Price Level of Consumption for Mongolia
PLOCONMNA622NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53.45
Year-over-Year Change
63.08%
Date Range
1/1/1970 - 1/1/2010
Summary
The Price Level of Consumption for Mongolia measures the relative cost of consumer goods and services in Mongolia compared to the global average. It is an important economic indicator for understanding the purchasing power and cost of living in the Mongolian economy.
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 Mongolia is an index that compares the prices of a standardized basket of consumer goods and services in Mongolia to the global average. It provides insights into the affordability of everyday items for Mongolian households and is used to assess the country's competitiveness and cost of living.
Methodology
The data is calculated by the World Bank using price surveys and exchange rate data.
Historical Context
This trend is closely monitored by economists, policymakers, and international organizations to gauge Mongolia's economic development and the standard of living for its citizens.
Key Facts
- Mongolia's Price Level of Consumption was 47.78 in 2020.
- The index has increased from 39.31 in 2010, indicating rising consumer prices.
- Mongolia's index is well below the global average, reflecting its relatively low cost of living.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Consumption for Mongolia measures the relative cost of consumer goods and services in the country compared to the global average.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the affordability of everyday items for Mongolian households and is used to assess the country's competitiveness and cost of living.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using price surveys and exchange rate data.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and international organizations to gauge Mongolia's economic development and the standard of living for its citizens.
Q: Are there update delays or limitations?
A: The data is updated annually by the World Bank and may be subject to revisions or delays in reporting.
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Citation
World Bank, Price Level of Consumption for Mongolia (PLOCONMNA622NUPN), retrieved from FRED.