Regional Price Parities: Services: Other: Metropolitan Portion for Ohio
OHMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.81
Year-over-Year Change
0.82%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Metropolitan Portion for Ohio measures regional cost-of-living differences for services in Ohio's metropolitan areas compared to the national average.
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 indicator provides insights into how the cost of services, excluding housing, varies across Ohio's major metropolitan regions relative to the overall U.S. Services include categories like healthcare, utilities, transportation, and recreation.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a multilateral price index methodology.
Historical Context
Policymakers and businesses use this metric to understand regional economic competitiveness and cost-of-living differences.
Key Facts
- Ohio's metropolitan services costs are 92.6% of the national average.
- Prices for services in Cleveland are 6.4% lower than the U.S. overall.
- Cincinnati has the highest services costs in Ohio at 97.2% of the national level.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the relative cost of services, excluding housing, in Ohio's major metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into regional economic competitiveness and cost-of-living differences, which are important for businesses, policymakers, and individuals.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this metric using a multilateral price index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to understand regional variations in the cost of services, which can inform decisions around economic development, relocation, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The data is released annually by the Bureau of Economic Analysis with a typical 12-month lag.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Metropolitan Portion for Ohio (OHMPRPPSERVEOTH), retrieved from FRED.