Implicit Regional Price Deflator for Minnesota
MNIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.58
Year-over-Year Change
31.37%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator for Minnesota measures changes in the average price level of goods and services in the state. It is a key indicator for policymakers and economists to assess regional economic conditions.
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 Minnesota is a price index that tracks the overall cost of living within the state. It is used to adjust nominal economic measures, such as personal income, to account for regional inflation differences across the United States.
Methodology
The data is calculated based on price information collected from households and businesses within Minnesota.
Historical Context
This index provides important context for interpreting economic performance and making policy decisions at the state level.
Key Facts
- Minnesota's inflation rate has historically been below the national average.
- The deflator helps adjust economic statistics to account for regional price variations.
- Policymakers use the deflator to make more informed decisions about state-level programs.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator for Minnesota measures changes in the average price level of goods and services within the state.
Q: Why is this trend relevant for users or analysts?
A: This index is important for adjusting nominal economic measures to account for regional differences in the cost of living, allowing for more accurate comparisons across states.
Q: How is this data collected or calculated?
A: The data is calculated based on price information collected from households and businesses within Minnesota.
Q: How is this trend used in economic policy?
A: Policymakers use the Minnesota Implicit Regional Price Deflator to make more informed decisions about state-level programs and policies, taking into account regional variations in the cost of living.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve, but there may be some delay in the most recent updates.
Related Trends
All Employees: Other Services in Minnesota
MNSRVON
Gross Domestic Product: Utilities (22) in Minnesota
MNUTILNGSP
Gross Domestic Product: Transportation and Utilities (22, 48-49) in Minnesota
MNTRANSUTILNGSP
U.S. Granted Patents: Reissue Patents Originating in Minnesota
PATENTUSMNREISSUE
All Employees: Other Services in Minnesota
MNSRVO
Real Gross Domestic Product: Finance and Insurance (52) in Minnesota
MNFININSRGSP
Citation
U.S. Federal Reserve, Implicit Regional Price Deflator for Minnesota (MNIRPD), retrieved from FRED.