Regional Price Parities: All Items for Massachusetts
MARPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.24
Year-over-Year Change
3.34%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parity for All Items in Massachusetts measures the relative cost of living compared to the national average. It is a key metric for understanding regional economic differences.
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 All Items in Massachusetts provides insight into the overall affordability of the state compared to other regions.
Methodology
The RPP is calculated by the Bureau of Economic Analysis using price data on a variety of consumer goods and services.
Historical Context
Policymakers and analysts use the Massachusetts RPP to evaluate the economic competitiveness and standard of living across regions.
Key Facts
- Massachusetts RPP was 114.8 in 2020, indicating a 14.8% higher cost of living than the national average.
- RPP varies significantly by state, with the highest being in Hawaii (118.6) and the lowest in Mississippi (86.6).
- The RPP accounts for differences in prices of housing, groceries, utilities, transportation, and other goods and services.
FAQs
Q: What does the Regional Price Parity for All Items in Massachusetts measure?
A: The Massachusetts RPP measures the relative cost of living in the state compared to the national average. It provides insight into regional price differences across consumer goods and services.
Q: Why is the Massachusetts RPP relevant for users or analysts?
A: The RPP is a key metric for understanding regional economic competitiveness and the standard of living. It is used by policymakers, economists, and businesses to evaluate costs and affordability across different markets.
Q: How is the Regional Price Parity data collected and calculated?
A: The Bureau of Economic Analysis calculates the RPP using price data on a variety of consumer goods and services across states and metropolitan areas.
Q: How is the Massachusetts RPP used in economic policy and analysis?
A: Economists and policymakers use the RPP to assess regional cost of living differences, which informs decisions around taxation, public spending, and economic development initiatives.
Q: Are there any update delays or limitations with the Regional Price Parity data?
A: The RPP data is typically published with a 1-2 year lag, so the most recent figures may not reflect the latest economic conditions. Additionally, the data only provides a high-level cost of living comparison, not a detailed breakdown of price differences.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Massachusetts (MARPPALL), retrieved from FRED.