Regional Price Parities: Services: Other: Metropolitan Portion for Minnesota
MNMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.22
Year-over-Year Change
1.10%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for Minnesota measures the cost of living in Minnesota's metropolitan areas compared to the national average.
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
This economic indicator provides insights into the relative prices of services and other non-goods items in Minnesota's urban centers. It is used by policymakers and economists to understand regional differences in the cost of living and purchasing power.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of pricing sources.
Historical Context
Regional price parities are important for cost-of-living adjustments and understanding regional economic competitiveness.
Key Facts
- Minnesota's metropolitan services prices are 97.4% of the national average.
- The metropolitan services cost parity has fluctuated between 96-99% of the U.S. over the past decade.
- Regional price parities help adjust incomes for geographic differences in purchasing power.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other: Metropolitan Portion for Minnesota measures the relative cost of services and other non-goods items in Minnesota's metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides important insights into regional differences in the cost of living, which is crucial for understanding variations in purchasing power and standards of living across the United States.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of pricing sources.
Q: How is this trend used in economic policy?
A: Regional price parities are used by policymakers and economists to adjust incomes and other economic indicators for geographic differences in the cost of living, informing decisions on issues like cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually with a lag, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for Minnesota (MNMPRPPSERVEOTH), retrieved from FRED.