Regional Price Parities: Goods for Idaho
IDRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.99
Year-over-Year Change
-5.68%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities for Goods in Idaho measure the relative cost of a basket of consumer goods and services in different U.S. regions compared to the national average. This metric is critical for understanding geographic differences in the real purchasing power of consumers and households.
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) for Idaho are part of a broader dataset that provides a cross-state comparison of the real cost of living. The goods-specific RPP for Idaho reflects how the prices of consumer goods in the state compare to the national level, a key factor in the region's overall cost of living and economic competitiveness.
Methodology
The Bureau of Economic Analysis calculates RPPs using a survey of prices for a representative basket of consumer items across geographic areas.
Historical Context
Policymakers and researchers use RPP data to analyze regional economic conditions and guide decisions on programs, investments, and economic development strategies.
Key Facts
- Idaho's goods RPP was 92.9 in 2020, indicating prices were 7.1% below the national average.
- RPPs can vary significantly by state and metro area, reflecting differences in market conditions and the cost of living.
- Tracking RPPs is crucial for adjusting metrics like personal income and poverty thresholds for geographic price differences.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods in Idaho measure how the prices of consumer goods in the state compare to the national average.
Q: Why is this trend relevant for users or analysts?
A: Understanding geographic variations in the cost of living, as reflected in goods prices, is critical for analyzing regional economic conditions and guiding policy decisions.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis calculates RPPs using price surveys for a representative basket of consumer items across different geographic areas.
Q: How is this trend used in economic policy?
A: Policymakers and researchers use RPP data to adjust metrics like personal income and poverty thresholds to account for geographic price differences, informing decisions on economic development, investments, and programs.
Q: Are there update delays or limitations?
A: The RPP data is published annually by the Bureau of Economic Analysis, with a delay of approximately one year.
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Citation
U.S. Bureau of Economic Analysis, Regional Price Parities: Goods for Idaho (IDRPPGOOD), retrieved from FRED.