Implicit Regional Price Deflator: Metropolitan Portion for Minnesota
MNMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.65
Year-over-Year Change
31.42%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator: Metropolitan Portion for Minnesota measures changes in the overall price level for goods and services in the metropolitan areas of Minnesota. This economic indicator is important for policymakers and analysts to understand regional price trends and cost-of-living 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 Implicit Regional Price Deflator (IRPD) is an index that tracks the average change in prices paid by consumers for a basket of goods and services in a specific geographic region. The metropolitan portion focuses on the urban areas within Minnesota, providing insights into regional inflation and purchasing power.
Methodology
The U.S. Bureau of Economic Analysis calculates the IRPD using a combination of consumer price data and regional expenditure patterns.
Historical Context
Economists and policymakers utilize the IRPD to assess regional economic conditions and inform decisions related to taxes, public programs, and cost-of-living adjustments.
Key Facts
- The IRPD is an alternative to the Consumer Price Index (CPI) for regional price measurement.
- Minnesota's metropolitan IRPD has shown lower inflation than the national CPI in recent years.
- Regional price differences can impact the purchasing power of households and influence policy decisions.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator: Metropolitan Portion for Minnesota measures changes in the overall price level for goods and services in the urban areas of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This regional price index is important for understanding cost-of-living differences and informing economic policy decisions that affect households and businesses in Minnesota.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the IRPD using consumer price data and regional expenditure patterns.
Q: How is this trend used in economic policy?
A: Economists and policymakers utilize the IRPD to assess regional economic conditions and inform decisions related to taxes, public programs, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The IRPD data may have update delays compared to national-level inflation measures like the CPI.
Related Trends
All Employees: Leisure and Hospitality: Arts, Entertainment, and Recreation in Minnesota
SMU27000007071000001
Monthly State Retail Sales: Sporting Good, Hobby, Musical Instrument and Book Stores in Minnesota
MSRSMN451
Real Gross Domestic Product: Manufacturing (31-33) in Minnesota
MNMANRQGSP
Average Weekly Earnings of Production Employees: Food Services and Drinking Places in Minnesota
SMU27000007072200030A
Real Gross Domestic Product: Wholesale Trade (42) in Minnesota
MNWHOLERQGSP
Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Minnesota
MNSECCOMINVNGSP
Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Minnesota (MNMPIRPD), retrieved from FRED.