Implicit Regional Price Deflator: Nonmetropolitan Portion for Minnesota
MNNMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.39
Year-over-Year Change
29.56%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator: Nonmetropolitan Portion for Minnesota measures inflation in non-urban areas of the state. This metric is critical for economic policymakers to understand regional price dynamics 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 tracks price changes for a fixed basket of consumer goods and services in non-metropolitan Minnesota. This allows analysts to monitor inflation and purchasing power in rural parts of the state, which can differ from urban trends.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on consumer expenditure surveys and other economic indicators.
Historical Context
This regional price index informs fiscal and monetary policies aimed at supporting economic development across diverse geographic areas.
Key Facts
- The index uses 2012 as the base year.
- Measures price changes in 84 non-metro counties in Minnesota.
- Data is released quarterly with a 2-month lag.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator tracks inflation and cost-of-living changes in non-metropolitan areas of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This regional price index is crucial for understanding economic conditions and informing policies in rural parts of the state, which can differ significantly from urban areas.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the index based on consumer expenditure surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: The regional price index helps policymakers and analysts assess inflation, purchasing power, and cost-of-living differences across diverse geographic areas within Minnesota.
Q: Are there update delays or limitations?
A: The data is released quarterly with a 2-month lag, and the index is limited to 84 non-metropolitan counties in Minnesota.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for Minnesota (MNNMPIRPD), retrieved from FRED.