Regional Price Parities: Goods: Nonmetropolitan Portion for North Dakota
NDNMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.92
Year-over-Year Change
2.26%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Goods: Nonmetropolitan Portion for North Dakota measures regional price variations for goods in nonmetropolitan areas of North Dakota, which is important for understanding regional 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
This economic trend represents the regional price parities for goods in nonmetropolitan areas of North Dakota, as compared to the national average. It helps analyze differences in purchasing power and cost of living across geographic regions within a state.
Methodology
The data is collected through surveys and calculations by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is used by policymakers, researchers, and businesses to inform decisions on regional economic development, cost-of-living adjustments, and resource allocation.
Key Facts
- North Dakota's nonmetropolitan goods prices are on average 7.4% below the national level.
- This index has remained relatively stable over the past decade.
- The data is updated annually by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This trend measures regional price variations for goods in nonmetropolitan areas of North Dakota, compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding differences in purchasing power and cost of living across geographic regions within North Dakota, which informs economic policy and business decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys and calculations by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, researchers, and businesses to inform decisions on regional economic development, cost-of-living adjustments, and resource allocation.
Q: Are there update delays or limitations?
A: The data is updated 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: Goods: Nonmetropolitan Portion for North Dakota (NDNMPRPPGOOD), retrieved from FRED.