Regional Price Parities: Services: Other: Metropolitan Portion for Hawaii
HIMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.86
Year-over-Year Change
2.45%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for Hawaii measures price differences across metropolitan areas in Hawaii compared to the national average. This data point is important for economists and policymakers to understand regional 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 Regional Price Parities (RPPs) series provides spatial price level adjustments that allow real personal income to be compared across states and metropolitan areas. The 'Services: Other' component specifically captures price differences for services not included in the main housing or food categories.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer expenditures and prices.
Historical Context
RPPs are used to adjust income data for geographic price differences, informing policy decisions and market analysis.
Key Facts
- Hawaii has the highest cost of living among U.S. states.
- The 'Services: Other' RPP measures price differences for a wide range of consumer services.
- RPPs are used to calculate real personal income at the state and metro level.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other: Metropolitan Portion for Hawaii measures the price level for a range of consumer services in Hawaiian metro areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding regional cost-of-living differences and adjusting income figures accordingly, which is important for policymakers, businesses, and households.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the RPP data based on surveys of consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: Regional price parities are used to adjust income data for geographic price differences, informing decisions around program eligibility, cost-of-living adjustments, and regional economic development.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a lag, so there may be delays in accessing the most current information.
Related Trends
Proprietors' Nonfarm Income in Hawaii
HIONON
Covered Employment in Hawaii
HICEMPLOY
Gross Domestic Product: Trade (42, 44-45) in Hawaii
HITRADENGSP
Gross Domestic Product: Computer Systems Design and Related Services (5415) in Hawaii
HICPUSYSDSGNNGSP
All Employees: Professional and Business Services: Professional, Scientific, and Technical Services in Hawaii
SMS15000006054000001
Monthly State Retail Sales: Motor Vehicle and Parts Dealers in Hawaii
MSRSHI441
Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for Hawaii (HIMPRPPSERVEOTH), retrieved from FRED.