Regional Price Parities: All Items for Pennsylvania
PARPPALL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.50
Year-over-Year Change
-0.99%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: All Items for Pennsylvania measure geographic differences in the cost of living across the United States. This metric is crucial for understanding real income and purchasing power variations within the country.
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 (RPPs) are a set of spatial price indexes published by the U.S. Bureau of Economic Analysis. The RPP for Pennsylvania reflects how prices for a consistent basket of goods and services in the state compare to the national average.
Methodology
The RPPs are calculated based on average prices collected by the Bureau of Labor Statistics for the Consumer Price Index.
Historical Context
Policymakers and analysts use the RPPs to account for regional price differences when evaluating economic measures like personal income and GDP.
Key Facts
- Pennsylvania's RPP was 98.2 in 2020, indicating prices 1.8% below the national average.
- RPPs are available for all 50 states and over 380 metropolitan areas.
- The RPP data series dates back to 2008.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: All Items for Pennsylvania measure geographic differences in the cost of living across the United States.
Q: Why is this trend relevant for users or analysts?
A: The RPP data is crucial for understanding real income and purchasing power variations within the country, which is important for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The RPPs are calculated based on average prices collected by the Bureau of Labor Statistics for the Consumer Price Index.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the RPPs to account for regional price differences when evaluating economic measures like personal income and GDP.
Q: Are there update delays or limitations?
A: The RPP data series dates back to 2008 and is updated annually.
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Citation
U.S. Federal Reserve, Regional Price Parities: All Items for Pennsylvania (PARPPALL), retrieved from FRED.