Implicit Regional Price Deflator: Metropolitan Portion for Iowa
IAMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.67
Year-over-Year Change
26.95%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Iowa measures regional price levels relative to the national average. It is an important indicator for understanding regional economic conditions and cost of living.
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 Iowa's metropolitan areas provides a measure of how prices in major urban centers within the state compare to the overall U.S. It helps economists and policymakers assess regional differences in the cost of goods and services, which informs analyses of economic growth, purchasing power, and standards of living.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using data on prices and quantities of consumer goods and services.
Historical Context
The IRPD is widely used to adjust nominal economic indicators for regional price variations, enabling more accurate comparisons across locations.
Key Facts
- The IRPD for Iowa's metro areas was 93.5 in 2021, indicating prices 6.5% below the national average.
- The IRPD helps adjust state GDP and personal income data to account for regional price differences.
- Regional price levels can vary significantly, even within a single state, due to factors like housing costs and local market conditions.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Iowa measures how prices in the state's major urban areas compare to the national average.
Q: Why is this trend relevant for users or analysts?
A: The IRPD is crucial for understanding regional economic conditions and cost of living, allowing for more accurate comparisons of nominal economic indicators across locations.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the IRPD using data on prices and quantities of consumer goods and services.
Q: How is this trend used in economic policy?
A: The IRPD is widely used by economists and policymakers to adjust nominal data like state GDP and personal income, enabling better analysis of regional economic performance and standards of living.
Q: Are there update delays or limitations?
A: The IRPD data is published annually with a lag, and may not fully capture rapid changes in regional price levels.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Iowa (IAMPIRPD), retrieved from FRED.