Regional Price Parities: Services: Other: Nonmetropolitan Portion for Florida
FLNMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.48
Year-over-Year Change
4.34%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures the regional price parities for services, excluding housing, in Florida's nonmetropolitan areas. It provides insight into geographic differences in the cost of living across 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
Regional Price Parities (RPPs) are spatial price indexes that measure differences in the price levels of consumption goods and services across geographic areas. The nonmetropolitan portion for Florida's services RPP indicates how prices for services, excluding housing, vary between urban and rural parts of the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework that compares relative price levels across regions.
Historical Context
This metric is useful for policymakers and analysts examining regional cost-of-living differences within Florida.
Key Facts
- Florida's nonmetropolitan services prices were 91.4% of the national average in 2020.
- The nonmetropolitan services RPP has remained relatively stable in Florida over the past decade.
- Differences in the nonmetropolitan services RPP can impact household purchasing power across the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the regional price parity for services, excluding housing, in Florida's nonmetropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into geographic differences in the cost of living within Florida, which is useful for policymakers, businesses, and households examining regional economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework that compares relative price levels across regions.
Q: How is this trend used in economic policy?
A: This metric can inform policy decisions related to cost-of-living adjustments, regional economic development, and analysis of geographic differences in purchasing power within Florida.
Q: Are there update delays or limitations?
A: The data is published annually by the Bureau of Economic Analysis, so there may be a delay of up to a year before the most recent information is available.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for Florida (FLNMPRPPSERVEOTH), retrieved from FRED.