Regional Price Parities: Goods: Nonmetropolitan Portion for Idaho
IDNMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.41
Year-over-Year Change
-5.54%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Goods: Nonmetropolitan Portion for Idaho measures the relative cost of goods and services in nonmetropolitan areas of Idaho compared to the national average.
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
This economic indicator provides insight into the cost of living and purchasing power in rural parts of Idaho. It is used by policymakers, economists, and businesses to understand regional price differences and inform decisions around wages, taxes, and investment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
The Regional Price Parities are an important input for determining federal program funding and adjusting economic statistics based on geographic differences.
Key Facts
- Idaho's nonmetropolitan areas have a goods price level 91.1% of the national average.
- The Regional Price Parities are updated annually by the Bureau of Economic Analysis.
- Accounting for regional price differences is crucial for accurate economic measurement and policy decisions.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the relative cost of goods and services in nonmetropolitan areas of Idaho compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The Regional Price Parities provide important insights into the cost of living and purchasing power in rural parts of Idaho, which is crucial information for policymakers, businesses, and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: The Regional Price Parities are an important input for determining federal program funding and adjusting economic statistics based on geographic differences.
Q: Are there update delays or limitations?
A: The Regional Price Parities are updated annually by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Nonmetropolitan Portion for Idaho (IDNMPRPPGOOD), retrieved from FRED.