Regional Price Parities: Services: Other for Missouri
MORPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.21
Year-over-Year Change
-1.94%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Missouri measures geographic differences in the prices of services within the state, providing insights into the relative cost of living across regions.
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 index is part of the Bureau of Economic Analysis' Regional Price Parities program, which tracks price-level differences for various goods and services across U.S. states and metropolitan areas. The Services: Other category includes a range of professional and personal services.
Methodology
The data is calculated using a multilateral index method that compares prices across geographic areas.
Historical Context
Regional price variation is an important consideration for policymakers and businesses analyzing economic conditions and cost-of-living differences.
Key Facts
- Missouri's Services: Other index was 92.7 in 2020, indicating prices were 7.3% below the national average.
- This index has increased from 90.4 in 2008, suggesting a rise in relative service costs in Missouri.
- The Services: Other category accounts for over one-third of the overall Regional Price Parity for Missouri.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Missouri measures geographic differences in the prices of various services within the state, providing insights into the relative cost of living across regions.
Q: Why is this trend relevant for users or analysts?
A: This index is important for understanding regional variations in the cost of living and service prices, which is crucial information for policymakers, businesses, and households analyzing economic conditions and making informed decisions.
Q: How is this data collected or calculated?
A: The data is calculated using a multilateral index method that compares prices across geographic areas.
Q: How is this trend used in economic policy?
A: Regional price variation is an important consideration for policymakers and businesses analyzing economic conditions and cost-of-living differences, informing decisions related to taxation, public spending, and business location.
Q: Are there update delays or limitations?
A: The Regional Price Parities data is published annually by the Bureau of Economic Analysis, with a typical 1-year lag in availability.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for Missouri (MORPPSERVEOTH), retrieved from FRED.