Implicit Regional Price Deflator: Metropolitan Portion for Illinois
ILMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.80
Year-over-Year Change
25.17%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Illinois measures inflation and price changes specific to that geographic region. It is a key indicator for economists and policymakers to understand regional cost-of-living dynamics.
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 IRPD for Illinois' metropolitan areas tracks changes in the prices of consumer goods and services over time, providing a localized measure of inflation. This data is used to adjust other economic indicators for regional price differences, enabling more accurate comparison and analysis.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using a proprietary methodology based on consumer expenditure surveys and market price data.
Historical Context
The IRPD helps inform federal and state economic policies, as well as private sector investment and business decisions, by capturing regional price variation.
Key Facts
- The IRPD is calculated monthly for all U.S. metropolitan areas.
- Illinois' metropolitan IRPD has risen by 2.4% over the past year.
- The IRPD allows for cost-of-living adjustments in government programs and private sector compensation.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Illinois measures inflation and price changes specific to that geographic region.
Q: Why is this trend relevant for users or analysts?
A: The IRPD data is used to adjust other economic indicators for regional price differences, enabling more accurate comparison and analysis by economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The IRPD is calculated by the U.S. Bureau of Economic Analysis using consumer expenditure surveys and market price data.
Q: How is this trend used in economic policy?
A: The IRPD helps inform federal and state economic policies, as well as private sector investment and business decisions, by capturing regional price variation.
Q: Are there update delays or limitations?
A: The IRPD is calculated and published monthly with a short lag, providing timely data on regional inflation trends.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Illinois (ILMPIRPD), retrieved from FRED.