Regional Price Parities: Services: Other for North Carolina
NCRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.14
Year-over-Year Change
-1.34%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities (RPPs) measure the differences in price levels across states and metropolitan areas relative to the national average. The 'Services: Other' component captures variation in the costs of services not measured in the consumer price index.
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 Regional Price Parities: Services: Other for North Carolina provides insights into the regional cost of living by quantifying differences in the prices of services not included in the CPI, such as personal care, household operations, and recreation. This data is used by policymakers and economists to analyze regional economic conditions and cost-of-living adjustments.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework based on relative price comparisons across states.
Historical Context
The RPPs are used to adjust personal income, earnings, and other economic indicators for geographic price differences, informing economic and policy decisions.
Key Facts
- North Carolina's 'Services: Other' RPP was 94.7 in 2020, below the national average of 100.
- RPPs are calculated annually for all 50 states and the District of Columbia.
- Differences in RPPs reflect variations in the local costs of goods and services.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for North Carolina measures differences in the prices of services not included in the consumer price index, such as personal care, household operations, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This data is used by policymakers and economists to analyze regional economic conditions and cost-of-living adjustments, informing economic and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral framework based on relative price comparisons across states.
Q: How is this trend used in economic policy?
A: The RPPs are used to adjust personal income, earnings, and other economic indicators for geographic price differences, informing economic and policy decisions.
Q: Are there update delays or limitations?
A: The RPPs are calculated and published annually by the Bureau of Economic Analysis.
Related Trends
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All Employees: Manufacturing: Durable Goods: Household and Institutional Furniture and Kitchen Cabinet Manufacturing in North Carolina
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Imports of Goods: Non-Manufactured Commodities for North Carolina
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Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in North Carolina
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other for North Carolina (NCRPPSERVEOTH), retrieved from FRED.