Implicit Regional Price Deflator: Nonmetropolitan Portion for North Carolina
NCNMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.94
Year-over-Year Change
32.03%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator: Nonmetropolitan Portion for North Carolina measures the cost of living in non-urban areas of the state. It is a key indicator for policymakers and economists assessing regional economic conditions.
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 tracks the changes in prices of a representative basket of goods and services consumed by households in non-metropolitan North Carolina. It is used to adjust economic data for regional price differences, enabling more accurate comparisons across geographic areas.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a regression model and survey data.
Historical Context
The regional price deflator is utilized by government agencies and researchers to evaluate the real purchasing power of incomes and other economic indicators at the state and local level.
Key Facts
- The index is benchmarked to 2012 = 100.
- North Carolina's non-metro price levels are approximately 10% below the national average.
- The regional deflator is updated quarterly by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator: Nonmetropolitan Portion for North Carolina tracks the cost of living in rural and small-town areas of the state.
Q: Why is this trend relevant for users or analysts?
A: This regional price index is crucial for evaluating the real purchasing power of incomes and other economic indicators at the state and local level, rather than relying on national averages.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a regression model and survey data.
Q: How is this trend used in economic policy?
A: The regional price deflator is utilized by government agencies and researchers to adjust economic data for geographic price differences, enabling more accurate comparisons across regions.
Q: Are there update delays or limitations?
A: The regional deflator is updated quarterly by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Nonmetropolitan Portion for North Carolina (NCNMPIRPD), retrieved from FRED.