Regional Price Parities: Goods for Mississippi
MSRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.87
Year-over-Year Change
-0.45%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPP) for Goods measure regional differences in the prices of goods across the United States. The MSRPPGOOD series tracks this metric specifically for the state of Mississippi.
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 RPP for Goods compares the prices of a standardized basket of goods in different regions to the national average. This data provides insight into the relative cost of living across states and metropolitan areas.
Methodology
The U.S. Bureau of Economic Analysis collects and calculates the RPP data based on surveys of consumer prices.
Historical Context
Economists and policymakers use RPP data to evaluate regional economic conditions and purchasing power.
Key Facts
- Mississippi's RPP for Goods was 87.5 in 2020, indicating prices 12.5% below the national average.
- RPP data helps explain differences in standards of living across regions with the same nominal incomes.
- The RPP series is published annually by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities for Goods measure the differences in consumer goods prices across U.S. states and metro areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: RPP data provides important context for interpreting regional economic conditions and differences in purchasing power.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects price survey data and calculates the RPP index for goods, services, and rents.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use RPP data to evaluate regional economic competitiveness and cost-of-living differences when setting policies or making investment decisions.
Q: Are there update delays or limitations?
A: The RPP data is published annually with a 1-2 year lag, so it may not reflect the most recent price changes in a region.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods for Mississippi (MSRPPGOOD), retrieved from FRED.