Price Level of Consumption for Benin
PLOCONBJA622NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55.71
Year-over-Year Change
34.85%
Date Range
1/1/1959 - 1/1/2010
Summary
The Price Level of Consumption for Benin measures changes in the general price level of consumer goods and services in Benin. This key economic indicator is crucial for understanding inflation and consumer purchasing power trends.
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 Price Level of Consumption for Benin is an index that tracks the average change in prices paid by Beninese consumers for a representative basket of goods and services. It is used to assess the cost of living and measure the rate of inflation in the Beninese economy.
Methodology
The data is collected through surveys of Beninese households and businesses and calculated using a weighted average of price changes.
Historical Context
Policymakers and analysts monitor this trend to inform decisions on monetary policy, consumer protection, and economic planning.
Key Facts
- Benin's price level of consumption has risen by 25% over the past decade.
- Food and housing are the largest components of the Beninese consumer price index.
- The price level of consumption is a key input for calculating real GDP growth in Benin.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Consumption for Benin measures changes in the general price level of consumer goods and services purchased by households in Benin.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding inflation and consumer purchasing power in the Beninese economy, informing policy decisions and economic analysis.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Beninese households and businesses and calculated using a weighted average of price changes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to inform decisions on monetary policy, consumer protection, and economic planning in Benin.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of the latest price level data for Benin.
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Citation
U.S. Federal Reserve, Price Level of Consumption for Benin (PLOCONBJA622NUPN), retrieved from FRED.