Implicit Regional Price Deflator: Metropolitan Portion for Pennsylvania
PAMPIRPD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.58
Year-over-Year Change
28.60%
Date Range
1/1/2008 - 1/1/2023
Summary
The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Pennsylvania measures regional price differences across the state. It is a key indicator for understanding cost-of-living variations and can inform policymaking on issues like housing affordability.
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 IRPD is an index that compares the cost of a fixed basket of goods and services in different geographic areas. It allows analysts to assess price levels and inflation at the regional level, supplementing national measures like the Consumer Price Index.
Methodology
The IRPD is calculated by the U.S. Bureau of Economic Analysis using a variety of data sources on prices and expenditures.
Historical Context
Policymakers and businesses use the IRPD to evaluate economic conditions and cost-of-living differences across Pennsylvania's metropolitan areas.
Key Facts
- The IRPD is measured on a scale where 100 represents the national average price level.
- Pennsylvania's metropolitan IRPD has ranged from 95 to 105 over the past decade.
- Differences in the IRPD across Pennsylvania's metro areas can exceed 10 percentage points.
FAQs
Q: What does this economic trend measure?
A: The Implicit Regional Price Deflator (IRPD) for the metropolitan portion of Pennsylvania measures regional price differences across the state's urban areas.
Q: Why is this trend relevant for users or analysts?
A: The IRPD allows for a more nuanced understanding of cost-of-living and inflation at the regional level, supplementing national indicators like the CPI.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates the IRPD using a variety of data sources on prices and expenditures.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use the IRPD to evaluate economic conditions and cost-of-living differences across Pennsylvania's metropolitan areas.
Q: Are there update delays or limitations?
A: The IRPD data is published with a lag and may not fully capture rapid changes in regional price levels.
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Citation
U.S. Federal Reserve, Implicit Regional Price Deflator: Metropolitan Portion for Pennsylvania (PAMPIRPD), retrieved from FRED.