Implicit Regional Price Deflator: Nonmetropolitan Portion for Idaho
IDNMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.69
Year-over-Year Change
23.48%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator: Nonmetropolitan Portion for Idaho measures regional price levels in non-urban areas of the state. This helps economists and policymakers understand regional cost-of-living differences and geographic variations in 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 Implicit Regional Price Deflator (IRPD) is an index that reflects regional differences in prices of consumer goods and services. The nonmetropolitan portion focuses specifically on non-urban areas of Idaho, providing insights into economic conditions outside the state's major metropolitan regions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources including consumer price indexes and survey data.
Historical Context
The IRPD is used to adjust economic statistics for regional price differences, informing policy decisions and market analysis.
Key Facts
- The IRPD is measured on a scale where 100 represents the national average price level.
- Idaho's nonmetropolitan IRPD has remained below the national average since 2008.
- The IRPD can be used to adjust incomes and expenditures for geographic price differences.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator: Nonmetropolitan Portion for Idaho measures regional price levels in non-urban areas of the state, providing insights into cost-of-living differences.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding geographic variations in purchasing power and informing policy decisions, market analysis, and economic statistics adjustments.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using consumer price indexes and survey data.
Q: How is this trend used in economic policy?
A: The IRPD is used to adjust economic statistics for regional price differences, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The IRPD data is published regularly by the U.S. Bureau of Economic Analysis with minimal update delays.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for Idaho (IDNMPIRPD), retrieved from FRED.