Regional Price Parities: Goods: Metropolitan Portion for Minnesota
MNMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.25
Year-over-Year Change
2.70%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities for Goods in the Metropolitan Portion of Minnesota measure price differences across regions within the state. This data helps economists and policymakers understand relative cost of living and regional economic disparities.
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 Parities for Goods in the Metropolitan Portion of Minnesota is an index that compares the prices of goods in Minnesota's metro areas to the national average. It provides insights into regional variation in purchasing power and the cost of living within the state.
Methodology
This data is calculated by the U.S. Bureau of Economic Analysis using a survey-based methodology.
Historical Context
Policymakers and analysts use this index to inform economic development, tax, and social welfare policies targeted at reducing regional disparities.
Key Facts
- The index is benchmarked to the national average of 100.
- Minnesota's metro areas have a regional price parity for goods below the national average.
- This indicates lower cost of living in Minnesota's metro regions compared to the U.S. overall.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods in the Metropolitan Portion of Minnesota measures the relative prices of goods in the state's metro areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into regional variations in the cost of living and purchasing power within Minnesota, which is useful for policymakers, businesses, and individuals.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a survey-based methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to inform economic development, tax, and social welfare policies aimed at reducing regional disparities within Minnesota.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, and may not capture rapid short-term changes in regional price differences.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Metropolitan Portion for Minnesota (MNMPRPPGOOD), retrieved from FRED.