Regional Price Parities: All Items for Idaho
IDRPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.43
Year-over-Year Change
-2.87%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Idaho measures the relative cost of living in Idaho compared to the national average. This metric is important for economists and policymakers to understand geographic differences in purchasing power and standards 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 Regional Price Parity (RPP) is an index that measures the differences in price levels across states and metropolitan areas relative to the national average. The RPP for Idaho provides insight into the real purchasing power of incomes in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using price surveys and other economic indicators.
Historical Context
Policymakers use RPP data to inform decisions around cost-of-living adjustments, economic development, and regional economic analysis.
Key Facts
- Idaho's RPP was 92.8 in 2020, indicating prices 7.2% below the national average.
- RPP data shows Idaho has a lower cost of living than many other states in the Mountain West region.
- Economists use RPP to adjust income and GDP data for geographic price differences.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parity for Idaho measures the relative price levels of goods and services in the state compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: The RPP data provides insights into the real purchasing power of incomes in Idaho, which is important for understanding standards of living and cost-of-living adjustments.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using price surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers use RPP data to inform decisions around cost-of-living adjustments, economic development, and regional economic analysis.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Idaho (IDRPPALL), retrieved from FRED.