis by the U.S. Federal Reserve, but there may be some delays in the release of the most recent figures.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for Connecticut (CTNMPIRPD), retrieved from FRED.