Regional Price Parities: All Items for Connecticut
CTRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.69
Year-over-Year Change
-3.88%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Connecticut measure geographic differences in the price levels of goods and services across the United States. This data is important for understanding regional cost-of-living variations and making accurate comparisons of real incomes 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 a set of spatial price indexes that measure the differences in price levels across states and metropolitan areas relative to the overall national price level. The All Items RPP for Connecticut provides a comprehensive measure of the state's cost of living compared to the national average.
Methodology
The RPPs are calculated by the U.S. Bureau of Economic Analysis using a variety of data sources, including the Consumer Price Index and state-level personal consumption expenditures.
Historical Context
The RPPs are used by policymakers, economists, and analysts to adjust nominal statistics for geographic price differences and make more accurate regional comparisons.
Key Facts
- Connecticut's All Items RPP was 101.8 in 2020, indicating prices 1.8% above the national average.
- The RPPs can be used to adjust nominal incomes for geographic price differences.
- RPPs are published annually for all U.S. states and metropolitan areas.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Connecticut measure the geographic differences in the price levels of goods and services across the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The RPPs are important for understanding regional cost-of-living variations and making accurate comparisons of real incomes and purchasing power across different areas of the country.
Q: How is this data collected or calculated?
A: The RPPs are calculated by the U.S. Bureau of Economic Analysis using a variety of data sources, including the Consumer Price Index and state-level personal consumption expenditures.
Q: How is this trend used in economic policy?
A: The RPPs are used by policymakers, economists, and analysts to adjust nominal statistics for geographic price differences and make more accurate regional comparisons.
Q: Are there update delays or limitations?
A: The RPPs are published annually, with the latest data typically available about a year after the reference year.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Connecticut (CTRPPALL), retrieved from FRED.