Implicit Regional Price Deflator for Illinois
ILIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.11
Year-over-Year Change
25.84%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Illinois measures changes in the overall price level of goods and services consumed within the state. It is a key indicator of inflation and purchasing power for policymakers and businesses.
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 for Illinois is a measure of price changes for a representative basket of consumer goods and services within the state. It is used to adjust nominal economic data for inflation, allowing for more accurate comparisons over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on consumer expenditure surveys and other economic indicators.
Historical Context
The Implicit Regional Price Deflator informs fiscal and monetary policy decisions that impact Illinois consumers and businesses.
Key Facts
- The base year for the Implicit Regional Price Deflator is 2012.
- Illinois has seen an average annual inflation rate of 2.1% over the past decade.
- The deflator is updated quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Illinois measures changes in the overall price level of goods and services consumed within the state. It is a key inflation indicator.
Q: Why is this trend relevant for users or analysts?
A: The Illinois price deflator is used to adjust nominal economic data for inflation, enabling more accurate comparisons of real economic activity and purchasing power over time.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on consumer expenditure surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: The Implicit Regional Price Deflator informs fiscal and monetary policy decisions that impact Illinois consumers and businesses.
Q: Are there update delays or limitations?
A: The deflator is updated quarterly by the U.S. Bureau of Economic Analysis with a short lag period.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator for Illinois (ILIRPD), retrieved from FRED.